Turkey Geography, Culture, Politics, and Economy

The nation of Turkey is located at the crossroads between Europe and Western Asia. It is bordered by several nations, including Greece and Bulgaria. Turkey boasts a rich history as demonstrated by the diverse civilizations that have inhabited the region, including the Assyrians and the Greeks in ancient times, eventually leading to the Ottoman Empire led by Suleiman the Magnificent which lasted centuries and encompassed much of southeastern Europe, Western Asia, and North Africa. The country eventually abolished the monarchy as part of the Turkish War of Independence in 1922, which led to Mustafa Kemal Atatürk as the nation’s first president.

Tourism comprises a significant part of Turkey’s economy and with two of the Seven Wonders of the Ancient World (Temple of Artemis and Mausoleum at Halicarnassus), the country attracts millions of visitors a year. Its capital is located at Ankara, although Istanbul is its largest city. About 80 percent of the country’s citizens identify as Turkish and are Muslims, with Kurds forming the next largest ethnic group. An estimated 2.5% of Turkey’s population are international migrants and the nation is currently host to the largest number of refugees in the world (mostly from Syria).

2021
April 23National Sovereignty and Children’s Day
May 1Labor and Solidarity Day
May 13Ramadan Feast
May 14Ramadan Feast Holiday
May 15Ramadan Feast Holiday
May 19Commemoration of Atatürk, Youth and Sports Day
July 15Democracy and National Unity Day
July 20Sacrifice Feast
July 21Sacrifice Feast Day 2
July 22Sacrifice Feast Day 3
July 23Sacrifice Feast Day 4
August 30Victory Day
October 29Republic Day
  • Adi Şirket
  • Koll. Şti. (Kolektif şirket)
  • Kom. Şti (Komandit şirket)
  • A.Ş. / A.O. (Anonim Şirket / Anonim Ortaklık)
  • Ltd. Şti. / L.Ş. / L.O. (Limited şirket / Limited Ortaklık)
  • HAAO (Halka Açık Anonim Ortaklık)
  • Koop. (Kooperatif Şirket)
  • irtibat bürosu
  • Şahıs Firması
  • Şb. (Şube)
  • Corporate Tax: 22%
  • Income Tax (Lowest Marginal Rate): 15%
  • Income Tax (Highest Marginal Rate): 40%
  • VAT/GST/Sales Tax: 18% (standard rate), 8% (clothing), 1% (certain food items)
  • Türkiye Cumhuriyeti Ziraat Bankası A.Ş.  (State Bank)
  • Türkiye Halk Bankası A.Ş.  (State Bank)
  • Türkiye Vakıflar Bankası T.A.O. (State Bank)
  • BankPozitif Kredi ve Kalkınma Bankası A.Ş  (Foreign Bank)
  • Credit Agricole Yatırım Bankası Türk A.Ş.  (Foreign Bank)
  • Merrill Lynch Yatırım Bank A.Ş.  (Foreign Bank)
  • Taib Yatırım Bank A.Ş. (Foreign Bank)
  • Albaraka Türk Katılım Bankası A.Ş. (Albaraka Türk Participation Bank Inc.)  (Foreign Bank)
  • Kuveyt Türk Katılım Bankası A.Ş. (Foreign Bank)
  • Arap Türk Bankası A.Ş.  (Foreign Bank)
  • Burgan Bank A.Ş.  (Foreign Bank)
  • Citibank A.Ş.  (Foreign Bank)
  • Denizbank A.Ş.  (Foreign Bank)
  • Deutsche Bank A.Ş.  (Foreign Bank)
  • QNB Finansbank A.Ş. (owned by Qatar National Bank)  (Foreign Bank)
  • HSBC Bank A.Ş.  (Foreign Bank)
  • ING Bank A.Ş.  (Foreign Bank)
  • Odea Bank A.Ş.  (Foreign Bank)
  • Turkland Bank A.Ş.  (Foreign Bank)
  • Bank Mellat  (Foreign Bank)
  • Habib Bank Limited  (Foreign Bank)
  • JPMorganChase N.A.  (Foreign Bank)
  • Portigon AG  (Foreign Bank)
  • Royal Bank of Scotland N.V.  (Foreign Bank)
  • Société Générale (SA) (Foreign Bank)
  • Albaraka Türk Katılım Bankası A.Ş. (Albaraka Türk Participation Bank Inc.)  (Foreign Bank)
  • Kuveyt Türk Katılım Bankası A.Ş (Foreign Bank)
  • Akbank T.A.Ş.  (Private Bank)
  • Alternatif Bank A.Ş.  (Private Bank)
  • Anadolubank A.Ş.  (Private Bank)
  • Fibabanka A.Ş.  (Private Bank)
  • Şekerbank T.A.Ş.  (Private Bank)
  • Tekstilbank A.Ş.  (Private Bank)
  • Türk Ekonomi Bankası A.Ş.  (Private Bank)
  • Turkish Bank A.Ş.  (Private Bank)
  • Türkiye Garanti Bankası A.Ş.  (Private Bank)
  • Türkiye İş Bankası A.Ş.  (Private Bank)
  • Yapı ve Kredi Bankası A.Ş. (Private Bank)
  • Ziraat Katılım Bankası A.Ş.  (Private Bank)
  • Vakıf Katılım Bankası A.Ş. (Private Bank)
  • Aktif Yatırım Bankası A.Ş.  (Private Bank)
  • Diler Yatırım Bankası A.Ş.  (Private Bank)
  • GSD Yatırım Bankası A.Ş.  (Private Bank)
  • IMKB Takas ve Saklama Bankası A.Ş.  (Private Bank)
  • Nurol Yatırım Bankası A.Ş.  (Private Bank)
  • Türkiye Sınai Kalkınma Bankası A.Ş (Private Bank)

Aadmi can support you with your expansion to Turkey. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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