Turkey
Turkey is a regional power and a newly industrialized country, with a geopolitically strategic location. Its economy, which is classified among the emerging and growth-leading economies, is the twentieth-largest in the world by nominal GDP, and the eleventh-largest by PPP.
It is a charter member of the United Nations, an early member of NATO, the IMF, and the World Bank, and a founding member of the OECD, OSCE, BSEC, OIC, and G20. After becoming one of the early members of the Council of Europe in 1950, Turkey became an associate member of the EEC in 1963, joined the EU Customs Union in 1995, and started accession negotiations with the European Union in 2005.
Turkey has a rich cultural legacy shaped by centuries of history and the influence of the various peoples that have inhabited its territory over several millennia; it is home to 19 UNESCO World Heritage Sites and is among the most visited countries in the world.
Turkey’s economic and social development performance since 2000 has been impressive, leading to increased employment and incomes and making Turkey an uppermiddle-income country.
Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers. Turkish shipyards are highly regarded both for the production of chemical and oil tankers up to 10,000 dwt and also for their mega yachts. Turkish brands like Beko and Vestel are among the largest producers of consumer electronics and home appliances in Europe, and invest a substantial amount of funds for research and development in new technologies related to these fields.
Other key sectors of the Turkish economy are banking, construction, home appliances, electronics, textiles, oil refining, petrochemical products, food, mining, iron and steel, and machine industry.
Turkey has seen a growth in video gaming industry during the recent years. Many game developing companies founded and gained investment from venture capitalists. TaleWorlds Entertainment, Peak Games, Bigger Games and Dream Games are the current leaders in this sector.
The financial sector in Turkey mostly consists of commercial banks that account for 91% of total financial sector assets. Asset management companies hold 5% of total financial sector assets, while other institutions such as leasing, factoring, insurance, and finance companies are rather small and do not play a significant role in the financial intermediation in the country.
Income tax in Turkey ranges from 15 to 35 percent and is levied against all income. Expats who have lived in Turkey for longer than six months in a calendar year are considered tax residents and must pay income tax on their worldwide income. That said, some exceptions exist for foreigners who stay in Turkey for six months or more for a specific job or business, or particular purposes as specified by Turkish income tax law. Nonresidents are only subject to pay tax on their income derived from within Turkey.
With a modernizing economy supported by a young and educated demographic and high internet penetration, Turkey is an attractive growing market for startups.
Turkey has been positioned as the international hub or key sectors endorsed by unique and strong market fundamentals. Currently Turkey, with about 550 startups being established each year and 488 million dollars in angel & VC funding
The principle purposes behind putting resources into Turkey are the key area of the nation, among Europe and Asia, a youthful and all-around prepared workforce and cordial condition for business. The volume of the remote interests in Turkey expanded 8.5 occasions over the most recent ten years contrasted with the whole ‘multi decade and this nation has become a developing business sector, for example, Brazil, Russia, India and China – the BRIC countries. Istanbul, the primary city in Turkey, has pulled in a portion of the outside interests in the most recent years because of its key area, being the single city on the planet spread more than two landmasses – Asia and Europe, great framework and very much prepared workforce.
Speculators additionally pick Ankara (the capital city), Izmir and Bursa for setting up organizations, on the grounds that these are the most evolved and the greatest towns in Turkey.
Here are some of brief motivations to pick Turkey as your new business arrangement place:
-Low Operating Costs:
One of the advantages that you win from building up a business in Turkey is the low working expenses. While building up a business in another nation, for example, UK or US will cost you a fortune, Turkey is an extraordinary possibility.
-Solid Consumer Spending:
Another advantage of Turkey’s young populace is the volume of their spending. Youngsters love to follow patterns that they have their preferred brands, and they like to go through cash without reconsidering
-Motivating forces Granted from the Turkish Government:
The Turkish government is empowering both neighbourhood and remote financial specialists by diminishing venture related expenses and making a more speculator inviting condition.
Turkey permits foreigners and foreign businesses of any nationality to do business in Turkey. This is true whether they are selling goods or providing services.
Turkish intellectual property law is closely aligned with EU law and international norms. Therefore, Turkey is well positioned for the protection of IP rights both in terms of modern and EU-aligned legislation and in terms of IP litigation.
With the founding of the Republic, Turkey adopted a civil law legal system, replacing Sharia-derived Ottoman law. The Civil Code, adopted in 1926, was based on the Swiss Civil Code of 1907 and the Swiss Code of Obligations of 1911. Although it underwent a number of changes in 2002, it retains much of the basis of the original Code. The Criminal Code, originally based on the Italian Criminal Code, was replaced in 2005 by a Code with principles similar to the German Penal Code and German law generally. Administrative law is based on the French equivalent and procedural law generally shows the influence of the Swiss, German and French legal systems. Islamic principles do not play a part in the legal system.
Turkey has adopted the principle of the separation of powers. In line with this principle, judicial power is exercised by independent courts on behalf of the Turkish nation. The independence and organisation of the courts, the security of the tenure of judges and public prosecutors, the profession of judges and prosecutors, the supervision of judges and public prosecutors, the military courts and their organisation, and the powers and duties of the high courts are regulated by the Turkish Constitution.
