Are you an individual who is planning to start a business in Turkey? Then, you are not alone in this. There are many people who like traveling to this part of the world for its ideal location, sitting right in the middle of the Middle East, Asia, and Europe. On top of that, the overall cost-effectiveness is another reason for its high popularity.
However, there is a lot that one is required to understand when they are thinking about working in this part of the world as a foreigner. Although this understanding process starts with applying for a Turkey visa, there are a few other things too that form an important part of the whole process.
So, remember, to make yourself aware of these before you pack your bags and go to Turkey for work. This way it becomes easier for you to navigate the rest of the process for you.
What Do You Need as a Foreign Investor in Turkey?
There are a few things that all foreigners are required to have when they are coming to Turkey to start a new business. These basically work like a set of requirements that judge your eligibility for working in the country. Some of these requirements are;
Passport:
Having a passport is a must for foreigners not just for entering the borders of Turkey. Rather, it is also important to leave their own country in the first place. So, make sure you have a passport that comes with at least 6 months of validity from the day you enter Turkey. Moreover, this should also have a minimum of two blank pages for it to get stamped.
Visa:
A visa is a travel permit that helps you in entering and exploring a foreign country. However, in this case, you will need to get eVisa for Turkey that is specially made for your travel purposes. For this, you will be required to follow a proper process that includes a few steps leading to the investor visa. The steps of this process are;
- Visit the Turkish Immigration website or a reputed site. There you will be able to find an application form for a Turkey Business visa for investors.
- Fill up this form with accurate details without making any possible mistakes. Moreover, you should fill in all areas if you want to increase your chances of getting an eVisa for Turkey.
- Attach copies of all the documents necessary for Turkey business eVisa. All these documents should be in PDF format or any other specified format for soft copy. Some of the documents that you will be required to share are scanned copies of your passport, recent photograph, and any other documents required for the Turkey investor visa. The additional supporting documents include an invitation letter from a Turkish company, a residence permit, and other things.
- Pay the fee required for applying for the investor visa through your preferred payment method. You can use your debit or credit card for this, just make sure that it is an authorized method.
- It generally takes a few days for individuals to receive an approval letter in their provided email after they apply for a Turkey visa. Remember to get a few copies of this letter and bring them along with you at the airport to avoid the possibility of any issues.
Registration as a Foreign Shareholder:
Being an investor in a Turkish business involves going through a proper registration. This is mandatory for all foreign investors and it proves that you have invested and become a part of the company. This is a document that is issued by the Government of Turkey.
What Makes Turkey’s Industry Ideal for Investment?
Turkey has been experiencing steady growth in the last decade through its tourism. There are many people who have travelled to this here by getting an eVisa for Turkey. This in return has resulted in a total foreign investment of 239 billion from 2003 to 2021. However, this hasn’t just helped the tourism in the country. Rather, it has also helped other industries experience rapid growth.
On top of the Turkish labour force is famous for being one of the most skilled and hard-working ones out there. Around 68% of the total population of Turkey falls under the working age. This further makes the country a great place for foreign investors to choose this country’s industry.
Moreover, Turkey is situated in a place that offers access to major places like Central Asia, Europe, the Middle East, and North Africa. This has helped it become the 17th largest economy with a GDP of $1.024 trillion and a GDP per capita of $14,630.37. This strategic location is another thing that has helped the Turkish businesses grow in size and profit. Thus, making them ideal for foreigners like you to apply for Turkey visas to invest in them.
Top Industries in Turkey to Invest
Just like all other countries, Turkey also has multiple industrial sectors. From agriculture to automobiles, there are more sectors that one can think of. However, not all of them experience profit in the same way. This is why, it becomes important for all investors to recognize the most profitable industrial sectors before you get an eVisa for Turkey to invest in one.
Real Estate:
With a size of US $247.5 billion in 2023, this is undoubtedly one of the most profitable industries in Turkey. Moreover, this is also projected to grow to US$15.41 trillion by the end of 2024. The rise in urbanization, population, tourism, and a few other things has resulted in the growth of this sector. Thus, making it the best choice for any foreign investor. Moreover, the rising population is undoubtedly the guarantor that there are very less chances of one facing any loss by investing in it.
IT:
With Istanbul as the hub of Turkish data centres, the IT sector has been experiencing significant growth in the past few years. The market is projected to take a size of US$31.29 billion by the year 2028. Surely, the growth is way less than the real estate sector, but it is not experiencing any kind of downsides. There are many Turkish entrepreneurs who are setting up their own start-ups and bringing new ideas to the table.
Tourism:
Credit to its beautiful landmarks and rich culture, Turkey has become one of the top four most popular tourist places in the entire world. There are many individuals who apply for Turkey visas and travel to this beautiful country. This is exactly what has helped in making tourism one of the most profitable sectors in Turkey. The 8,300 km of coastline of the country makes it one of the most attractive places for all tourists. So, if you want to invest in an industry that is guaranteed to experience growth then you should choose tourism.
Feeling Confident to Become a Foreign Investor in Turkey?
Investing in a Turkish company as a foreigner can be a great choice for anyone. Multiple sectors in the Turkish industry have experienced subsequent growth in the last few years, making them ideal to invest in. You are just required to get an eVisa for Turkey in advance and make sure you have proper knowledge about the different industries.
However, if you still face difficulty or delay while getting the visa then you can simply contact the Helpdesk.
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