Tentmaker Reports

Turkey Report

Entrepreneurial Missions Index


General Information


72,752,325 (18th most populous country in the world)

Other Minority Languages


Textiles, food processing, autos, electronics, mining, steel, petroleum, construction, lumber, paper

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Turkey, visit https://www.cia.gov/library/publications/the-world-factbook/geos/tr.html.

Business Information

The World Bank ranks Turkey as 73 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Turkey.

In order to start a business in Turkey, one must follow these procedures:

  1. Execute and notarize articles of association, signature declaration of the managers, copies of each manager’s identity card or passport and commercial books
  2. Deposit a percentage of capital to the account of Competition Authority
  3. Deposit the initial capital in a bank and obtain the certificate of paid-in capital
  4. File the incorporation notice form, commitment letter, and Chamber registration statement at the Trade Registry Office
  5. Have a notary certify the legal books
  6. Follow up with the tax office on Commercial Registry’s notification

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Turkey, visit http://www.doingbusiness.org/.


To learn more...


Turkey Economic Freedom

The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland. It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world. The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking. The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.
1A General government consumption spending as a percentage of total consumption 7.3
Area 1-A Data 15.1
1B Transfers and subsidies as a percentage of GDP 9.4
Area 1-B Data 2.8
1C Government enterprises and investment 8
Area 1-C Data 15.6
1Di Top marginal income tax rate 7
Area 1-Di Data 35
1Dii Top marginal income and payroll tax rates 7
Area 1-Dii Data 35
1D Top marginal tax rate 7
1 Size of Government: Expenditures, Taxes, and Enterprises 7.9
2A Judicial independence (GCR) 5
2B Impartial courts (GCR) 3.8
2C Protection of property rights (GCR) 5.3
2D Military interference in rule of law and the political process (CRG) 3.3
2E Integrity of the legal system (CRG) 7.5
2F Legal enforcement of contracts (DB) 6.2
2G Regulatory restrictions on the sale of real property (DB) 8.9
2 Legal Structure and Security of Property Rights 5.7
3A Money growth 0.2
Area 3-A Data 49.1
3B Standard deviation of inflation 7.3
Area 3-B Data 6.64
3C Inflation: Most recent year 8.2
Area 3-C Data 8.76
3D Freedom to own foreign currency bank accounts 10
3 Access to Sound Money 6.4
4Ai Revenues from trade taxes (% of trade sector) 9.6
Area 4-A(i) Data 0.6
4Aii Mean tariff rate 8
Area 4-A(ii) Data 10
4Aiii Standard deviation of tariff rates 1
Area 4-A(iii) Data 22.6
4A Taxes on international trade 6.2
4Bi Non-tariff trade barriers (GCR) 6.5
4Bii Compliance cost of importing and exporting (DB) 8.1
4B Regulatory Trade Barriers 7.3
4C Size of the trade sector relative to expected 4.3
4D Black-market exchange rates 10
4Ei Foreign ownership/investment restrictions (GCR) 7.5
4Eii Capital Controls 1.5
4E International Capital Market Controls 4.5
4 Freedom to Trade Internationally 6.5
5Ai Ownership of banks 5
5Aii Foreign bank competition 6
5Aiii Private sector credit 6
5Aiv Interest rate controls/negative real interest rates 10
5A Credit Market Regulations 6.7
5Bi Minimum wage (DB) 4.7
5Bii Hiring and firing regulations (GCR) 5.1
5Biii Centralized collective bargaining (GCR) 6.5
5Biv Mandated cost of hiring (DB) 3.3
5Bv Mandated cost of worker dismissal (DB) 1.2
5Bvi Conscription 1
5B Labor Market Regulations 3.6
5Ci Price controls 6
5Cii Administrative requirements (GCR) 2.9
5Ciii Bureaucracy costs (GCR) 4.8
5Civ Starting a business (DB) 9.6
5Cv Extra payments/bribes (GCR) 5.7
5Cvi Licensing restrictions (DB) 7.4
5Cvii Cost of tax compliance (DB) 7.5
5C Business Regulations 6.3
5 Regulation of Credit, Labor, and Business 5.6
Rank c 88

Turkey Summary


1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project

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