Turkey ranked 69th in the World Bank’s Doing Business 2014 report among 189 countries, moving from the 72th place in the last year’s report.
Turkey made starting a business more difficult by increasing the minimum capital requirement, and made transferring property more costly by increasing the registration and several other fees, the Report said.
On the upside, Turkey reduced the time required for dealing with construction permits by setting strict time limits for granting a lot plan and by reducing the documentation requirements for an occupancy permit and the country made getting electricity easier by eliminating external inspections and reducing some administrative costs, the Report said.
The Report also noted that Turkey strengthened investor protections through a new commercial code that requires directors found liable in abusive related-party transactions to disgorge their profits and that allows shareholders to request the appointment of an auditor to investigate alleged prejudicial conflicts of interest.
| Turkey's Ranks in Doing Business 2014 Report | |
| *Ease of doing business (rank) | 69 |
| *Starting a business (rank) | 93 |
| Procedures (number) | 6 |
| Time (days) | 6 |
| *Dealing with construction permits (rank) | 148 |
| Procedures (number) | 20 |
| Time (days) | 164 |
| *Getting electricity (rank) | 49 |
| Procedures (number) | 4 |
| Time (days) | 70 |
| Source: World Bank | |
Related Articles
Iran's Araghchi arrives in Turkey for talks on US military build-up as Ankara looks to act as mediator
Iranian Foreign Minister Abbas Araghchi arrived in Istanbul on January 30 for meetings with Turkish officials to discuss regional issues amid what he described as serious challenges posed by US ... more
TPAO and ExxonMobil sign deal for offshore exploration
The Turkish Petroleum Corp. (TPAO) has formalised a strategic partnership with Esso Exploration International, a subsidiary of ExxonMobil, marking a significant escalation in Türkiye’s ambitions ... more
Turkish LPG carrier set on fire during Russian drone attack
A Turkish LPG carrier docked at the port of Izmail, Ukraine, was hit by a Russian drone during an attack, sparking a fire on the vessel, which has now been extinguished. According to the Maritime ... more