A Turkish Startup Was Also Among The SMEs Of The Year In The USA
While the US market continues to attract the attention of entrepreneurs and SMEs who want to operate in foreign markets, Turkish companies operating in this market are also achieving significant success. Burcu Manay, Managing Partner of Manay CPA, which was selected as one of the Best SMEs of the Year for the third time by the Atlanta-based Cobb Chamber of Commerce, shared the details of the company establishment in the USA.
The USA has recently become one of the important countries for entrepreneurs and SMEs who want to expand by opening up to foreign markets. Manay CPA, which has acted as a bridge between the Turkish and American markets since its establishment, was selected as one of the Best SMEs of the Year for the third time by the Atlanta-based Cobb Chamber of Commerce. Evaluating companies according to the innovations in the field in which they operate, the Cobb Chamber of Commerce determined the company, which was founded by Turkish woman entrepreneur Burcu Manay in 2001, as one of the 25 Best SMEs of the Year.
Burcu Manay shared her evaluations about company establishment processes in the USA and the opportunities offered by the USA market.
THE AMERICAN MARKET PROVIDES A VERY SUITABLE ENVIRONMENT FOR SMEs
Pointing out that the US economy accounts for 22 percent of the global gross domestic product, Burcu Manay said, “The size of the market can be understood from these data. In this sense, we can say that the obstacles and restrictions faced by small and medium-sized enterprises that want to open up to the USA are at a minimum level compared to other markets. In 2022, 25 startups in the US achieved unicorn status with over $1 billion. From this, we understand that it is not difficult for entrepreneurs to achieve sustainable success after they have made a place in the American market. In addition, it plays a facilitating role for entrepreneurs to start their activities in the American market with the business network and consultancy of professionals who know the operation of the market and have a good command of the American system. For example, there are many incentives for manufacturing activities in the US, both at the federal and state level.” used expressions.
WE NEED PROFESSIONALS KNOWING THE AMERICAN TAX AND ACCOUNTING SYSTEM
Emphasizing that there is an intense information pollution on the Internet regarding the establishment of a company in the USA, Burcu Manay said, “She does not believe that an important decision such as opening to the American market can be implemented with hearsay. We recommend getting support from professionals. For example, being meticulous in processes such as transfer pricing policies, company strategy, market research also plays a role in the choice of state that affects many business-related processes. Issues such as company type and partnership structure are important to avoid difficulties in post-establishment processes. said.
USA-TURKEY TRADE DATA
2021 was a year when Turkey broke a record in exports. In 2020, when world trade was going through difficult times due to the effects of Kovid-19, Turkey’s foreign trade was also adversely affected.
Being among the leading countries in exports, the USA also has an important place in Turkey’s exports.
According to the data of the US Census Bureau, the bilateral trade volume between Turkey and the US reached a record level of 28 billion dollars last year. The increase in the trade volume between the two countries exceeded 30 percent.
THE USA THUS BECOME TURKEY’S SECOND LARGEST EXPORT MARKET IN 2021
While Turkey’s exports to the USA constituted approximately 16 billion dollars of the bilateral trade volume, the USA’s exports to Turkey constituted approximately 12 billion dollars. According to the data, Turkey gave the USA a foreign trade surplus of 4 billion dollars.
Last year, Turkey’s exports to the USA increased by 44.6% compared to 2020, while the USA’s exports to Turkey increased by 19.1%. Thus, a “win-win” based trade took place between Turkey and the USA last year.