Turkey is strategically located between Europe, the Middle East and Central Asia and offers significant opportunities for foreign investors.
There are several types of company in Turkey; Joint Stock Companies, Limited Liability Companies, Collective Companies, Partnerships Limited by Shares and Cooperative Associations. The difference between these companies concerns the allocation of liability and the legal form of the entity. The most commonly used company for international business companies is the Limited Liability Company.
Key benefits of Turkey:
- Turkey is ranked as the 15th most attractive destination for foreign direct investment (FDI) in the world (UNCTAD World Investment Prospects Survey, 2008-2010)
- Customs union with the EU
- Large high quality, cost-effective labour force.
- Flexible exchange rate and liberal import regulations
- Turkey has a large number of double taxation agreements and tax incentives
- Turkey has a large consumer base with substantial purchasing power
Establishing a company branch or subsidiary in Turkey
Foreign Companies can open branches in Turkey and the removal of pre-setup approval by the Turkish Authorities has made it easier to open a Turkish Branch of a Foreign Company. The establishment of a branch office in Turkey is subject to the approval from the Ministry of Commerce and Industry.
Legally a branch office is considered the same as a Limited or Joint Stock Company in Turkey. The only difference is that Branch Offices are bound to the mother company and there are more procedures required to establish the branch office.
Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?
The overseas banking industry is a billion-dollar business. Its no surprise that during the last decade, criminals have discovered ways to circumvent and exploit the system, ultimately giving the offshore world a bad reputation. This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.