An announcement in March 2018 by ISPAT (Investment Support and Promotion Agency of Turkey) confirmed recent amendments to Turkish investment laws, aimed at reducing red tape and centralising processes into one database. They added entrepreneurs have welcomed the new regulations because they reflect a reduction in expenses.
Turkish Investment Laws Amended
The 35-page amendments are on the back of earlier adjustments aim to bring the process of investing in Turkey in line with other countries who have a much easier and straightforward process.
Published in the Official Gazette of Turkey on the 10th of March, key features of the “Amendments to Certain Laws for Improvement of the Investment Environment” include….
- Easing the process of setting up a company in Turkey. Trade offices will help with the process and enable investors to deal with all procedures at one single stop rather than multiple departments.
- Simplifying administrative process in the real estate industry such as building permits and exchange of title deeds. An online platform will be set up and link all departments involved in real estate process including the tax office, land registry and social security. This will also simplify the process.
Investment in Turkey from Qatar
The amendment to Turkish Investment was followed up with another announcement from ISPAT that they had opened a new office in Doha, capital of Qatar. The opening ceremony was attended by the president of ISPAT, the Turkish ambassador in Doha, as well as key figures from the Qatar business industry.
In a speech, the president said relationships between the two countries were growing and have a bright future. The office will act as consultants to any Qatari business person looking to buy real estate or do business in Turkey.
ISPAT is an official government organisation reporting directly to the President of Turkey. Their primary responsibilities are to give support, guidance and advice at every step of the investment process, ensuring investors receive a one-stop service.
They are also responsible for the promotion of the Turkish investment sector that contributes significantly to the Turkish economy. They belong to WAIPA, the World Association of Investment Promotion Agencies established in 1995 by the UN.
Their regional consultants are based in many countries around the world including Japan, the United Kingdom, United States, France, Germany, Canada and Italy. Services that they give free of charge are…
- Consulting including specific market analysis, operational costs, and macroeconomic data.
- Coordination and relationships with service providers, non-governmental organisations and local authorities.
- Business assistance to help investors through bureaucratic procedures, setting up operations, and receiving various licenses needed to operate.
- Promotion services including press releases, PR process, ceremonies and announcements.
- Aftercare services including negotiations, expansion, workshops and staying informed about Turkish investment laws.
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