Doing business in: Turkey
Produced in partnership with Kayra Uçer of Hergüner Bilgen Ozeke
Doing business in: Turkey

The following Commercial practice note Produced in partnership with Kayra Uçer of Hergüner Bilgen Ozeke provides comprehensive and up to date legal information covering:

  • Doing business in: Turkey
  • Introduction
  • The business environment
  • Forming a company
  • Liaison offices
  • Branch office
  • Turkish subsidiary
  • Financing a company
  • Opening a bank account
  • Utilising Office Space
  • More...

Updated in August 2020

Introduction

The business environment

Forming a company

Financing a company

Opening a bank account

Utilizing office space

Immigration controls

Key employment laws

Contracting with third parties

Taxation overview

Regulatory compliance

Protecting key assets and employees

Useful links

Introduction

Turkey has been at the centre of the global political scene as a result of its position in the Syrian war in the south of the country and its refugee policies, the maritime deal with Libya and Mediterranean geopolitics. The coronavirus (COVID-19) outbreak has a major effect on both the internal policies and the economy in Turkey as in other countries across the world.

Following the attempted coup d’état on 15 July 2016 by Gülen Movement members, led by an Islamic cleric residing in the United States, the Council of Ministers convened on 20 July 2016 and declared a state of emergency (Resolution No. 2016/9064) throughout the country for a ninety-day period beginning at 1am on Thursday, July 21, 2016. The decision was then ratified by the Grand National Assembly on July 21, 2016. Since then, the duration of the state of emergency was extended seven times, lasting for 730 days, and was finally removed in July 2018.

The economy has gone through a recession period since the last quarter of 2018, characterised by high inflation rates, rising borrowing costs, and currency volatility. At the end of 2018, the Minister of Finance announced the New Economic Program, a

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