With a great number of foreign investors moving to Turkey, the commercial real estate market has developed quite a lot during the last few years which has transformed the construction sector into one of the best industries to invest in. At the moment, most of the construction projects are developed in the energy and infrastructure industries.
Foreign investors interested in starting a business in the construction industry are required to comply with the Construction Code. Our law firm in Turkey can offer information on the legislation related to the construction sector.
In order to set up a construction business in Turkey, a local or a foreign investor must first select a type of company and register it with the Companies Register. An important aspect to keep in mind is that joint ventures between local and foreign companies are common when contracting construction projects in Turkey.
Another important requirement is the appointment of the contractors or other professionals who must be registered with the relevant authorities prior to starting to work for the Turkish construction company. Foreign professionals need to apply for a work permit when coming to Turkey and then register with the Directorate of Public Works and Settlement.
In order to start a construction project, a Turkish company must obtain several licenses and approvals from the relevant authorities. These licenses and approvals are:
The last permit to be obtained is the construction permit which is issued separately for each project. Also, before starting the construction, the Turkish company must register with the Social Security Authority and obtain an approval from the tax authorities.
For full information on how to start a business in the construction sector, please contact our attorneys in Turkey.