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Start a Business Consulting Agency in Turkey
People who keep an eye on Turkey know that Turkey is a country with enormous opportunities for foreign people who want to earn a living, such as establishing a business consulting company in Turkey.
Turkey’s Government indeed provides some extra benefits to foreign investors who have a large amount to invest in Turkey. But that’s not always the only opportunity for foreign people. The foreign people who don’t have a large amount to invest can still grab the opportunity. Yes, we are talking about the booming industry of consultancy agency services in Turkey.
Business Consulting Agency Market of Turkey
Back in 2014, the Turkish consultancy market started to grow from about $410 million. Presently the Turkish consulting market is one of the highest growing industries in Turkey with an average growth of 8% per year.
Being a developed nation, Turkey is considered a Newly Industrialized Country (NIC). That’s why Turkey has an emerging market economy. With very high progress in the industrial sector, Turkey presently has a booming economy and market that requires lots of services from different sectors.
This is why consulting agency services are in high demand in Turkey and it’s a good investment opportunity to establish a business consulting company in Turkey.
Because the Turkish consultancy market is a niche one, it’s also one of the most lucrative. Here are some interesting facts about the Turkish consulting market for those interested in learning more:
- Many investors come from the United States, Germany, and the United Kingdom to invest in the business consultancy industry in Turkey,
- Turkish engineers are among the best in the world, and they provide consultancy to businesses all over the world,
- Legal and financial advising services dominate Turkey’s consulting business.
Factors about Consulting Market in Turkey
There are a few other factors that helped to grow the Turkish consulting industry. Some of these factors are;
- Being located in both the center of Europe and Asia continents, the business consulting industry attracts many investors who wish to start a business consulting agency in Turkey from both of the continents.
- There are already many foreign investors in Turkey from different countries that seek help from consultancy agencies in Turkey. Possibly, this is why Turkey’s Gross Domestic Product (GDP) service sector contribution is more than 60%.
- Investors from countries like the US, Germany, and the UK rely on the legal and financial advisory services of Turkey.
Why Consulting Service Market is an Opportunity for Foreign Investors?
For the past few years, due to the popularity and growth in the consulting market, many foreign citizens who want to relocate to Turkey and establish a business consulting Company are choosing consulting services as their business.
Setting up various types of consulting service companies is quite popular, especially among skilled individuals. The need for these services is one factor, but it’s not the only one.
Actually, there are many reasons behind the popularity. Some of these reasons are;
- To set up a business consulting agency, a foreign investor can act alone and can set business as a sole trader.
- For setting up a consulting service business in Turkey, foreign people need no special requirements or qualifications regarding that subject. If someone has a qualification, that is a bonus for achieving success, but not mandatory.
- Some services are in high demand, but there is a shortage of supply, resulting in large profits. These services include; engineering services, legal advice, accounting services, and so on.
- As there is already a lot of foreign investors, and many more foreign investors are interested to come, all these services are always in high demand in Turkey.
- For any foreign investor, starting a business consulting company in Turkey is easy and convenient. Depending on the interest, anybody can choose from; information technology, business development, financial, accounting, and legal advisory services.
What are the types of Business Consulting Companies in Turkey?
In Turkey, investors can start a variety of consultancy businesses. There are a number of them, including:
- IT companies that can provide a variety of consulting services in the field of information technology,
- Foreign investors looking to launch businesses in Turkey’s special investment zones are in high demand for business development companies,
- Real Estate Consulting Companies,
- Financial Advisory Companies,
- Accounting and Auditing Companies,
- Legal Advisory Companies,
Business process operators (BPOs) have also grown in popularity in Turkey during the last few years.
What are the requirements for setting up a Business Consulting Company in Turkey?
In Turkey, there are no formal standards or credentials for providing consulting services. Local and foreign investors, on the other hand, must follow the Turkish Commercial Code’s company registration process when establishing the framework that will serve clients. The sole trader and the limited liability corporation are the most popular choices for both local and foreign businesses forming business consulting companies in Turkey.
As previously stated, there are no special requirements for providing consulting services. Being a specialist in the field in which consulting is provided, on the other hand, will increase your chances of success. Engineers and accountants are two of the most successful types of specialists in Turkey who can establish consulting companies in Turkey.
How can you register as consulting business in Turkey?
Foreign investors who want to start consultancy businesses in Turkey must adhere to the same rules that apply to enterprises in other industries. Furthermore, no specific licenses or permits are required to create such a business; however, education and experience are the most vital, since they serve as the company’s business card.