REGISTERED OFFICE ADDRESS Registered Office Address. Every enterprise needs to have a local address in Turkey before company formation. One of the significant part of company formation procedure includes presentation of an office rent contract to relevant tax offices. TURKEY INCREASES CORPORATE INCOME TAX RATE FOR 2021 AND Turkey Increases Corporate Income Tax Rate for 2021 and 2022. According to the latest issue of the Official Gazette, the corporate tax rate, which is currently applied as 20% in Turkey, will be increased to 25% for 2021 and 23% for 2022 for corporate incomes. The new tax rate will be in effect starting from April 22, 2021. HOW TO OPEN A BANK ACCOUNT IN TURKEY Go to your choice of Turkish bank to open an account. Steps to follow while opening a bank account in Turkey for a foreign company: Prepare the company’s Articles of Association, Fill the application form, Proof of the registered address of the company, Get TURKEY’S MOST EXPORTED PRODUCTS Turkey’s exports last year hit an all-time high of $168.1 billion, up from about $157 billion in 2017. Thanks to the constant stimulus from the government and remarkable achievements, Turkey’s export volume increased by 7,1% while imports decreased by 4,6% in 2018. Turkey’s most exported products were in automotive, textile and ready-made wear and iron and steel industry with significant IMPORTANT THINGS YOU NEED TO KNOW BEFORE LIVING IN TURKEY Turkey has much to offer for all foreigners who are planning to live in the country. With its infrastructure, the standard of living, the low cost of living, the uncomplicated process of getting work permit or residence permit, currency rate of TL, and advantage of getting Turkish citizenship by investment, living in Turkey is a great idea for all foreign nationals. INCENTIVES PROVIDED FOR FOREIGN INVESTORS IN TURKEY Turkey offers a lot of opportunities for foreign investors with the country’s low operating costs, local manufacturers, unpenetrated markets and high consumer spending. There are also other benefits such as the right to paying no double taxation, if you are a foreign investor in Turkey you only pay taxes in Turkey EXPECTATIONS OF TURKEY’S ECONOMIC GROWTH IN 2020 Expectations of Turkey’s Economic Growth in 2020. Turkey has entered a strong rebalancing period and posted an all-time record high for its current account surplus. Country’s 12-month rolling surplus amounted to $4.3 billion in October 2019 which stands in stark contrast to the USD 38.9 billion deficit recorded in the 12 months up to TURKEY AS MIDDLE CORRIDOR IN ONE BELT, ONE ROAD The ‘‘Belt and Road Initiative’’ (BRI), or as it is also known as "One Belt, One Road" project, was first announced by Chinese President Xi Jinping in 2013. China’s Belt and Road Initiative (BRI) are based on two main branches which are Silk Road Economic Belt (SREB) and Maritime Silk Road (MSR) to connect China with Africa and Europe via land and maritime networks along six with 3 TIPS ON TURKISH BUSINESS CULTURE Be Respectful to Cultural Values. Respect is another important aspect of Turkish business culture. Turkish people take great pride in their countries and values and would expect the same respect from the outsiders. Although Turkey is a very modern country, it has very deep bonds with its traditions and cultural elements. EMPLOYEES' ANNUAL PAID LEAVE RIGHTS IN TURKEY Employees’ Annual Paid Leave Rights in Turkey. Employees engaged in seasonal or other occupations which, owing to their nature, last