Business in Turkey: the number of enterprises with foreign capital increased to a record in 2022

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20 lut. 2023

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Business in Turkey: the number of enterprises with foreign capital increased to a record in 2022

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Turkey

The number of enterprises with foreign capital in Turkey increased significantly in 2022. Find out in more detail which countries' citizens open a business in Turkey, which industries and locations are chosen by foreign investors and features of business registration in the country

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In 2022, more than 20,000 enterprises with foreign capital were registered in Türkiye. The indicator became a record for the country for the entire period of the analysis. Russian co-founders became leaders among foreigners. Experts single out two reasons for such activity - the possibility of circumventing sanctions and the prospect of receiving immigration benefits.

Read more about healthcare in Turkey for expats and foreigners, as well as health insurance and medical tourism here.

Read more about obtaining Turkish citizenship through investment here.

Read more about all the nuances of inheritance in Turkey here.

The dynamics of the increase in the number of enterprises with foreign capital in Turkey

The Union of Chambers of Commerce and Exchanges of Türkiye estimated that foreign investors became interested in Turkey in 2010. Since this period, the indicator of the number of firms with foreign capital has shown an increase every year. If according to the results of 2010 the number of newly registered businesses was 2,479, then five years later the indicator increased almost 2 times and reached 4,729. The epidemic of the COVID-19 coronavirus had a negative impact on this trend, but in 2021 the number of enterprises again began to increase, reaching a maximum in 2022 - 20,135 firms.

Read more about obtaining Turkish citizenship through investment here.

Citizens of which countries open a business in Türkiye

As mentioned above, the first step was taken by the citizens of Russia. In 2022, together with Russian partners, 1,363 companies were established in the Republic of Turkey, 140 of which are joint stock companies (Turkish: anonim şırklar), and the rest are limited liability companies (Turkish: limited ışırket).

The second step was occupied by businessmen from Iran. In 2022, 1,300 enterprises with the participation of Iranians started working in Türkiye. The Germans are in third place with 484 businesses.

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What industries and locations do foreign investors choose?

Among the branches, the most popular among foreign investors is "Wholesale trade carried out by non-specialized stores". In 2022, 3,070 companies with foreign capital started working in this field in Turkey. The second place is "Services related to real estate transactions" (1,043 enterprises) and "Commercial and other administrative consultations" (938 firms).

If we analyze the location geography, then the majority of enterprises were opened in Istanbul, it is here that 62% of new joint ventures with foreign capital were registered in 2022, namely 12,462 firms. The second and third steps are Antalya (1,648 businesses) and Ankara (821 enterprises).

Business registration in Turkey as a basis for obtaining citizenship

Undoubtedly, one of the main prerequisites for opening a business by foreigners in Türkiye in 2022 was the possibility of obtaining citizenship by investment. Under the "Golden Passport" program, citizenship of the Republic of Turkey can be obtained in 3-6 months. Several investment options are available to foreigners, the most popular of which is the purchase of real estate worth at least $400,000. Learn more about investment programs here.

However, another way to get a Turkish passport involves organizing a business that creates jobs for Turkish citizens. You need to buy or create a company where at least 50 people will work on a permanent basis.

Importantly! If a foreigner creates a company with the purpose of obtaining Turkish citizenship, then for this it is necessary to obtain the approval of the relevant department in advance. This is done by the Main Directorate for International Labor Relations under the Ministry of Family, Labor and Social Services.

How to open a business in Turkey, as well as the advantages, types of companies and requirements for companies, read at the link.

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