The new Turkey TechVisa Program will simplify work permits for foreign professionals and entrepreneurs in the country’s high-value tech sectors. A joint project between the Industry and Technology Ministry and the Labor and Social Security Ministry, it aims to attract tech startups and talent to the country by offering work permits for three years to entrepreneurs and expert employees who set up companies in Turkey.
The TechVisa Program, that has been in the making for the last two years offers tremendous incentives, such as corporate tax exemptions for business established in the tech parks or incubators, and income tax waivers for employees. Furthermore, it looks to streamline bureaucratic processes and hence make Turkey’s entrepreneurial ecosystem easier to access for early-stage and scaling firms.
At the launch ceremony in Istanbul Airport, Mehmet Fatih Kacır, Industry and Technology Minister underlined that this program is the platform where entrepreneurs feel “at home” in Turkey, thus allowing entrepreneurs to plan in the long run. “Most beneficiaries will definitely be Turkish tech startups and our qualified workforce,” said the minister, underlining the initiative’s power in consolidating the Turkish technology sector.
Kacır underlined that the world today is moving fast towards a total dependence on technology-driven entrepreneurial ventures, and innovative ideas in startups represent the most critical driving force in economic growth. “Entrepreneurship plays a more important role today in the development journeys of nations,” he said, adding that more and more businesses are now investing in innovative ventures that help them stay competitive.
Six months of legal, financial, and technical consultancy with foreign entrepreneurs who are setting up business ventures in Turkey will be offered as part of the TechVisa Program. This is in the hopes that they will facilitate navigations of public incentive programs by such entrepreneurs and fast-track their integration into the local tech ecosystem.
Labor and Social Security Minister Vedat Işıkhan, who also spoke at the same event, said the program encompasses accelerated procedures for obtaining work permits in order to address the fast-paced demands of the technological industry. Attracting foreign talent while he was proposing that, Işıkhan continued to emphasize a typical structure that protects Turkey‘s domestic workforce by assuring foreign expertise does not compete with domestic talent but complements it instead.
The Turkey TechVisa Program is great stride on the way to the country’s vision, which becomes a hub of global technologies, officials say, adding that they will be stronger with it and also relationally stronger between startups, investors, and other skilled professionals.
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