As Europe’s gateway to the East, Turkey offers foreign investors countless business opportunities and unique advantages. More and more Western companies decide to put employees on the payroll in Turkey and the country is finding innovative solutions to encourage and facilitate this trend.
Here is what you need to know if you are considering recruitment in Turkey to start working towards your own expansion.
Why Put Employees On The Payroll In Turkey?
In 2017, Turkey was ranked the 17th largest economy worldwide, with foreign trade representing almost half of monetary movements. Some of the country’s most dynamic sectors include the textile and automobile industries, closely followed by jewellery, gold, steel, food, and machinery.
Its central location places Turkey in a strategic geographical position, and its demographic vitality maintains a young population, with practically 50% of inhabitants aged 30 or less. A tax incentive program stimulates investment and encourages foreign companies to consider putting employees on the payroll in Turkey.
The additional help provided by such umbrella companies as Azkan Group makes it a breeze to establish a presence in the country and expand your business horizons. There exist two main solutions to choose from, based on your own preferences as well as the specifics of your business strategy: setting up a full-fledged business or organizing payroll in Turkey through an umbrella company.
Setting Up A Company In Turkey
Setting up a company may be a necessity if you wish to take care of your own recruitment in Turkey. If you are familiar with the local customs and language, the process itself is no more complicated than it is in any other country. However, it does require – among several more obligations – official documents to be drawn up and notarized, a company bank account to be opened, and arranging for a tax registration number to be issued.
To be able to put employees on the payroll in Turkey, you will also need to submit a declaration of establishment to the Social Security Institutions. All these details make opening a company in Turkey a relatively time-consuming process. This is especially the case if you take into account the fact that you will have to select the type of company you may need (joint stock, limited liability, branch, liaison office, etc.).
Umbrella organisations – such as Azkan Group – can take care of all these administrative requirements for you and provide qualitative advice to help you make the right calls. They can be by your side every step of the way.
Using A Payroll Company
If you would rather move onto the Turkish market without the commitment of opening a company there, umbrella companies are, once again, your best bet. Their very particular mode of operation allows them to stand in for any foreign company and to represent their interests in any business situation.
For instance, they can handle recruitment in Turkey for you and leverage their extensive database of talents to find you the right associates, regardless of your requirements. What makes umbrella companies truly special, however, is the fact that they can put employees on their own payroll in Turkey and have them work as your own.
This solution allows those who only want a small presence in Turkey to hire dedicated, trustworthy personnel without the hassle of setting up a branch. As for larger organisations, they often find it more convenient and more cost-effective to rely on such services than to size up their HR and accounting departments to accommodate the needs of their Turkish teams.
Instead, you can focus on what you do best and work on your expansion strategies to reach your goals thanks to capable associates trained to align their efforts with your values. This offers an exceptional opportunity to work in Turkey in a multicultural context that promotes personal and professional growth.
Do keep in mind that some industries are much more represented than others, which means that prospects will greatly vary based on your profile. Turkey is a dynamic country where opportunities abound. With talent and determination, you will be on the best path towards the career of your dreams.