6 Reasons to Take Your Business to Turkey (and How to Apply for the Turkish e-Visa)

Did you know Turkey is among the 50 best countries in the world to do business?

If you’re a foreign investor interested in testing the European waters, there’s no point in looking beyond Turkey. For many years, the country has opened its arms wide to foreign business owners and investors alike. As a result, Turkey has enjoyed an enviable business history over the last decade.

In World Bank’s recent 2020 Ease of Doing Business Report, Turkey was ranked the 33^rd best country in the world to do business. The fact that the country was ranked 67^th in 2017 (three years earlier) and rose 34 places up the ranking, all amid the impact of the pandemic, tells you how impressive Turkey’s economic growth has been in recent years.

Why Is Turkey Such a Great Place for Doing Business?

Because of its geopolitical location. Sandwiched between Asia and Europe, the country fosters easy transit between the two continents, and as such, enjoys a consistent flow of trade and commerce.

Whatever industry you’re in, there’s a market to leverage in Turkey, be it culture, arts, entertainment, finance, health, tech, construction, tourism, etc.

Another beautiful thing about Turkey is the unwavering support for foreign investments from the government. If you set up a business in Turkey, you’ll benefit from a boatload of government incentives, sectoral opportunities, a cost-effective workforce, and a thriving economy.

Before further discussing the reasons to set up your business in Turkey, it’s worth mentioning the swift procedure for entering the country.

Did you know you can apply for and get a visa to start a business in Turkey in just one (1) day? Oh, yes, you can!

The Turkish e-Visa: The Swift and Rare Visa System Fostering Foreign Investment

In 2013, in a bid to encourage more business owners to come and invest in Turkey, the country changed its visa system to something a little bit more attainable.

Unlike before, when investors had to apply and wait for weeks to see if they would qualify for a visa, Turkey now has a new visa system called the e visa for Turkey. This option works differently from the traditional visa.

At its core, the e visa for Turkey qualifies you for entry into Turkey for tourism and business purposes. And it only takes an online application to get.

When you’re ready to take your business to Turkey, all you have to do is visit a Turkish e visa website like this one. The company will help you fill out an application form online after you’ve provided your personal details, passport, and a visa application fee of between $20 and $77 (depending on your nationality).

Alternatively, you can do it yourself by applying directly on the official site, https://www.evisa.gov.tr. But, to be honest evisa-turkey.biz.tr is here to assist better.

After applying, your visa should be ready in no more than one (1) business day, and you’re free to use the visa to enter and stay in Turkey for up to 90 days (three months).

The beautiful thing about the Turkey e-visa is that once your visa expires, you can reapply to return to the country and continue monitoring your business.

Finally, the downside of this visa is that it’s only available to citizens of some 98 countries. You can check the image below to see if your country is one of those permitted.

6 Exciting Reasons to Take Your Business to Turkey

1) Cheap Labor Costs

If it costs $1 to hire manpower in the US and ₤1 to hire manpower in the UK, it would cost almost half of that or less to hire labor in Turkey.

Why? Because young school dropouts and graduates in Turkey are often on the hunt for jobs rather than starting their own businesses. As such, there are always large numbers of job seekers applying for roles. This plays right into the hands of company owners, as they can offer relatively low starting salaries.

2) Low Supplier Costs

Getting products delivered or materials supplied is relatively easier and cheaper in Turkey. This is thanks to the proximity between the country and the rest of Europe and Asia.

3) Willing Locals

For a foreign investor to succeed in any country, you will most likely need the help and support of a business-inclined local – someone who already understands the market you’re entering, who can suggest strategies and next steps to achieve success.

Luckily, there are many of these kinds of people in Turkey: folks who are ready and willing to partner with foreign investors.

4) Strong Consumer Spending

Turkish consumers are not reluctant to splash the cash. They love to follow the trends, go for the latest stuff, and do what the rest of the first-world countries are doing.

With the right marketing strategies and consumer appeal, you’ll find the Turkish audience easily persuaded.

5) Boatload of Government Incentives

Hardly ever will you find any country whose government is as supportive of foreign investment as the Turkish government.

Turkey’s leaders are super-duper supportive of foreign business owners and their ideas.

Amongst the list of incentives they offer foreign investors are:

• VAT and custom duty exemption
• Tax deductions
• Social security premium support
• Interest rate support
• Land allocation
• VAT refund
• Income tax withholding support

AND SO MUCH MORE

6) A Chance for Dual Citizenship

Establishing a business in Turkey can qualify you to be a citizen of the country, provided you meet one or more of the following investment criteria:

• You make a capital investment of at least $500 thousand
• You employ at least 50 Turkish citizens
• You purchase immovable property worth $250k
• You have a deposit of at least $500k in banks operating in Turkey for a minimum of 3 years

OR

• You purchase government debt securities of at least $500k for a minimum of 3 years.