Turkey

The ISO code of Turkey is TR according to the ISO 3166 standard. The local name of the country is Turkiye. Turkey capital city is Ankara. People in Turkey speak the Turkish language. In the year 1037, Turkey emerged as a sovereign political entity. The largest cities in Turkey are Ankara, Istanbul.

Turkey is located in the UTC +02:00 time zone, which is also called Eastern European Time or EET. The internet country code top-level domain (ccTLD) for Turkey is .tr. The International dialing code for Turkey is 90. People in Turkey drive on the right side of the road. Total land area of Turkey is 783,562 km² (approx. 302,534 mi²). Turkey is not a landlocked country. It means that is is bordered by at least one major body of water.

Turkey is located in Asia. Turkey is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Turkey faces various issues, including water pollution from dumping of chemicals and detergents, air pollution, particularly in urban areas, deforestation, concern for oil spills from increasing Bosporus ship traffic.

Doing business in Turkey

We offer various corporate services in Turkey jurisdiction. These services can serve both, people coming from Turkey and foreigners. If you plan on doing business in Turkey you might be interested in contacting us.

To find out about starting your business in Turkey click on company formation in Turkey.

To find out how to open a bank account in Turkey and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Turkey.

Choose preferred service below or continue reading to find out more about Turkey.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Turkey

The total population of Turkey is 81,916,871 people. In Turkey, the population density is 101 people per square kilometer (263 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is diverse according to a fractionalization scale which for Turkey is 0.32. Turkey has approximately 2964916 foreign immigrants. The median age is approximately 29.6 years. In Turkey, 45.13 in every 100 people use internet. Turkey has a Human Development Index (HDI) of 0.759.

The majority religion of Turkey is Islam, Turkey is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Turkey.

Culture of Turkey

People in Turkey speak the Turkish language. According to data on inbound tourists in Turkey, 37,795,000 tourists arrive in the country each year. The first McDonalds in Turkey was opened on 24 October 1986, and it was located in Istanbul. One of the most popular national dishes of Turkey is döner kebab. To read more click on culture of Turkey.

Geography of Turkey

Turkey is considered to be a large nation because of its total area. Its total land area is 783,562 km² (approx. 302,534 mi²). Turkey is located in Asia. Its capital city is Ankara. Turkey has 8 neighbouring countries. Its neighbours include Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Iran, Iraq, and Syria. Total length of land borders of Turkey is 2816 kilometers (~1,087 miles).

The highest point of Turkey is Mount Ararat, with its official height being 5137 m (16,854 ft). Including land mass and EEZ, the total area of Turkey is approximately 1,045,216 km² (~403,558 mi²). The most notable natural resources found in Turkey are coal, iron ore, copper, chromium, antimony, mercury, gold, barite, borate, celestite (strontium), emery, feldspar, limestone, magnesite, marble, perlite, pumice, pyrites (sulfur), clay, arable land, hydropower.To read more click on geography of Turkey.

Economy of Turkey

The currency of the country is Turkish lira. The symbol used for this currency is ₺, and it is abbreviated as TRY. 11.1% of population in the country are unemployed. The total number of unemployed people in Turkey is 9,092,773. Each year, Turkey exports around $167.6 billion and imports roughly $242.9 billion. The Gini Index of the country is 40.2. Turkey has a Human Development Index (HDI) of 0.759.The Global Peace Index (GPI) for Turkey is 2.363. Turkey has a government debt of 35.5% of the country's Gross Domestic Product (GDP), as assessed in 2013. Turkey is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are textiles, food processing, automobiles, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Turkey is $1,514,859 billion. Each year, consumers spend around $582,731 million. The ratio of consumer spending to GDP in Turkey is 0%, and the ratio of consumer spending to the world consumer market is 1.35. The corporate tax in Turkey is set at 20%. Personal income tax ranges from 15% to 35%, depending on your specific situation and income level. VAT in Turkey is 18%. In 2013, Turkey received 3033.1 million USD in foreign aid.In 2014, the foreign aid amounted to 3188.9 USD.To read more click on economy of Turkey.

Infrastructure of Turkey

Infrastructure quality in Turkey is rated to be at 3.53. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Turkey, 100% of the population has access to electricity. There are 7,093,000 internet hosts in Turkey. Turkey has 98 airports nationwide.

The logistics performance index of Turkey is 3.5. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 3.77. It indicates a good performance - the tracking systems provide detailed and up-to-date information about most of the parameters of shipments, as well as often transcend national (both political and linguisitc) barriers and may be qualified as international shipment tracking systems.

The number of road motor vehicles per 1000 inhabitants in Turkey is 206. To read more click on infrastructure of Turkey.

Politics of Turkey

Turkey, is a unitary parliamentary constitutional republic. With regard to political and civil freedoms, Turkey is 2. Citizens in Turkey experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Turkey, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Recep Tayyip Erdoğan.

According to the World Bank Group, the government effectiveness index of Turkey is 0.38. This indicates that the government of Turkey is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Turkey before considering any business maneuvers.In Turkey, the legislative power is vested in a Grand National Assembly of Turkey. The Global Peace Index (GPI) for Turkey is 2.363. The strength of legal rights index for Turkey is 3. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. In 2013, Turkey received 3033.1 million USD in foreign aid. In 2014, the foreign aid amounted to 3188.9 USD. Turkey is a member of the United Nations (UN). On 24 October 1945, it joined the UN at it inception date as a full member state. Turkey is one of the original UN member states who founded the organization. Turkey is a member of the World Bank. To read more click on politics of Turkey.

Environment of Turkey

Turkey emits 4.4 metric tons per capita of CO₂. 216781 km² of Turkey's territory is covered in forests. and forest land comprises 28% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Turkey is 206. To read more click on environment of Turkey.

Company formation in Turkey

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Turkey.

When establishing a company in Turkey, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Turkey that will affect the establishment and growth of one's business. Contact us or click on company formation in Turkey to read additional information when setting up a business.

Bank account opening in Turkey

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Turkey. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Turkey, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Turkey or contact us.