At the crossroads of Europe and the Middle East, Turkey offers a prime trading location for international businesses. Turkish land is 95% in Asia and 5% in Europe, with the country bordering the Black Sea, Aegean Sea and the Mediterranean Sea. Some of Turkey’s neighbors include Russia to the northeast, Bulgaria and Greece to the west, Syria and Iraq to the south, and Iran to the west. It doesn’t end there either... Turkey boasts a growing economy, an expanding middle class, and a young population (half of the population is under the age of 30). In 1941, the 1st Geography Congress split Turkey into seven regions, based on climate, location, human habitat and transportation. Understanding each region’s specialty should be your first research topic before traveling to Turkey!
Turkish business culture is very similar to the other countries resting along the Mediterranean Sea like Greece and Italy. It’s built on trust and familiarity, with personal relationships playing a vital role in securing business deals. You will not only be judged based on your business proposal, but also on your personal characteristics. It is very important to first gain the trust of your prospective business partners. Many Turkish businesses are hierarchical and family-owned. Decisions are usually made at the senior level, but you won't find yourself involved with senior management until late in the game. Turks tend to work long and hard hours, and appreciate others who have a similar work ethic. Regarding your Business Communication, you should arrange business appointments well in advance (even before you arrive in Turkey). Sending a personal introduction letter to your Turkish business partner could help build your relationship, and could inch you closer to sealing the deal. Turks prefer direct communication, as it’s intimate and reveals much more about your character. This means that if you’re not meeting your Turkish business clients’ in-person, you should reach for the phone instead of the paper.
Turks are looking for more business. They want to import and export goods; they want outside expertise, and they want to build partnerships. Western businesses are opening up local offices to service an affluent, young and hungry market. With its young and active population, dynamic free market economy as well as its economy’s strong performance over the past decade and future growth potential, Turkey offers abundant business opportunities for global firms across diverse sectors. Turkey has achieved a much better investment climate in recent years, as a result of effective economic and social policies, growth-friendly monetary and fiscal policies, the new Turkish commercial code, new incentive program, and a solid financial industry. In short, Turkey is serious about international business, and so you should be serious about Turkey!
How to do business in Turkey? Investors’ Guide which is prepared by Deloitte in collaboration with Foreign Economic Relations Board of Turkey (DEİK) aims to introduce Turkey to the global business community and potential investors and provides key information with regards to the current economic, industrial and service outlook, investment climate, business regulations and requirements such as enterprise, company and employment laws, types of business entities, incentive system and taxation policies. This Guide can serve well to potential and existing investors as a concise tax and business guide to help them with their investment decisions!
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