Turkey and Germany have good trading relations, which is why representatives of the two governments decided for cooperation in the energy field. During a forum held in Ankara, the ministers for energy of Turkey and Germany signed an agreement related to the development of several energy projects. Our lawyers in Turkey can offer information on the regulations related to starting a business in the energy industry in this country.
The financial industry has become quite prolific in Turkey in the last few years. The first results for this year were presented by the Banking Regulation and Supervision Agency (BDDK) at the beginning of October and indicate a total profit of 38 billion Turkish liras (approximately 6 billion USD). This amount of money was raised by Turkish banks in the first 8 months of 2018. Our lawyers in Turkey can offer information on the legislation imposed in the financial industry.
There are many industries which contribute to the Turkish economy, however, in the last year, the automotive export became one of the most important players. Since the beginning of the year, this sector kept a steady pace and continued to grow up to the point in which it reached the highest peak in March. Investors who want to explore this industry must comply with specific regulations which can be explained by a lawyer in Turkey.
Turkey is one of the most important players in the global manufacturing industry. Most Turkish companies in the manufacturing industry produce automotive parts and metals, with steel being one of the most important products. This is one of the reasons for with the Ministry of Industry and Technology intends to transform Turkey into the largest steel producer in Europe. Our lawyers in Turkey can help foreign investors who want to open manufacturing companies in this country.
Turkey has a good economic performance in 2017, according to statistics which meant a higher confidence among investors at the beginning of 2018. Based on the latest Economic Confidence Index, local and foreign businessmen with commercial activities in Turkey were very confident about the economy in January, as the index rose by 10% compared to December 2017. Foreign enterprisers who want to open companies in this country can receive information on the legislation related to foreign investments from our lawyers in Turkey.
At the beginning of the year, the Turkish government has announced a new support package for small and medium-sized enterprises (SMEs) under the Industry 4.0 transformation map. The amount of money to be injected in these companies will amount up to 1,7 billion TL over the next few years. Foreign investors who want to open companies in this country can rely on our lawyers in Turkey.
The Turkish economy went through ups and downs last year, as some quarters registered spectacular increases with respect to the production of the companies, as it was the case of the 3rd quarter when the economy boomed. 2018 is expected to be less dramatic and the Turkish Gross Domestic Product (GDP) should grow based on an improvement of the industrial sector. Our lawyers in Turkey can help foreign investors who want to start businesses in some of the most prolific industries in this country.
Foreign enterprisers looking towards the Turkish market in 2018 can be confident that they are making a good decision, as the representatives of the business world here have strong belief in the local economy this year. The developments in the global economy are expected to have a positive effect on the Turkish economy. If you want to open a company, our Turkish lawyers can offer information on the legislation related to foreign investments.
At the end of 2017, Turkey has announced it will start the work on a national maritime traffic system which would reduce the dependency of foreign countries. The work will begin at the beginning of this year and will be ready in maximum 16 months, as the Ministry for Transport, Maritime Affairs and Communications wants the system to be ready by April 2019. Our lawyers in Turkey can offer information on the Maritime Law applicable in this country.
Turkey is one of the most attractive countries in the world for both tourists and businessmen which is why the airports in all major cities are some of the busiest in the world, too. During the last 10 years, the government has built several new airports connecting various parts of the country, however these cannot take up all the air traffic. This is also the reason for which the authorities have decided to build a new airport on the coast of the Black Sea which will serve the Gumushane and Bayburt regions. Our lawyers in Turkey can offer information on the Aviation Law.
Turkey has a modern banking system which allows citizens and companies to complete transactions through various means, among the most used ones being debit and credit cards. Moreover, the number of transactions completed through bank cards increased significantly on a year-to-year basis, according to a study carried out by a private bank in Turkey. If you want to start a business in the financial industry, our law firm in Turkey can assist you.
Vehicle prices have increased during the past few months which triggered the development of a new sector in the automotive industry in Turkey: the car leasing branch. Several reports indicate it is much convenient for individuals to lease cars they intend to use for various purposes. Turkey is also a preferred destination for car parts manufacturers which is why starting a business in the automotive industry will most likely develop over the next years. Our lawyers in Turkey can assist investors who want to create businesses in the automotive sector.
