What’s a free trade zone? What are the advantages of opening a business in free trade zones? In this article, we will cover free trade zones in Turkey, the benefits of having a business, and its procedures.
What is Free Trade Zone?
A free-trade zone (FTZ) is a class of uncommon financial zone. It may be a geographic range where goods may be imported, put away, dealt with, made, or reconfigured and re-exported beneath particular traditions control and for the most part not subject to traditions obligation. Free exchange zones are by and large organized around major seaports, universal airplane terminals, and national frontiers—areas with numerous geographic focal points for trade.
The Largest Free Trade Zones In The World
- For the fourth year in a push, the United Arab Emirates tops the positioning for having the world’s best free trade zone. One of the foremost appealing goals within the Center East for outside speculation, the United Middle easterner Emirates can brag of significant advancements over the past year, particularly within the Dubai Multi Commodities Center (DMCC).
- As a door to Africa and one of the foremost attractive countries for venture within the locale, Mauritius too has one of the world’s best free exchange zones.
- Established in 1989 within the Chonburi Province, in Thailand, Amata City is the foremost appealing free trade zone within the Asia Pacific locale. Extending over 4,121 hectares of arrive, Amata City has more than 700 companies primarily from Japan and the rest of Asia.
- Giving an extend of motivating forces to speculators, Pirot in Serbia, is the foremost appealing free trade zone in Europe.
Free Zones in Turkey
Advantages of Opening a Business in the Turkish Free Trade Zones
- Opportunity to Benefit from Tax Points of interest for Producer Clients
- Companies are 100% excluded from Corporate Tax (23%) and Income Tax (15%-35%).
- Opportunity of Medium and Long Term Planning
- Opportunity to Exchange Benefits
- Strategic location
- No time limitation
- Easy Access to Europe Union countries
- Supply Chain Management
- Lower Costs
- Access to All Domestic and Foreign Markets
- Reduced Bureaucratic Procedure
- Profit Transfer Opportunity
Corporate Tax Information
Companies in Free Trade Zones in Turkey are 100% excluded from Corporate Tax (20%) and Income Charge (15%-35%).
In case company is purchase and sale licensed then it is not a production and in that case zero corporate tax does not apply.
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How To Start A Free Zone Business In Turkey?
The candidate ought to fill out an application shape and deposit the application expense to the specified account at the Central Bank of the Republic of Turkey. The form of applicationought to be submitted to the Zone Directorate, together with a request, the application charge receipt and other required reports, counting a draft of AoA for the consolidation of FTZ-based companies. The GD assesses the application and gifts the candidate 30 days to conclude a rent understanding and finally issues an working permit upon the conveyance of the desired archives. In cases where the candidate surpasses the 30-day period to continue encourage with the application, the GD cancels the application. The application charge is repaid in case the candidate isn’t qualified.
Gurcan Partners is a Foreign Economic Relations Board, Hungary Business Council, Association of German Chambers of Industry and Commerce, and International Chamber of Commerce member international law and consultancy firm.
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