Idesbas Menemen Free Zone Founder and Operating C.O.

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Izmir

Free zones were established with the Law on Free Zones, which is numbered 3218 and was put into force in 1985. The objectives were to attract foreign capital and investors, create new employment area, ensure the entry of new technologies to the country, enhance export and thus create plus value in our country's economy. For this reason, various tax- related initiatives were granted to the free zones with the Law numbered 3218.Thanks to these initiatives, the companies were exempted from the corporate tax and the employees were exempted from income tax.

The manufacturing companies arriving the zone after February 6, 2004, will be exempted from the income and corporate tax until the end of the financial year when Turkey becomes a full member of European Union. However they have to pay the income tax of the employees.

User companies in the Free Zone are entitled to transfer the revenue they obtain from their activities in the free zone to abroad or Turkey, without being subject to any permission.

Activity License is issued for a period of 10 years for the lease holder/ user companies, which will perform business by renting an existing workplace, and it is issued for a period of 20 years for the investor/user companies, which will perform business by constructing their own workplace in the zone. As for the investor/user companies, which will perform manufacturing business, this license is valid for 30 years.

The goods brought from abroad can stay in the free zone for an unlimited period of time.

There is no limitation for the capital participation share in the investments made in the zone.

Amount of bureaucracy has been minimized.

As the sales made from any point in the country to the free zone are considered under the category of "export", the users of the zone are able to buy goods with export price, without paying VAT.

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