Employer of Record service providing companies offer a complete solution to global companies that the companies need to enter a new market. These service-providing companies address all the needs of the expanding company as well as the distributed workforce of that company. Employer of Record makes the process of global expansion easier for international companies by allowing them to hire remote international employees while staying compliant with the law.
There are several procedures that are needed to be taken care of while expanding in another country. Global EOR services will not only help you find skilled professionals for your expansion to build a dedicated team for your company but also help you with all the paperwork and legal procedures that need to be taken care of. Every country has different types of rules and regulations related to global expansion, the entry of global companies into the country, international importation-exportation, etc. When starting the expansion process, with the help of an EOR service providing company, you will be able to understand the procedures properly and check all the points needed. Your Payroll will be processed, taxes will be paid, and benefits will be administered while staying compliant with the rules of that country. This kind of service also lessens the risk of international hiring and permanent establishment.
We at Paysquare help international companies to expand in India while adhering to statutory laws and ignoring all the unnecessary steps in the procedure.
Tips for choosing an employer of record service partner
It is extremely important to rely on a professional and trustworthy company while choosing an EOR partner for expanding your business. The company will be responsible for guiding you with all the facts and proper information related to market expansion in that country. Also, the company will be responsible for providing you with a skilled workforce as well as it will help you to adhere to all the government laws and regulations. In short, a simple mistake in choosing a reliable company for global market expansion can cost you a lot. You can not only end up losing a lot of money, but your business can also sink with this mistake. Here are some tips for choosing a reliable EOR partner while expanding your business overseas.
Things to consider while choosing a reliable EOR partner
It is the most important point that you need to keep in mind. Your EOR partner should have enough knowledge of the country in which you are thinking about expanding your business. A non-professional EOR partner may charge you extra and can also take extra time to do its research while keeping you at risk. It is always better to go for an EOR partner that knows the market and all the legal requirements properly so that it can guide you in all the steps needed without any extra charges.
- Transparent pricing
You have to ensure that your EOR partner is transparent about the prices and not hiding anything from you. Some companies may include hidden fees and taxes later, which can affect your budget and different sectors of your business. Your EOR partner should not have any dilemma in presenting every element of their pricing upfront.
Communication is also the key to business relationships. Your EOR partner should listen to your preferences and all your requirements carefully and act accordingly. You should have all the updates about the procedure and your partner should be available whenever you need to ask any questions or clear any confusion. Your EOR partner should not only be there for you to communicate different matters but also should offer timely support to your workforce in their local languages and time zones. Your opinion should matter in different steps of the process and your EOR partner should only make decisions based on assumptions with proper communication with you.
- A proven track record of success
Ask for the track record of success from the company. Companies that offer reliable and efficient global EOR services will not have any issues sharing their success records with you. You can go through the testimonials on unbiased sites and can also go through reviews of previous customers to make sure that the company is able to keep its word.
- Company operations in the country you need to expand
While choosing EOR services, make sure that the service providing company follows the right path in every step of operation in the country where you are willing to expand your business. You will not want to hire an additional service provider to reach your goals and that's why it is important to go for a company that has a broad reach.
- Accurate Employer Burden Calculations and Quotes
The labor requirements vary from market to market, especially in terms of employer burden, social contributions and value-added tax requirements. Your EOR partner should be responsible for providing you with all the accurate quotes, as if there are any mistakes in these quotes, your company can be at legal and financial risk. It is extremely important to go for a company that has a proven track record of accurate employer burden calculations.
- Other workforce-related solutions
While expanding a business globally, there are different expansion and workforce-related requirements that need to be met. You may need to pay and manage your international contracts or establish your foreign entity. In all those cases, assigning different companies for different roles can be hazardous. It is always advised to go for a partner offering multi-dimensional HR services your distributed workforce may need.
- The market position of the EOR company
Another important point that is needed to be considered is the market position of the company on which you are willing to rely. Check whether the company is reliable enough or not. You can understand it by going through the list of clients of the company. If a company is reputed enough, there would be some renowned clients. Also, search about that company on different platforms and use your network to understand how the EOR company is positioned in the market and what is the brand image of the company.
Paysquare: A one-stop solution to expand in India
Paysquare offers efficient and multi-dimensional Employer of Record services to global companies that want to expand business in India. We have a team of financial and legal professionals who know the market and the procedures from in and out to offer a convenient and satisfying solution to global companies. With us, the process of registering an office in India is hazard-free, and you will not need to go through multiple unnecessary steps while expanding your business in India. We are here to guide you in every way possible and answer your queries whenever you need. We offer a complete international EOR solution for Indian expansion so that you cannot only register your Indian office without breaking the bank but also can have a team of skilled professionals to strengthen your position in the Indian market.
Contact us today for further discussions.