So you thought your days will be forever happy once you had settled into a property in Turkey and relocated to this beautiful Mediterranean country. But now you might be finding the time on your hands a tad too much? Well, then why not look into starting a business in Turkey? This is the perfect country for entrepreneurs with foreign contacts and work experience. Having said that, very country has its unique business requirements of course. But, if you’re up for the challenge, why not go for it? Here at Oceanwide Properties Turkey we can certainly give you some guidance on that score:
It All Starts with an Idea
Every successful business started with an idea. Turkey’s economy has plenty of small businesses and and it’s a country which welcomes foreign investment – big or small – with open arms. And with a population of over 70 million there are plenty of markets out there to grasp.
The Paperwork
Foreigners and ex-pats in Turkey can easily set up a company or start a small business. But as with everything else in life, there is plenty of paperwork to come to terms with. You’re looking at a trade industry application form, bank documents confirming available funds, notarised signature declarations, notarised copy of founder’s declaration, notarised articles of association, resident permits, and export and import reports where relevant. It all sounds a lot, doesn’t it?
Depending on which industry or trade you’re hoping to start up in the relevant local trade industry department can help you get the exact documents you’ll need to secure company registration. Starting a company always involves lodging an application with the relevant Turkish trade organisation. Provided all your paperwork is in place thankfully it shouldn’t be a particularly a lengthy or slow process.
The Money
It’s been said that starting a business in Turkey is more expensive than in the UK. Depending on which registration option you will be following, as much as 25% of your company’s start-up capital may have to be deposited with a local financial institution. Only once these funds have been confirmed can a business owner proceed with the formal registration process. Finding financial support in Turkey is also possible, of course, and entrepreneurs are often referred to local banks or financial organisations for loans or other financial incentives.
Business Law
Take some time to orientate yourself – Turkey’s business law differ from those in the UK. Business hours are strictly between 8:30 and 18:00 on weekdays, and a normal working week for an employee would be around 45 hours per week. If you’re planning on employing staff then it’s good business to follow minimum wages, execute minimum leave requirements and adhere to other employment requirements required by Turkish law.
Turkey has shown good business development in the past decade and is fast becoming a solid emerging economy. As with emerging economies, foreign investment and companies are always beneficial, hence why starting a small business or company in Turkey could be a great idea for ex-pats. If you need property in Turkey to start your new business, why not give us a call here Oceanwide Properties and speak with an estate agent in Fethiye, Kalkan or some other prospering region to get your started.
