Why Istanbul?
A setting of majestic beauty, an enviable climate, and an unsurpassed quality of life... Istanbul is one of the most dynamic and diverse economies in Europe. No wonder Istanbul is a magnet for intelligent, talented people from around the world. Creative, entrepreneurial citizens make Istanbul an innovation incubator - a place where new ideas, products and services are born.
Istanbul is Turkey’s economic center and has a thriving $449 billion economy. The city is committed to strengthening its trade and commerce worth $216 billion across the globe and rapidly transforming into a regional finance hub in the mid-run.
Innovation is a cultural heritage in Istanbul
Entrepreneurial activity is a crucial measure for Turkey as the country aims for a transition from an efficiency-driven economy to being an innovation-driven economy. Istanbul is, without question, a tantalizing market for entrepreneurship. Innovation is more than just a phenomenon in Istanbul: “It’s a cultural heritage”. Istanbulites have a strong need to express themselves and a long history of free thinkers conceiving the inconceivable.
Patent applications per year have risen twenty-three-fold when 2017 figures are compared to 2000 figures. Therefore, Istanbul naturally is the technological hub of Turkey, ranking 1st in every single category of patent applications, utility model applications, brand name applications and industrial design applications. The city captures almost half of Turkey’s total intellectual property application numbers.
Turkey has Europe’s 5th largest angel investment market size!
Over the past 15 years, Istanbul’s economy has experienced rapid structural change. Istanbul’s defining economic role has evolved from a service center to a dynamic urban center with strong, multi-faceted international connections that have strengthened dramatically with the rise of Turkey’s broad vision. According to Istanbul Chamber of Commerce, there are more than 400k companies actively operating. Last year 45k startups have been founded, which proves the vibrancy of entrepreneurship ecosystem in the city.
The entrepreneurship ecosystem is supported by angel investment networks and the government. The latest regulations passed in the parliament paved the way for entrepreneurs and angel investors to reach their goals with fewer obstacles. The European Trade Association for Business Angels, Seed Funds and Early Stage Market Players, aka EBAN, has announced that Turkey has Europe’s 5th largest angel investment market size.
Invest in Istanbul is now actively operating!
Istanbul is a world class city of opportunities, competing successfully as one of the world’s top investment destinations. In this respect, Invest in Istanbul has been founded as the official organization, whose specific goal is to consolidate the investment support and promotion services in Istanbul. The platform is coordinated by Istanbul Development Agency in partnership with the Governorship of Istanbul, Istanbul Metropolitan Municipality, Istanbul Chamber of Commerce and Istanbul Chamber of Industry; aiming to promote Istanbul’s investment opportunities and assist international investors throughout all bureaucratic steps necessary for starting up their businesses in Istanbul.
On June 21st 2017, Turkey’s Former Prime Minister (Currently the Speaker of the Grand National Assembly of Turkey) Binali YILDIRIM and Governor of Istanbul Vasip SAHIN, accompanied with Former Mayor of Istanbul, Kadir TOPBAS, have officially opened Invest in Istanbul’s new office located in Beyoğlu, which is one of the landmarks of Istanbul.
A Real One Stop Shop Striving for Your Business
Operating on full confidentiality, this brand new organization’s services embrace not only the consultation and business facilitation practices but also handling all the processes of starting a business via a single office. Apart from other Investment Promotion Agencies, the handling of bureaucratic steps accompanied with direct submission of official documents distinguishes this brand new organization from others. The figure below shows the steps of how to set up in Istanbul. These steps are covered by Invest in Istanbul on behalf of international investors, for free.
Team Spirit @ Invest in Istanbul
The dedicated and talented team of Invest in Istanbul plays a strategic role in Istanbul business. The team focuses on attracting and securing investment that will maximize long-term economic growth for Istanbul. There are basically three specific services provided by Invest in Istanbul:
Invest in Istanbul staff comes from governmental institutions, which investors are obliged to submit official documents during the establishment of their companies. Invest in Istanbul brings together the wide range of businesses to share best practice, collaborate and innovate.
A Hybrid Structure Involving Government & Private Sector
Invest in Istanbul carries out its services with the cooperation of prominent partners in the city; among which are governmental bodies, local stakeholders and business & trade associations. This synergy will no doubt add value to the investment climate of the most prospective city of the world: Istanbul!
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ORGANIZATION CHART of INVEST IN ISTANBUL |
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Coordinating Institution |
Istanbul Development Agency |
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Partners |
Governorship of Istanbul |
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Istanbul Metropolitan Municipality |
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Istanbul Chamber of Commerce |
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Istanbul Chamber of Industry |
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The Investment Office of the Presidency |
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Provincial Directorate of Migration Management |
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Istanbul Tax Office |
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Provincial Directorate of Social Security Institution |
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Provincial Directorate of Turkish Labor Agency |
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Awards & Honors
Invest in Istanbul is drawing significant attention globally, as a best practice. We have been invited to World Investment Conference as one of the best practices, with Japan and England. Mr. Lutfi Elvan, former Minister of Development received the award of excellence due to the establishment of our unique office and supporting the global entrepreneurship ecosystem.
In March 2018, the association of investment and trade promotion agencies of Latin America and Iberian Peninsula, aka RedIbero, invited our officials to Costa Rica in order to lecture the
representatives of its members. Lastly, Horizon Interactive Awards, which is a world-renownedcompetition that recognizes, promotes and awards the best web sites, videos, online advertising, print media and mobile applications web competition, has selected our official website “invest.istanbul” as a gold award winner under the category of “Government Agency”.
In Brief…
In addition to promoting Istanbul as an investment destination, Invest in Istanbul facilitates investors’ bureaucratic transactions by means of following legal procedures in order to obtain licenses and necessary permissions from public authorities on behalf of investors.
These legal procedures involve assistance with establishing business operations, work and resident permit applications, incentive applications, environmental impact assessment processes, and other relevant licenses. Every phase is handled with a result-oriented approach aimed at facilitating and accelerating bureaucratic procedures from beginning to end.
For more information, you can visit the official website of Invest in Istanbul: invest.istanbul
