Why Open A Business In Turkey?

Turkey is a country located in a unique geographic location, serving as a bridge between Europe and Asia, which gives it access to a vast market of over 1.5 billion consumers. 

Turkey also has a large domestic market, with a population of over 84 million, making it an attractive destination for businesses looking to expand their operations or enter new markets. This article will discuss the incentives for opening a company in Turkey.

Access to Raw Materials

Turkey has a diverse and abundant supply of natural resources, including minerals, agricultural products, and energy sources. The country is a leading producer of hazelnuts, pistachios, and figs, among other crops, and has significant reserves of coal, natural gas, and oil. 

This gives businesses access to a reliable supply of raw materials at competitive prices, which is particularly advantageous for industries such as food processing, manufacturing, and energy.

Tourism Industry

Turkey is a popular tourist destination, with over 50 million visitors annually. The country’s rich history, cultural heritage, and natural attractions, such as beaches, mountains, and hot springs, make it an attractive destination for tourists from around the world. 

This presents significant business opportunities in the hospitality, travel, and entertainment industries. Additionally, the government has implemented several initiatives to promote tourism, such as developing new hotels, resorts, and attractions, which is surely one of the benefits of opening a company in Turkey.

Healthcare Industry

Turkey has a well-developed healthcare system, with a large and growing demand for medical services and products. The country has over 1,000 hospitals and clinics, including several private hospitals that provide high-quality medical care at competitive prices.

This presents significant opportunities for businesses in the healthcare, pharmaceuticals, and medical technology industries.

E-commerce Market

Turkey’s e-commerce market has been growing rapidly in recent years, driven by increased internet penetration, rising consumer spending, and the proliferation of mobile devices. The country’s e-commerce market is expected to reach $24 billion by 2025, making it one of the fastest-growing markets in the world. 

This presents significant opportunities for businesses in the e-commerce, logistics, and payment processing industries. However, this sector needs a lot of paperwork, which can be confusing. To help with that, you can rely on reputed consultancies like Foreign Operations Turkey or just visit https://www.fo-consultancy.com/.

Support for Small and Medium-Sized Enterprises

The Turkish government has implemented several initiatives to support small and medium-sized enterprises (SMEs), which are the backbone of the country’s economy. 

These initiatives include tax incentives, grants, and loans, as well as programs to promote innovation, export, and access to financing. Additionally, Turkey has a vibrant startup ecosystem, with several incubators, accelerators, and venture capital firms that support the growth of new businesses.

Renewable Energy Opportunities

Another benefit of opening a company in Turkey is access to renewable energy. Turkey has significant renewable energy potential, particularly in wind and solar power.

The government has implemented several initiatives to promote the development of renewable energy, including incentives for investment, feed-in tariffs, and regulatory frameworks. This presents significant opportunities for businesses in the renewable energy, engineering, and construction industries.

Despite the several incentives of opening a company here, the right guidance can help you make the most of your investment. Make sure you consult a reliable service provider to understand how to open a company and its underlying processes.