Registering a company in Turkey is an ideal option for individuals who want to take the pulse of global markets and achieve continuous progress in their business.
Some may argue that it doesn’t matter where you live, as long as you understand the principles of business, you can grow your income daily. Successful businesses always have their customers, and every day their number increases.
However, merely knowing the principles of business isn’t enough to ensure success. Environmental factors, including strict sanctions imposed on Iran, significantly impact the ability of Iranian traders to enter global markets and succeed in their business ventures.
For this reason, the option of investing and registering a company in Turkey has become more popular. People who wish to live in a peaceful and beautiful country while freely negotiating and trading with European partners increasingly turn to registering companies in Turkey.
To start a business in this magnificent Eurasian country, it is essential to gather information about Turkey’s suitable regions for trade and investment and the various types of companies in Turkey.
Evim Istanbul provides professional legal services to assist fellow countrymen and investors in establishing their businesses in Turkey. From start to finish, we help you register your company in Turkey.
Starting a Business in Turkey with Small Capital
Are you interested in starting a business in Turkey with a small investment after obtaining Turkish residence? Or are you considering acquiring residence in Turkey through company registration?
Would you like to start a concise and practical trade? Do you need to get acquainted with small businesses?
In this section, we aim to briefly mention some areas of business and income generation in Turkey that do not require heavy investment and offer reasonable returns relative to the amount of capital.
One of the characteristics of small-scale businesses with low investment is that they don’t require high costs for decoration and advertising. You can quickly set up your business with minimal costs. For example, with a space of just 10 square meters and a modest budget, you can start a tea and beverage business. In contrast, this same business on a larger scale may require significant investment.
Here are a few examples of small-scale businesses that you can start with little capital:
- Environmental Photography for Advertising Companies:
You can start by renting a professional camera. Remember, professional photography requires training, which is offered for free at public training centers (HALK EĞITIM MERKEZLERI) and municipalities. - Homemade Food Sales:
Some specific foods are rarely offered at restaurants but are considered homemade specialties. By setting up a space for preparing and selling homemade food, you can start a profitable business. - Edible Mushroom Production and Sale:
Mushroom farming doesn’t require complex training. You can learn production techniques through YouTube videos or Google and start a business with minimal capital. - Shoe Shop:
Many manufacturers supply shoes that you can sell. The profit margin on shoe sales is quite significant. Therefore, with a modest investment, you can become a distributor of various brands. - Children’s Clothing Shop:
Selling children’s clothing typically doesn’t require substantial capital. You can start a business with a small investment. However, a suitable location and some decoration are necessary, though extravagant decor can be avoided. - Car Wash:
Car washing is a unique business that operates day and night. You don’t need a large investment to set up a car wash service. - Other Low-Capital Businesses:
Businesses such as carpet cleaning, flower shops, small buffets offering food and beverages, and similar activities can also be started with low investment and can provide a good source of income.
Maintenance Costs for a Company in Turkey
The maintenance and ongoing operation costs of a company in Turkey depend on several factors such as the type of company, scale of activity, number of employees, and level of business engagement. Below are the primary costs to consider:
Initial Costs:
- Company Registration: The cost of registering a company (e.g., limited liability or joint-stock) typically ranges from $500 to $1,000.
- Legal and Tax Consultancy: Legal consultants for company setup charge between $200 and $500.
Annual Costs:
- Taxes and Insurance:
- Corporate tax is 20% of the company’s annual profit.
- Social security insurance for employees is approximately 20-30% of employee salaries.
- Accounting and Bookkeeping:
- Hiring a professional accountant for financial management typically costs between $100 to $300 per month.
- License Renewals and Official Fees:
- License renewals, official fees, and document registration could cost $100 to $200 annually.
Ongoing Business Expenses:
- Office Rent:
The cost of renting office space in Turkey varies depending on the location. For cities like Istanbul, renting a small office can range from $500 to $2,000 per month. - Administrative Expenses:
Utilities such as internet, telephone, water, electricity, and gas can range from $100 to $500 per month. - Employee Salaries:
The minimum monthly wage in Turkey (2024) is approximately 11,402 Turkish Lira (around $400).
Optional Expenses:
- Advertising and Marketing:
Advertising costs can range from $500 to several thousand dollars, depending on the business strategy. - Consultancy Services:
If you require business or legal consultancy services, additional fees may apply.
Estimated Total: For a small-scale business with limited activity, the annual maintenance cost (excluding employee salaries) could range from $3,000 to $10,000. Larger or more active companies may incur higher costs.
Advantages of Registering a Company in Turkey
Access to a Large Market:
Turkey, with a population of over 80 million and large industrial and manufacturing hubs, offers a vast market for registered companies. Additionally, Turkey acts as a bridge between Eastern and Western markets, offering excellent trade opportunities.
Superior Infrastructure:
Turkey has excellent infrastructure in terms of communication, transportation, production, and energy, making it one of the most advanced countries in the region.
Low Production Costs:
Due to lower production costs compared to European countries, Turkey is an attractive destination for businesses aiming to improve their manufacturing efficiency outside the European Union.
Competitive Advantage:
Companies registered in Turkey can gain a significant competitive advantage in accessing new markets. Turkey is one of the most thriving trade, export, and import markets in the region.
Government Support:
Turkey has a dynamic government that supports businesses through programs such as new company support, business and financial facilities, and encouragement for research and development.
For consultation and company registration in Turkey, contact the legal experts at Evim Istanbul.
Recent Comments