Over the past few years, business opportunities in Turkey have never been more plentiful or lucrative. With an ever-growing economy, diverse industries, and rising consumer demand, doing business in the country is becoming increasingly popular.
However, with this growing popularity comes concerns about the safety of doing business there. In recent months alone, reports surfaced of Turkish businesses being shut down due to disputes over ownership, as well as accusations of tax evasion.
Many large corporations have also made headlines for their controversial business practices, such as alleged bribery and corruption. These scandals often reach into the highest levels of government, making it difficult for impartial observers to form clear opinions about the trustworthiness of certain companies.
Given all of these issues, it’s hard to know which types of businesses are safe to invest in and which ones you should avoid altogether. This article will go into greater detail and provide some helpful tips for individuals who want to start investing in Turkey or expand an existing business.
These tips will be broken up according to different industry categories so that you can easily find what information is relevant to your own area. To make sure everything is aligned, check out our table of contents below.
Following the referendum result to leave the European Union (EU) back in June, there was much speculation as to what would happen next. Would Britain actually exit the EU? What kind of Brexit would occur- soft or hard?
Many experts agree that whatever happens next, it will have a major effect on business dealings across Europe and the world. This is because most countries are built upon free trade, which means importing goods and services allows you to flourish.
For example, let’s say your company sells very expensive shoes that take a long time to make and ship from the factory. An overseas supplier can supply those products at a lower price, saving your company money. Your company could then use the savings to invest in more efficient production facilities, giving them an edge over competitors.
After almost two years since his initial announcement, Republican nominee Donald Trump has officially been elected as the next president of the United States. He will now assume the role of President-elect later this month.
Trump won the electoral college victory with over 60% of the vote, but he did not win the popular vote by much. Only around 0.5% more votes went to Democratic candidate Hillary Clinton than to Trump.
Many people believe that voter fraud was one of the reasons why Trump was able to pull off such an easy victory. There have been many reports of voters who voted multiple times or even for someone else.
However, there is no proof that this happened enough times to make a difference in the outcome of the elections. It may be true about some individuals, but it does not prove anything about the overall voting population as a whole.
There is also very little evidence proving that illegal acts were done to help elect Trump instead of Hillary.
Since July 2016, when the currency was suddenly devalued by 40 percent against other major currencies like the US dollar and the Euro, the Turkish lira has been on a downhill spiral. It is now one of the worst performing currencies in the world!
The best way to describe what has happened to the currency since then is to compare it to the fall of the Roman Empire.
Just as with the downfall of Rome, the collapse of the Turkish economy can be pinned on too much debt and spending. Unfortunately for Turks, this unsustainable level of borrowing and spending has gone on for far longer than two years!
Since August 2018, there have been three more devaluations of the lira. Each time, the value drops even further. On January 8th, the currency dropped another 6% after Governor Murat Uygun announced new measures to curb money supply.
These include limiting cash withdrawals from ATMs to 4,000 TL per day and limiting bank credit card transactions to 2,500 TL. He also said that people would no longer be able to use their own accounts to purchase foreign currency at market rates.
Experts believe these moves will make it more difficult for wealthy individuals or businesses to obtain hard currency outside of the country.
According to data from the Turkish Statistical Institute (TÜİK), there were over 70 million tourists visiting Turkey in 2017, making it the 14th most visited country in the world. This makes tourism an important industry for the country!
Turkey is a popular destination due to its beautiful natural landscapes and seacoast areas. These include famous beach resorts such as Antalya or Bodrum, which are perfect places to visit during spring or autumn. Others enjoy exploring historical sites in Istanbul, including the top tourist attractions like Hagia Sophia and the Grand Bazaar.
The hospitality sector of the tourism industry has seen significant growth since the 2008 financial crisis. Due to the recent boom in popularity, employment opportunities have increased too. Since 2011, job vacancies in the hotel and restaurant industries have almost doubled every year.
However, despite the rising demand, employees with basic Turkish are still in high supply. Only around half of all hotels and restaurants can speak fluent English, for example. This poses a challenge for employers looking to increase employee productivity through communication and teamwork.
Fortunately, advanced linguistic skills are becoming increasingly common in Turkey. With the help of online resources and informal education methods, native speakers are being sought after by businesses more frequently.
Having lived in both Istanbul and Ankara, I can tell you that living in Turkey is very different from what people say about it. For one, Turks are not as reserved as most people think.
I have seen many Westerners get surprised by this when they visit for the first time. While some may describe Turkish people as being more social than other cultures’s people, this isn’t always true!
In fact, many things in this country work quite well because of its population size.
The thing about Turks is that they are very loyal to those who treat them with respect and pay attention to their needs. This makes business in Turkey much easier than doing the same in another culture where people may be less friendly and focused more on themselves rather than others.
Businesses here understand this and take advantage of it by marketing products and services to all of the local people and getting good feedback. This helps them promote their product or service further!
Another reason why businesses succeed in Turkey is due to the number of tourists. Since tourism is such an important part of the economy here, everyone is trying hard to make sure every tourist has a great experience.
This includes giving helpful information in your language and ensuring there are lots of attractions and activities for kids and adults alike. All of these help create repeat visitors which equals money!
Overall, life in Turkey is not like people imagine it to be.
Being an entrepreneur is not easy, which is why most people do not attempt it. There are many things that can get in your way, making it difficult to succeed as a business owner. Location being one of them!
Turkey has some of the best locations for entrepreneurs to launch their businesses. These locations offer rich opportunities in terms of commerce and industry growth. Many top companies were founded here so this space must be considered valuable.
With over 70% of Turks living in urban areas, starting a business from home is possible. Even though it may not be practical at first, you should consider this option later in life when you have more experience running a business.
If you already own a business and want to expand or relocate for other reasons, then read on about our next location tip! We will discuss how to run your business like a pro by investing in good office supplies.
Business owners spend lots of time buying merchandise and preparing materials for meetings, talks, and lectures. This article’s goal is to help you organize all of these items with ease.
As mentioned earlier, owning a home is one of the top priorities for most people in this country. It is also one of the biggest investments you can make!
Turkey has several different types of real estate that are very popular with both sellers and buyers. You will find apartment buildings, houses, condos, villas and rural land all offering their own unique benefits to customers.
Sellers’ main advantages include finding a good deal on a house or lot close to where you work, having access to the neighborhood, and receiving adequate compensation for your property. Buyers enjoy the affordability of an urban lifestyle paired with easy access to international flights and entertainment options.
There are many ways to buy a house in Turkey, so which method is best depends mostly on your time frame and budget.
In addition to investing in stocks, individuals can also put away money into a savings account or pension program. People are usually given an option of how they want to save their money, depending on what type of spending they have going on.
Many companies will offer you an employee retirement plan that can be matched with any individual employer’s retirement plan. It is very common to find low cost index fund investment options here.
These funds are typically designed to invest in assets such as stock markets, real estate, and other long term investments. This is why it is called “indexed” because they are intended to track the indexes (lots of different things like stocks) that get aggregated together to make up the overall market.
By having these indexed funds as your main asset class, your money is being invested in something that has already been determined to perform well over time. Because the bar is set by the market, this gives you some level of security because the market is one big pool of resources that others have vetted before.