Business in Turkey.. Climate, Opportunities, Procedure and more

Dear Reader,

Turkey is booming. Its economy is growing fast and there are opportunities in nearly every sector. Yet, many foreign entrepreneurs are hesitant in taking the step of extending their business to Turkey. Unfamiliarity with Turkey’s language, its business culture and legislation keep many entrepreneurs from setting up a profitable business in Turkey or from entering into a fruitful collaboration with Turkish entrepreneurs. This is unfortunate and unnecessary.

The problem for foreign entrepreneurs is that the information they need is not easily accessible, neither through the internet nor via the appropriate institutions. There is a central institute for statistics in Turkey, but the information it provides is much too general to be used in a business plan, which requires much more specific data.

There are public bodies that can provide more detailed information, but usually such information is only available in Turkish. The information that the Turkish Chamber of Commerce can provide is often too general as well and as a rule, only available in Turkish. There are several ways in which you can get a general idea of where the big opportunities lie in Turkey. But for a definite ‘Go’ or ‘No Go’ you need:

• specific information
• aimed at your sector and the business you have in mind
• to the point and made-to-measure
• the right and relevant contacts

Let’s assume that you as a foreign entrepreneur want to start a business in Turkey. The enterprise could be a new branch of your enterprise in your home country, aiming to sell your products in the Turkish market. It may be a manufacturing plant because you are attracted by the favorable conditions for manufacturing enterprises in Turkey. Perhaps you want to set up an import and export business in Turkey and benefit from the favorable economic climate there. These are just a few examples, the possibilities are sheer endless.

Every foreign entrepreneur who wants to start a business in Turkey will have to take a number of inevitable steps. In the following articles I will mention some points you need to map out when starting with one of the following scenarios:

• Selling your products in Turkey
• Import products from Turkey
• Outsourcing your production in Turkey
• Establishing a company in Turkey
• Taking over or merging with a company in Turkey

I will start writing the necessary points you need to consider when ‘selling your products in Turkey’….soon

16.05.2013

Semiha Ünal, MBA
Business Consultant
Founding Director S4U

WEB PAGE