Success tips when doing business in Turkey
Business culture is Turkey tends to swing towards conservatism. So, our Clients should be aware of certain prevalent culture etiquettes in Turkey.
- Hand shaking is the most common greeting in Turkey business negotiations. It is considered polite to stand up to shake hands when first meeting and it is perfectly acceptable to shake hands with women, though this is less common in the more conservative Eastern Turkey. Shaking hands in uncommon when departing;
- Turkish businessmen should be referred to by their first name, followed by ‘bey’. Naming conventions are the same as in the US and the UK, with regards to given and surnames;
- Always refer to business persons by their professional titles. Other than doctor and professor, lawyers, engineers and managers all have their own unique professional titles;
- When establishing a business in Turkey, expect to eat. Turkish business persons love to do business in restaurants. Turkish protocol insists that the host pay for the meal, with bill sharing an unfamiliar concept;
- Business appointments are helpful when doing business in Turkey, but the majority of executives will receive visitors without an appointment if they are able to;
- As not all local Turkey companies are well-versed with international trade, we encourage our Clients to consistently use and sign contracts of service;
- Initial meetings should be focused mostly on relationship building, with small talk crucial towards building trust with your Turkish business partner;
- Success in business negotiations with Turkish business persons comes down to the ability to create effective personal relationships and to present logically-sound business plans;
- Lastly, Turkish business culture revolves not just around money but also power, influence, honor and respect.
Interesting facts about Turkey?
- In its 2016 World Competitiveness Yearbook, the Switzerland-based IMD positively ranks Turkey as the world’s 38th most competitive economy. The ranking takes into account factors including economic performance, government efficiency, business efficiency and infrastructure;
- Transparency International, a measure of corruption amongst public officials and politicians positively ranks Turkey as the world’s 66th least corrupt country in the 2015 Corruption Perceptions Index;
- The Forbes magazine best countries for business 2012 survey ranks Turkey as the world’s 54th best jurisdiction for business;
- It is ranked the world’s 79th freest economy in the Heritage Foundation’s 2016 Index of Economic Freedom, a measure of freedom enjoyed in business, trade, monetary, financial, investment and labour markets;
- According to the World Bank’s Doing Business 2015 Survey, Turkey is the world’s 55th easiest place to do business. The survey measures factors including time, cost, minimum capital and registration procedures in Turkey;
- Turkey has agreed to commit to the standards set by the Organisation for Economic Cooperation and Development (OECD), which help maintain Turkey’s reputable image as a secure and long-term solution for many entrepreneurs;
- Turkish people answer the phone with the phrase “my master?” instead of hello;
- Istanbul, the largest city in Turkey, was chosen as the cultural capital of Europe in 2010;
- The Grand Bazaar in Istanbul has over 4000 shops and has been around for over 540 years;
- Saint Nicholas, the inspiration for Santa Claus, was born in Patara, Turkey. He lived as a bishop on the East coast of Turkey.
Frequently asked questions
I am interested in starting a business in Turkey. What services can Healy Consultants offer me?Our Turkey company registration services include i) company registration ii) business license registration iii) immigration solutions iv) employment strategies v) business banking solutions and vi) office rental requirements.
How to register a business in Turkey?To successfully register a company, our Clients will be required to i) submit the appropriate incorporation documents ii) provide a local Turkey office address iii) open a corporate bank account iv) register for tax and social security and v) obtain a business license.
Healy Consultants’ experts are Turkey company registration specialists and will assist our Clients at every step.
How many directors are required for Turkey subsidiary company registration?Every resident company must have at least 1 director for successfully registering a company in Turkey.
What is the minimum number of the shareholders required for registering a company in Turkey?At least 1 shareholder is mandated for registering a Turkey based company.
Is it mandatory to have a resident director or shareholder for Company Registration in Turkey?No. Turkey company law does not require firms to have resident directors/shareholders.
Is it necessary to appoint a company secretary when incorporating a company in Turkey?No. A company secretary will not be required when our Clients incorporate a Turkey company.
What are the minimum capital requirements when incorporating a business in Turkey?Capital of at least €3,300 must be deposited when incorporating in Turkey.
What Turkey company incorporation services can Healy Consultants offer my firm?As Turkey incorporation service providers, Healy Consultants will assist our Clients with i) company registration ii) business license registration iii) immigration solutions iv) employment strategies v) business banking solutions and vi) office rental requirements.
What will be the Turkey incorporation timeline?Incorporating a limited liability company in Turkey will take an average of 3 weeks for completion.
Our experts are Turkey company incorporation specialists and will send our Clients weekly updates till engagement completion.
Are there any business restrictions for foreigner entrepreneurs when incorporating in Turkey?No. Foreigners incorporating local companies in Turkey will not face restrictions in the country.
Can a company registered in Turkey be wholly foreign owned?Yes. Company registration in Turkey can be completed with all foreign shareholders.
Are the details of a company registered in Turkey available for public viewing?No. Entrepreneurs will not be required to disclose company details for the public if they start a Turkey company.
How can Healy Consultants help me open a company in Turkey?On your behalf, Healy Consultants will prepare the appropriate documentation required to complete the business registration procedures in Turkey. After submitting these documents to the respective authorities, we will also assist you with corporate bank accounting opening, visa applications and employee recruitment.
Our firm’s experts are Turkey company registration specialists and will assist our Clients at every step.
What are the pre-requisites for opening a company in Turkey?In order to register a business in Turkey, our Client will need to i) reserve the company name ii) supply the Turkey office lease agreement iii) sign the company setup forms iv) register for tax and social security and v) obtain a business license.