WB: Starting a business in Turkey costs more

On the World Bank's Ease of Doing Business Index, which included 189 countries in 2014, Turkey has climbed up from the 69th spot to the 55th. However, the report also indicates that the cost of doing business has increased overall. The Doing Business Index reports, which have been published since 2003 by the International Finance Corporation and the World Bank, present a comparative evaluation of various indicators including costs for establishing a business, tax policies, employment, license obtaining times and protection for investors. The report's findings regarding Turkey were as follows: Due to the increase in notary fees and registration fees, starting a business has become more expensive and harder. Social security contributions that should be paid by employers have been increased, and with the electronic filing system, those applying to courts have eased the implementation of contracts. While Turkey is the 55th country on the general Doing Business Index, it is the 79th country on the Ease of Doing Business Index. Accordingly, seven procedures are required to start a business in Turkey and they are completed in approximately six-and-a-half days. The cost of starting a business is 16 percent of the per capita income and the minimum capital required to start a business is 12 percent of the per capita income.