DOING BUSINESS IN TURKEY
As Turkey straddles both eastern Europe and western Asia, it’s important location has given the country control to the entrance of the Black Sea.
According to the World Bank, Turkey is one of the top 10 countries in the world with the most notable improvements for doing business in. The country has a score of 74.33 for its ease of doing business increasing by 4.34%, ranking it number 43 out of the 190 countries list. The changes Turkey has made to make start a business easier in its country includes; removing the paid-in minimum capital requirement as well as eliminating the notarisation of company documents and legal books. The country has also made paying taxes easier through improving the online portal which allows users to file and make tax payments. As well as this, the time and cost to export and import has been reduced through a variety of initiatives; with enhancing the risk management system and lowering customs brokers’ fees being a couple to mention.
On the 2019 Index of Economic Freedom website, it states that Turkey’s economic freedom score is 64.6 which makes it the 68th freest country. In the Europe region, Turkey is ranked 33rd out of the 44 countries. The country’s overall score is above world average however it’s below the regional average. Turkey’s population is currently 82.7 Million and its unemployment rate 11.3%. Around 25% of employment in Turkey is in its traditional agriculture.
Despite all these improvements that Turkey has made to its country and it doesn’t mean doing business here without its challenges. World Business Culture provides invaluable information and expertise for doing business in Turkey.
Turkey is a country at the crossroads in many ways. It has always been at the centre of the crossroads which divides Europe from Asia which gives the country enormous geo-political significance. It is also a crossroads economically and politically. The past couple of decades have seen Turkey attempt to move from an economy mainly dependent on agriculture and manufacturing to an economy which is much more diversified with a burgeoning high-end tech sector.
It is definitely worth considering doing business in Turkey as it is a market with great potential. It is also worth looking into the challenges that can be encountered this country profile outlining key Turkish characteristics in business should be helpful on your journey.
This country profile provides an overview of some of the key aspects of Turkish business culture in a concise, easy to follow-format. The document includes information on:
- Background to business
- Business Structures
- Management style
- Women in business
- Top tips