Turkey attracted a significant number of foreign investors this year, as according to the latest statistics, foreign direct investments brought close to 5 billion US dollars during the first 8 months of 2017. This means a 28.8% increase compared to the same period of 2016. Our lawyers in Turkey can explain the legislation related to foreign investments.
After the strong economic growth reported by the Turkish Statistics Office (TUIK) at the beginning of September, several financial institutions have revised their forecast for the rest of the year. The Turkish economy registered a good performance during the second quarter of the year which has determined these institutions to provide an annual economic growth of more than 5%. Our lawyers in Turkey can assist foreign investors interested in starting a business here.
Not long ago the real estate market in Turkey wasn’t performing that well as expected, but towards the end of the summer months and once the economy started picking up again, property sales followed the same path. Moreover, the greatest number of sales was attributed to foreign citizens moving to Turkey or simply purchasing vacation homes. If you want to buy a property, our law firm in Turkey can assist with the sale-purchase agreement.
The Association of Southeast Asian Nations (ASEAN) is a regional organization comprised of 10 countries in Southeast Asia which has the role of facilitating economic cooperation between its member states and other countries in around the world. Turkey has good relations with ASEAN and at the beginning of August it became a sectorial dialogue partner for the Association. Our lawyers in Turkey can offer more information on the agreements between Turkey and ASEAN members.
Turkey is home to some of the largest machinery producers in the world. Most of these products are exported to Europe and Asia and the first half of this year was one of the most productive for this industry. Machinery exports brought 8 billion USD to the Turkish Gross Domestic Product during the first seven months of the year. If you are interested in investing in this sector, our law firm in Turkey can help you with the company registration procedure.
The real estate industry is on a strong rebound these months in Turkey, as recent surveys show. During the first months of 2017, close to 130,000 properties were sold all over the country, thanks to a slight decrease in loan interests, but also to a series of tax incentives offered by the government to those purchasing real estate. Foreign investors interested in starting a business in the real estate industry can receive assistance from our law firm in Turkey.
E-commerce has become a global trend in our days and Turkish companies are orienting towards setting up their own platforms in order to reach more customers, according to a recent report issued by the Industry and Business Association (TÜSİAD). The same agency announces the e-commerce sector has a great growth potential if certain measures to help it would be undertaken by the authorities. Our lawyers in Turkey can offer more information on the legislation covering e-commerce.
The third month of 2017 brought the largest increase for the manufacturing sector since 2014, according to the Turkish National Statistics Institute. The Purchasing Managers’ Index (PMI) rose to 52.3 points last month, 2.6% higher than it was in February. The main increase surged from the higher output of manufacturing companies in Turkey. Our lawyers in Turkey can assist foreign enterprisers interested in investing in the manufacturing sector.
Trading companies in Turkey have been doing well if we consider the latest data issued by the Exporters’ Assembly of Turkey (TIM) which shows a spectacular increase in export numbers since the beginning of the year. On an annual basis, exports have rose by 19%, 6.7% higher than during the previous year. Foreign investors interested in setting up a trading company can obtain assistance from our law firm in Turkey.
Turkey wants to keep its connection with the United Kingdom once the latter exists the European Union, considering the important trading relations the two countries share within the EU. In order to achieve that, the Turkish minister for the economy stressed the importance of signing a free trade deal with the UK which should come into effect once Brexit is completed. Our Turkish lawyers can offer more information on the existing agreements between Turkey and the UK.
The automotive industry registered serious growth last year in Turkey and the statistics for the first two months of 2017 show the same positive trend, according to the Automotive Industry Association. Exports have also rose in this sector, contributing significantly to the country’s economy at the beginning of the year. Our lawyers in Turkey can assist foreign investors interested in setting up companies in this well-performing industry.
Making investments in Turkey has always been a suitable and interesting option for overseas businessmen who want to develop their activities in the real estate sector. Starting this year, the advantages are even more attractive in this domain because the government has eliminated the VAT for the first assets bought in Turkey by a foreign businessman. Our Turkish lawyers can provide you with information and details about taxation system in the country and can offer legal services when registering a company in Turkey.