ABOUT TURKEY

Amongst all the countries in the world, Turkey is a transcontinental country located at the crossroads of Europe and Asia, possessing significant geopolitical importance. The capital of Turkey is Ankara, while Istanbul is its largest city and a major economic, cultural, and historical hub. According to the report of the World Bank, Turkey has been classified as an Upper Middle-Class income Nation. The currency of Turkey is Turkish Lira (TRY) and the value of Indian currency is significantly higher than that of Turkish Lira at the time of writing this article. The population of Turkey is approximately 8.76 crores as of 2025. The neighboring countries of Turkey are Bulgaria, Greece, Georgia, Armenia, Azerbaijan (Nakhchivan exclave), Iran, Iraq, and Syria. The most commonly spoken language in the country is Turkish. The majority of the Turkish population practices Islam (predominantly Sunni), but other religions are also followed. Currently, Turkey has 37 international airports, with Istanbul Airport being one of the largest and most modern airports globally. Regular flights are available from these airports to various parts of the world, offering excellent air connectivity. With coastlines on the Mediterranean, Aegean, Black, and Marmara Seas, Turkey boasts numerous major commercial seaports like Istanbul, Izmir, Mersin, and Antalya, which are crucial for its extensive international trade requirements.

The standard corporate income tax rate for companies in Turkey is 20%. However, it was temporarily increased to 25% for 2021 and 23% for 2022. Reduced rates may be available for companies holding a certificate for incentivized investments. Opesh Group of companies will be helping you in completing the Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Turkey has to be done with utmost care, keeping in mind the laws of the country. The Turkish Commercial Code (TCC) and other relevant legislation provide clear guidelines for foreign investors to register a company in Turkey. Turkey’s FDI law is based on the principle of equal treatment, allowing foreign investors the same rights and liabilities as local investors. A foreign investor who is planning to start a business in Turkey can form various types of companies, such as a Limited Liability Company (Anonim Şirket – A.Ş.), Joint Stock Company (Limited Şirket – Ltd. Şti.), Commandite Company (Komandit Şirket), or Collective Company (Kollektif Şirket), or a Liaison Office. A Limited Liability Company (Ltd. Şti.) formed and registered in Turkey allows foreign investors to own 100% of the company.

In case an investor is planning to establish an A.Ş. or Ltd. Şti. in Turkey, Opesh Group will be helping you in taking the right decision for setting up your business in Turkey and we will also guide you about how to follow the procedure while formulating your company in Turkey.

Types of Business which can be started in Turkey-

Manufacturing – Turkey has a strong and diverse manufacturing base, including significant expansion in automotive, textiles, electronics, and construction materials. Opportunities exist in localized production, component manufacturing, and leveraging its export-oriented capabilities. Energy Sector (Renewable Energy) – Turkey is actively investing in renewable energy to decrease its dependence on fossil fuels. The sector is experiencing remarkable growth, with significant opportunities in solar, wind, and hydropower projects, offering impressive returns on investment. Information Technology (IT) and Tech Ecosystem – Turkey’s tech ecosystem is rapidly evolving, driven by a young, digitally adept population. Opportunities exist in software development, AI, machine learning, cybersecurity, fintech, and e-commerce. Services Sector – This sector accounts for a significant portion of FDI. Opportunities are broad, including retail, tourism, financial services, and business support services. Tourism and Hospitality – Turkey is a major global tourist destination, attracting millions of visitors annually with its rich history, diverse landscapes (including coastal resorts and historical sites), and vibrant cities. Opportunities abound in hotel development, cultural tourism, health tourism, and specialized travel services. Agriculture and Food Processing – With its large agricultural land and favorable climate, Turkey offers strong potential in modern farming, food processing, and export of agricultural products, especially with government support. Construction and Infrastructure – Turkey has seen significant infrastructure development in recent decades. Opportunities exist in large-scale construction projects, urban development, and transportation infrastructure. Textile and Apparel Industry – Turkey is a global leader in textile and apparel manufacturing and exports. Opportunities exist in high-value textile production, fashion design, and sustainable textile innovations.

Advantages of Starting Business in Turkey-

Turkey’s strategic geographical location, bridging Europe and Asia, provides access to diverse markets and a vast consumer base of 1.3 billion people within a four-hour flight radius. The country has a large and dynamic domestic market with a population exceeding 87 million, indicating strong consumer spending and potential. Turkey has a predominantly young and growing population, ensuring a large and dynamic workforce. The Turkish government has implemented various policies to attract foreign investment, including tax incentives, reduced bureaucracy, and a wide range of investment incentives based on volume, project type, and region (e.g., VAT and customs duty exemptions, tax deductions, land allocation). Turkey has a resilient and growing economy with significant potential across diverse sectors. The country boasts a well-developed and continuously improving infrastructure, including modern airports, seaports, and road networks. Turkey maintains preferential trade agreements and customs union with the European Union, providing strong market access. The legal framework, particularly the Turkish Commercial Code, is designed to meet international standards, fostering transparency and supporting foreign investment.

Business Opportunities for Indians in Turkey-

There are excellent business opportunities in Turkey for new investors who are planning to start their business abroad. Turkey has opened its doors for foreign businesses and foreign investors, presenting a dynamic and strategic market. Indian investors can explore vast business opportunities in sectors such as manufacturing, IT, automotive, pharmaceuticals, and consumer goods. Many existing investors have already achieved significant returns in these sectors.

Imports & Exports-

Many goods are imported and exported from Turkey. Imports and exports business is an ever-growing business in any country; however, you need to do proper R&D before investing in that product which you can import or export. You need to check whether that product is suitable for your target market and how much revenue you will be able to generate from that market.

Major items which are exported from Turkey to India-

Fruits and nuts (especially apples) Gold Marble Motor vehicles and parts Organic and inorganic chemicals Engineering goods Electronics

Major items which are imported in Turkey from India-

Machinery, nuclear reactors, boilers Mineral fuels, oils, distillation products Vehicles other than railway, tramway Electrical, electronic equipment Organic chemicals Aluminum Iron and steel Pharmaceutical products Textiles and apparel products Coffee, tea, and spices

Manufacturing-

Many products are imported to Turkey from different countries, which is why many investors have started setting up their manufacturing plants in Turkey. Indian investors can consider establishing manufacturing units in sectors such as automotive components, electronics, textiles, machinery, and pharmaceuticals, leveraging Turkey’s industrial base and export potential.

IT and Digital Services-

Given Turkey’s rapidly evolving tech ecosystem and digitally adept population, Indian IT companies can find significant opportunities in software development, IT outsourcing, cybersecurity, AI, and fintech, supporting Turkey’s digital transformation.

Consumer Goods and Retail-

With a large and dynamic consumer market, Indian companies in consumer goods, electronics, and retail can find lucrative opportunities to establish a presence or expand their offerings in Turkey.

Major Indian companies which are currently working in Turkey-

Redington (IT distribution) Mahindra & Mahindra (tractor manufacturing unit) Solar Industries (explosives) UPL (agrochemicals) Jubilant FoodWorks (operates Domino’s Pizza and a coffee chain) Dabur India (acquired a local company in personal care) Voltas (joint venture in cooling solutions) HCL Technologies (IT services)

GDP = $1.159 trillion (2024 est.) GDP Growth = 3.2% (2024 est.) Ease of doing business rank = 33 (as per World Bank 2020 report, latest available) GDP per Capita = $15,463 (2024 est.)

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