Your Startup Guide: How to Establish Business in Turkey?

You might not know this but the economy of Turkey is growing at the fastest rate which makes it the most demanded and favorable country for international businesses who wish to seek success. Along with a growing economic landscape, Turkey has several business prospects and a qualified workforce. Furthermore, the availability of Turkish translation services means that new enterprises may function effectively in a new market while efficiently navigating hurdles and bottlenecks.

In this post, our focus will be on the legal and regulatory factors that are necessary to start a business in this lucrative Turkish market. We will explain how this land offers opportunities to brands and businesses and how important is localization for your business if you wish to enter this market.

Table of Contents

Legal and Regulatory Considerations When Starting a Business in Turkey

To ensure that your business functions effectively, you must comply with legal and regulatory regulations while establishing a presence in another nation. To join the Turkish market, you must be aware that:

Business Structure

Businesses are of different types. Therefore, choosing the right business structure before reaching a new market is a crucial decision to make. Here are some of the most common options in Turkey:

Sole proprietorship: This is one of the most basic forms of any business. According to this business model, no one other than the proprietor is responsible for all business matters. These business matters include everything such as job duties and debts. Hence all responsibility is on the proprietor.
Joint-stock company: This type of business structure is best for large businesses. Usually, this business involves multiple shareholders. For your information, this type of company can be both, public and private.
Limited Liability Company: LLCs are common among small and medium-sized organizations (SMEs). As the name implies, this type of corporate structure provides the owners with minimal responsibility. It means that the owner’s assets are protected, and they are not personally accountable for the company’s debts.
Company Registration and Taxation

Now let’s talk about the steps that are important for you to follow in order to register a company in Turkey:

Choose a company name.
Prepare all essential documentation. Get your paperwork, including articles of association, memorandums of association, and the owner’s identification documents, translated by professional Turkish translation services to reduce the risks of rejection by the authorities.
Submit the paperwork carefully to the appropriate government agencies, such as the Trade Registry Office.
Pay the registration fees. It may vary depending on the type of your business structure.

Turkey is a tax haven country. Businesses that want to establish in the Turkish marketplace are subjected to various taxes, including:

Withholding tax
Value-added tax (VAT)
Corporate tax
Social Security contributions
Work Permits and Visas

Foreign investors or employees are required to obtain a work permit to reside and work in Turkey. The requirements vary depending on the individual’s nationality and the type of business structure. Here is the list of necessary documents that non-residents need to obtain a work permit in Turkey:

Passport
1 photo
Notarized diploma
Phone number
Marital status
Residence permits (with a minimum validity of 6 months)
Residence address abroad
Domestic residence address

The authorities may possibly ask you to submit a translated version of the documents. It is better to be aware of all the requirements to do all the preparations beforehand and save time. A minor mistake can be the reason for the rejection of your work permit. Therefore, prefer only professional translators. Like, if you are migrating from the UAE to Turkey, find expert translators who can translate Arabic to Turkish expertly and accurately localize all your documents and information.

What are The Most Profitable Businesses in Turkey?

As now you are aware of all the requirements for starting a business in Turkey, you might be looking for business ideas that are profitable for you. The following is the list of businesses that count as profitable businesses in Turkey, including:

Travel Agency
Tourist Guide
Construction and Real Estate
Automotive Business
Textile
Information Technology (IT)

The Importance of Localizing Your Company to Start a Business in Turkey

Regardless of any business you choose, marketing remains the common aspect. So, how are you planning to let people know about your business? Let’s just clarify one thing: you cannot rely on your local business strategy while establishing a business in a new country. So, you need a localized marketing strategy.

Create a Localized Marketing Strategy

Creating a localized marketing strategy requires:

Adapting Marketing Materials

You need to localize the pamphlets, business cards, billboards, and other marketing elements to ensure that the audience easily gets to know your aim and what you are offering. The process includes translating the textual as well as non-textual content. For example, choosing the right colors and images for the Turkish market. Colors in different countries deliver different meanings to the people. In the USA, blue is the most favorite color, whereas in Turkey, white and red are preferred. So, while doing English to Turkish translation of your marketing stuff, be mindful of adapting the colors as well.

Adapting Website or Social Media Content

Localizing the website and social media content boosts your brand’s visibility in the target market. It helps in optimizing the website while translating the keywords and content. This enhances the brand’s visibility and improves your website’s ranking on local search engines.

This guide will help you to establish a business in Turkey while choosing profitable business options for yourself and localizing the company to resonate with the target audience’s local preferences.