Doing business in: Turkey
Produced in partnership with Kayra Üçer of Hergüner Bilgen Özeke
Doing business in: Turkey

The following Commercial guidance note Produced in partnership with Kayra Üçer of Hergüner Bilgen Özeke provides comprehensive and up to date legal information covering:

  • Doing business in: Turkey
  • Introduction
  • The business environment
  • Forming a company
  • Financing a company
  • Opening a bank account
  • Utilising Office Space
  • Immigration Controls
  • Key Employment Laws
  • Contracting with Third Parties
  • more

Updated in July 2019

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 recently been in the news more for its political events than for its booming economy. On 15 July 2016, a council called the 'Peace at Home Council' under the Turkish Armed Forces attempted to launch a coup d’état against state institutions and the government. They attempted to seize control of key locations such as the bridges crossing the Istanbul Strait, but they were defeated quickly. The government has claimed that the plotters were members of the Gülen movement, led by an Islamic cleric residing in the United States.

Following the attempted coup d’état, 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.

However, 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.