Turkey has become known as a very suitable location for investment and business due to its developed infrastructure, safe and secure setting for investments, geographically attractive location, large and growing domestic market and its Customs Union agreement with the EU. The country is a particular magnet for European and Middle Eastern investors and recent reforms in the law has made it easier for foreigners to invest and do business in Turkey. One of the reforms has been to abolish the requirement for foreigners to obtain pre-permits to invest and set up businesses. They now have the same rights and laws as domestic businesses. International arbitration has been introduced and it has been made easier to transfer income abroad. The requirement to be physically present at board meetings has also been abolished which has made business life easier for foreigners. The ability to set up a company within 7 days means less time and paperwork than many European countries today.