|Local Time (LIVE):||3:57 PM|
|Local Currency:||$1 = TRY8.17|
|Tax Year Dates:||1st January – 31st December|
Turkey has a rich history of trade, once being the epicentre of the Ottoman Empire. Founded in 1299, the empire was not fully dissolved until 1923, when Turkey was declared an independent Republic. Throughout this period, Turkey enjoyed a wealthy economy in which luxury goods including silk, tobacco, and spices were exported – many of which commodities continue to be exported today. Other top exports are vehicles, gold, and jewellery.
The Ottoman Empire was allowed to flourish in part due to Turkey’s strategic position between Europe and the East. This position remains to be a unique advantage for those doing business today. There are 57 airports in Turkey, 33 of which offer international flights. National airline Turkish Airlines alone offer flights to 246 international destinations in 124 different countries in the Americas, Europe, Africa, the Middle East and Asia. Within Turkey, public transport comes in the forms of taxis, buses, trams, ferries and the metro, which is simple to use and reliable.
Anyone thinking about a business expansion plan into Turkey should not only be familiar with cultural norms, language, and local transportation, but also the legislation involved with doing business in this country. Turkey has its own unique employment laws that can prove difficult to navigate, however with guidance from the experts at FMP, you can ensure that your company achieves compliance.
Details correct at time of publication. You should not rely on these details without first seeking professional international advice.