The benefits of Establishing a Business relation with Turkish Suppliers
Turkey, with its thriving economy, geopolitical position, hopeful growth opportunities, the hard-working business community, and a young population, the country attract foreign investors from all over the world. Being in connection with Turkish Suppliers is one of the best ways to flourish your business.
Turkey is a stimulating market for it has a strategic position by being the trading center of Europe and the Middle East. So there are lots of benefits to the foreign investors who are planning to establish a business in Turkey. Also, the country presents a unique opportunity for foreign investors with a high investment potential for the future with ongoing support from the Turkish government.
Low Operating Costs
Unlike other countries like UK or US, one of the benefits that you earn from establishing a business with Turkish Suppliers is the low operating costs. While establishing a business in another country, such as UK or US will cost you a fortune. Every year, about a million students graduate from the university in Turkey, and then many of them start looking for jobs instead of starting their business. This is the reason that the cost of the starting salaries and labor is relatively low here. Also, the cost for the suppliers is relatively low as well, although the quality of the goods and the service is still high. This is a great benefit since you do not need to worry more about the starting cost of your business.
Strong Consumer Spendings
Another benefit of Turkey’s young population is the volume of their spendings. Young people love to follow trends that they have their favorite brands, and they like to spend money without thinking twice. With the right business plan and marketing strategy, you can establish a successful business with Turkish Suppliers according to the needs of the young population. By capturing the latest trends and practicing them in your business, you can easily attract young consumers in Turkey.
In business dealings, it is reasonable to find manufacturers around your location to facilitate your business. Turkish Suppliers have got lots of local manufacturers who are willing to help and support investors. If you have an idea and want to run it from a local manufacturer, then they are prepared to help you. Local manufacturers are also more open to take minimum orders rather than bigger providers. For an investor who want to set up a business in Turkey, this is surely a great benefit.
Incentives Granted from the Turkish Government
The Turkish government intends to encourage both local and foreign investors by minimizing the investment related costs and creating a more investor-friendly environment. With the new investment incentive system, the government has reduced the expenses of the investors. Foreign investors who obtain the Investment Incentive Certificate are approved to the incentives. For the Turkish Suppliers it opens the door for bigger business in Turkey.
The easy attainment of citizenship is another reason for the Turkish Suppliers to get flourished in the business. Getting citizenship is such an easy thing that any foreign investors can obtain Turkish citizenship and its benefits only by establishing a business in Turkey. You can acquire Turkish citizenship if:
- you make capital investment of at least $500 thousand,
- you create employment for 50 people
- you purchase immovable property worth of $250 thousand
- keep deposit of at least $500 thousand in the banks operating in Turkey for minimum 3 years
- purchase government debt securities of at least $500 thousand provided that they are kept for 3 years
Types of Legal Entity for Turkish Business
- Because of these reasons, the foreign investment legislation’s principles of non-discrimination and equal treatment, international investors of Turkish investment enjoy the same status as local ones.
- A company can be established with 100% foreign capital without any capital or management contribution from Turkish participants. The structuring and organization of companies are subject to the regulations set forth in the new Turkish Commercial Code, Law No. 6102 enacted in 2011.
- All corporate forms are open to foreign investment; joint stock or limited liability companies are generally preferred by international inventors, along with branches and liaison offices. These all go in support of the Turkish Suppliers who want to get flourish in this land promptly.
Turkey’s sizeable population of 80 million is dynamic consumerist class and advantageous geographic position as a bridge between Europe, Asia and Africa. It has made the country an important manufacturing and distribution hub. Turkish Suppliers itself in the global value chain by leveraging its logistical advantage, offering lower labor costs and flexible production capabilities.
Modern manufacturing technologies are increasingly applied all over Turkey, with the international companies leading the way. The early adaptive industries are automotive and aviation manufacturing, both dominated by major international companies with a huge number of local Turkish Suppliers who meet the latest standards and technological requirements. In addition, other sectors of business focused on implementing advanced manufacturing technologies.