In an increasingly globalized economy, businesses are looking for the opportunity to increase their revenues by expanding in to overseas markets. At the same time, it is important for most businesses to have some form of local presence in order to establish their business.
Whether the company is performing a service or selling a product, for many businesses the financial, legislative and logistical challenges associated with engaging personnel outside of countries they currently operate in can be an issue.
Attempting to engage employees without a locally compliant contract or understanding of labour laws can cause a range of issues including:
- Failing to secure or retain key hires
- Legislative issues regarding immigration
- Underpaid taxation or social security contribution
- Unknowing breach of labour laws.
Not only can these issues severely hinder your market entry, they can result in large financial penalties with wide-reaching implications to your current and future business.
The alternative of fully committing to a market entry can be expensive, time consuming and mutli-facetted. Considerations, including establishing a trading entity, obtaining licenses, committing to an office lease and hiring appropriate support staff to administer local payroll and HR services, are simply not a viable option for many businesses looking to explore a new market.
Fortunately, there is another option. Some companies, such as Leap29, can offer a Workforce Management service, which follows a step-by-step process to facilitate employee engagement without the requirement for the client to establish an entity or be responsible for engaging employees directly. Services provided can include:
- Offer and Contract Management
- Employer of Record
- Payroll
- Immigration
- HR Support
If your business is looking to expand into overseas markets and would like a confidential, no obligation chat about how Leap29 can assist you, contact Simon Duff today on +44 (0) 1625 537 555 or [email protected]