Our law firm VLO provides legal services for corporate and private clients in Turkey. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
It is a charter member of the United Nations, an early member of NATO, the IMF, and the World Bank, and a founding member of the OECD, OSCE, BSEC, OIC, and G20. After becoming one of the early members of the Council of Europe in 1950, Turkey became an associate member of the EEC in 1963, joined the EU Customs Union in 1995, and started accession negotiations with the European Union in 2005.
Turkey has a rich cultural legacy shaped by centuries of history and the influence of the various peoples that have inhabited its territory over several millennia; it is home to 19 UNESCO World Heritage Sites and is among the most visited countries in the world.
Turkey’s economic and social development performance since 2000 has been impressive, leading to increased employment and incomes and making Turkey an uppermiddle-income country.
Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers. Turkish shipyards are highly regarded both for the production of chemical and oil tankers up to 10,000 dwt and also for their mega yachts. Turkish brands like Beko and Vestel are among the largest producers of consumer electronics and home appliances in Europe, and invest a substantial amount of funds for research and development in new technologies related to these fields.
Other key sectors of the Turkish economy are banking, construction, home appliances, electronics, textiles, oil refining, petrochemical products, food, mining, iron and steel, and machine industry.
Turkey has seen a growth in video gaming industry during the recent years. Many game developing companies founded and gained investment from venture capitalists. TaleWorlds Entertainment, Peak Games, Bigger Games and Dream Games are the current leaders in this sector.
The financial sector in Turkey mostly consists of commercial banks that account for 91% of total financial sector assets. Asset management companies hold 5% of total financial sector assets, while other institutions such as leasing, factoring, insurance, and finance companies are rather small and do not play a significant role in the financial intermediation in the country.
Income tax in Turkey ranges from 15 to 35 percent and is levied against all income. Expats who have lived in Turkey for longer than six months in a calendar year are considered tax residents and must pay income tax on their worldwide income. That said, some exceptions exist for foreigners who stay in Turkey for six months or more for a specific job or business, or particular purposes as specified by Turkish income tax law. Nonresidents are only subject to pay tax on their income derived from within Turkey.
With a modernizing economy supported by a young and educated demographic and high internet penetration, Turkey is an attractive growing market for startups.
Turkey has been positioned as the international hub or key sectors endorsed by unique and strong market fundamentals. Currently Turkey, with about 550 startups being established each year and 488 million dollars in angel & VC funding
The principle purposes behind putting resources into Turkey are the key area of the nation, among Europe and Asia, a youthful and all-around prepared workforce and cordial condition for business. The volume of the remote interests in Turkey expanded 8.5 occasions over the most recent ten years contrasted with the whole ‘multi decade and this nation has become a developing business sector, for example, Brazil, Russia, India and China – the BRIC countries. Istanbul, the primary city in Turkey, has pulled in a portion of the outside interests in the most recent years because of its key area, being the single city on the planet spread more than two landmasses – Asia and Europe, great framework and very much prepared workforce.
Speculators additionally pick Ankara (the capital city), Izmir and Bursa for setting up organizations, on the grounds that these are the most evolved and the greatest towns in Turkey.
Here are some of brief motivations to pick Turkey as your new business arrangement place:
-Low Operating Costs:
One of the advantages that you win from building up a business in Turkey is the low working expenses. While building up a business in another nation, for example, UK or US will cost you a fortune, Turkey is an extraordinary possibility.
-Solid Consumer Spending:
Another advantage of Turkey’s young populace is the volume of their spending. Youngsters love to follow patterns that they have their preferred brands, and they like to go through cash without reconsidering
-Motivating forces Granted from the Turkish Government:
The Turkish government is empowering both neighbourhood and remote financial specialists by diminishing venture related expenses and making a more speculator inviting condition.
Turkey permits foreigners and foreign businesses of any nationality to do business in Turkey. This is true whether they are selling goods or providing services.
Turkish intellectual property law is closely aligned with EU law and international norms. Therefore, Turkey is well positioned for the protection of IP rights both in terms of modern and EU-aligned legislation and in terms of IP litigation.
With the founding of the Republic, Turkey adopted a civil law legal system, replacing Sharia-derived Ottoman law. The Civil Code, adopted in 1926, was based on the Swiss Civil Code of 1907 and the Swiss Code of Obligations of 1911. Although it underwent a number of changes in 2002, it retains much of the basis of the original Code. The Criminal Code, originally based on the Italian Criminal Code, was replaced in 2005 by a Code with principles similar to the German Penal Code and German law generally. Administrative law is based on the French equivalent and procedural law generally shows the influence of the Swiss, German and French legal systems. Islamic principles do not play a part in the legal system.
Turkey has adopted the principle of the separation of powers. In line with this principle, judicial power is exercised by independent courts on behalf of the Turkish nation. The independence and organisation of the courts, the security of the tenure of judges and public prosecutors, the profession of judges and prosecutors, the supervision of judges and public prosecutors, the military courts and their organisation, and the powers and duties of the high courts are regulated by the Turkish Constitution.
Our law firm VLO provides legal services for corporate and private clients in Turkey. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
