Although not yet an EU country, Turkey is a very attractive choice for foreign investors, especially those from Europe. Many wish to take advantage of the country’s special investment zones, where authorities offer incentives.
The country’s economy has grown impressively since 2002, with GDP up from USD 231 billion to USD 820 billion in 2013, and economic forecasters expect the country to become the fastest growing amongst OECD nations over the coming years.
Currently the 16th largest economy in the world, Turkey aspires to be in the top 10 by 2023 and has a goal to reach export volumes of USD 500 billion by that time. Short-term hurdles, however, include a temporary slowdown due to global monetary tightening and a heavy election schedule next year (2016).
Although dominated by traditional agriculture in the past, Turkey’s economy has since diversified and is now highly dependent on a developed services sector and industry concentrated in the western provinces. The country’s tourism sector has also experienced rapid growth. Other key sectors include construction, automotive, banking, home appliances, machine industry, textiles, oil refining, petrochemical products, food, mining, iron, steel, and electronics.
Turkey’s main export partners are Germany, UK, Italy, France, Russia and Spain.
Our core areas of expertise
TMF Group Turkey provides a one-stop shop for all of your compliance needs in Turkey. We can help you with everything from setting up the most appropriate type of entity, to on-going accounting, tax compliance, corporate secretarial, HR and Payroll services. We work from the top level right down to the basics of compliance, such as setting up compliance deadline schedules, exercising corporate health checks and helping your staff to be fully registered with the Social Security and Labour Authorities.
Whether you are starting out, enjoying business as usual or winding down, TMF Group's Turkey office can help you through your company's entire life cycle. Our in-country teams with local knowledge have the backing of a group with global reach, helping you to do businesses seamlessly across borders.