Turkey: Low Operating Costs
Turkey, among the fastest-growing economies in the world, is one of the best places to expand your business. With its thriving economy, geopolitical position, promising growth opportunities, the hard-working business community, and young population, the country attracts foreign investors from all over the world.
Turkey is open to foreign investments in all sectors of interest. In this director, the Turkish government implemented a series of incentives and encouragements to attract even more investors. The business-friendly climate comprises a series of tax exemptions and reduced expenses in specific fields. Low VAT rates, tax reductions, interest rate support, VAT refunds, or social security support, here are a few of the incentives granted by the Turkish Government.
Low Operating Costs
Doing business in Turkey comes with other advantages too. For instance, the low operating costs for establishing a business in Turkey. Turkey provides relatively low costs for the labor force, suppliers, office rentals, and related services. The best business in Turkey might represent the operations in the manufacturing sector which is quite appealing. Corporate Income Tax has reduced to 20% from 30%. Tax benefits and incentives in Industrial Zones, Technology Development Zones, and Free Zones, including partial or total exemption from Corporate Income Tax. In addition to facilitating and providing incentives for strategic investments, large-scale investments, and regional investments.
The Turkish economy is ranked 13th among the world’s largest economies, and 5th largest economy compared with the European Union in 2016 (GDP at PPP, IMF WEO).
Turkey comes after Germany and Italy as the third-largest exporter of textiles in the world, its also one of the world’s biggest producers of agricultural products, Clothing, chemical, motor vehicles, ships and other transportation equipment, food, construction materials, consumer electronics and home appliances.