Turkey has comprehensive subsidy and incentive schemes for businesses. Foreign investors in particular can benefit from very favourable incentives. To avail of these benefits to the full, you need to be fully aware of what schemes are in place, which of these apply to you, which agencies to apply to, what kind of documentation will be required and the best way of submitting these documents.
What kind of subsidies are on offer?
The Turkish government has an active business development policy and operates a variety of schemes to this end. Incentives include relief from payment of customs duty or VAT, tax cuts, a lower social security premium contribution scheme for employers and employees, special income tax allowances and many other incentives. The arrangements vary in different parts of the country and for different sectors of trade and industry.
All of these schemes including the applications are different in Turkey to what you might be accustomed to. Not going about this the right way could cost you time and money.
There are also other factors that make it more complex
One thing to remember is that businesses may not avail of a combination of subsidies. For this reason, it is important to choose the scheme that will be of most benefit to you.
Production companies must comply with environmental pollution regulations and may be required to prepare an Environmental Impact Study. The EIS comes first and must be submitted before you can proceed with your investment plans.
Why ask BST Subsidy Support to help prepare your subsidy applications?
For anyone who is not well-informed of the complexities, it will be practically impossible to assess the prospects and to make the right choices. Add to this the fact that much of the information is only available in Turkish and that most forms will have to be completed in the Turkish language.
BST has the knowledge and the experience to conduct a prompt and thorough investigation of the schemes that will apply to your company and we can process your application in the appropriate manner. This will save you a lot of time and money compared to the costs of organising this yourself or calling on someone who has little experience in this area.
With the help of BST Subsidy Support, you stand to fully benefit from the subsidies on offer
We begin by drawing up an overview of your specific plans, of the kind of business you run, where you wish to locate this business, the sector you operate in, your strategic objectives, and so on. All of this we do with the help of our Subsidy checklist.
When establishing a business in Turkey, the subsidies on offer may determine where one chooses to locate one’s business. If you wish to invest in Turkey in order to avail of the low labour and production costs, then some areas will be much more favourable than others because of the higher subsidies on offer. On the other hand, if you wish to produce goods in Turkey for export to the Middle-East, you may find it preferable to be established in a different region to businesses which need to be close to suppliers or ports in order to keep transport costs down. All of these factors are taken into consideration when we prepare our assessment.
Our assessment will also look at the following aspects:
- What kind of production or service are you involved in?
In which region do you wish to establish your business?
- What is the budget?
- What kind of machines and equipment will you need?
- How many machinery will you need?
- Do the raw materials or semifinished products need to be imported or will you be using machinery and equipment produced in Turkey?
- Where will the raw materials be sourced?
- Are you planning to rent or lease a premises?
- Do you wish to purchase or be assigned a property or site on which to construct your business facility?
- What purpose will your production facility serve? For export?For the Turkish market?
What does BST Subsidy Support provide you with specifically?
On completion of our assessment, we will provide you with a proposal for your subsidy applications. This will specifically deal with a number of questions, such as:
- Do your planned activities in Turkey qualify for a subsidy?
- What are your best options in terms of the available incentive measures?
- What are your priorities when submitting an application?
- In the schemes on offer, what procedures must be followed in order to meet the statutory requirements?
- How long will the subsidies be available?
- How much time will it take before you receive the requisite certificates and subsidies?
Following your approval of our proposal, BST will initiate the procedures and assist you throughout the entire application process.