Administration of employee benefits & payroll remain core tasks businesses offload & can be time-consuming & require specialization. Both are straightforward enough for an external provider to take on. We have some global payroll tips.
CARLSBAD, CA, July 17, 2017 /24-7PressRelease/ — Compliance: Global Payroll is extremely important and more challenging than ever as more and more business expand internationally. A business can’t simply Google “Singapore payroll law” and expect to get all the information they need. In order to ensure that you’re fully compliant with all your international hiring obligations, you need to hire a specialist in this area.
A single Global Payroll provider: It is highly advisable to keep your number of outsourced payroll providers limited. The more providers a company uses as they grow their global footprint, the more room for errors and inaccuracies. A better alternative is to find a single payroll provider that already has presence in your different locations.
Legal Entities: Tiger-Consulting understands the importance of establishing a legal entity in a country before the hiring and operations begin. Did you know you need an entity in most countries in Asia? Without establishing an entity, a business can incur higher taxes and face weighty liabilities.
Business Cultures: Tiger-Consulting understands the importance of fully understanding the business culture in each of your operating markets. There are many cultural differences that affect how business is done in different regions. For instance, did you know that most countries in Asia don’t require local bank accounts to move funds? Or that In the Mideast you don’t need a bank account to pay out payroll, or an entity to have a bank account but to have an entity you need a bank account?
Employee Contracts: One of the most crucial factors in managing employment in different countries is to have a clear understanding of employee contracts. Employment contract terms vary greatly from country to country and you must have a thorough understanding of the requirements in each country prior to hiring employees to avoid legal repercussions in that country.
Payroll Transfers: Money transfers and overseas paydays can easily get overlooked without a consolidated global payroll provider. Many companies are unaware about the varying times it takes to wire funds from country to country and even bank to bank. For instance, when money is going from Africa to the Mideast, it doesn’t travel in a straight line. If you’re going to do it, test it out first to see how long it takes. The money takes a couple hops!
Record Keeping: Good practices in record keeping is essential to the global payroll process. Besides working with a global payroll provider, it is recommended that companies always have copies of receipts for taxes paid for each global employee in the event of an audit.
Tiger Consulting offers 1-stop shop human resource (HR), payroll and business support services across Asia. Our mission is to make it easier for companies to hit the ground running, quickly, legally and cost-effectively across Asia markets remaining compliant with local labor laws and employment regulations. Contact us today to learn how we can help your business! [email protected]
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