Like a lot of businesses lately, both large and small, you've probably considered the possibility of expansion into another country. Some choose to explore completely foreign markets while others feel comfortable expanding into somewhat familiar spaces—like US companies that move into Canada. The idea has a lot fantastic benefits. Consider the new opportunities—fill gaps that haven't been filled, find new talent, work your way into becoming a multinational corporation, and more!
That said, there are definitely obstacles that may concern business owners. Moving into a new country can be a challenge and handling it on your own can be even more difficult. Luckily, you don't have to be on your own. More and more companies have been discovering the benefits of employer of record services (also known as an EOR or PEO) and now know that expanding is no longer something to fear.
Skip the Paperwork
The largest complaint businesses have about entering a new country is the amount of paperwork that's needed in order to get started. Much like their native registration process, it requires a lot of time, effort and research to do properly—but many are already unsure if they really want to have to repeat the process in a whole new environment, let alone with different standards and laws. This means applying for a business number, setting up banking and insurance infrastructure, establishing a location or home base for operations and signing off on health and safety codes, employment regulations, and more.
When you engage employer of record services, you can skip the entire ordeal. Since they're already an established company, with all the infrastructure and paperwork required, you can simply partner with them and be done with it. In that vein, they can begin hiring employees on your behalf almost immediately and give your operations the kick-start they need.
Protect Yourself Legally
Another major hassle associated with business expansion is the need to learn all the new laws pertinent to you, your business, and your workers. While many laws seem familiar, others might be completely different and often vary depending on your location. No matter what you do, these new laws will effect every aspect of your business—hiring, firing, daily operations, payroll, and human resources. It's a lot of work for a business, especially a small company or start up, to study up on all these new rules amidst a business expansion.
When you deal with employer of record services, most of these tasks can be cleared off your desk. EOR come with the benefit of already knowing all the regulations that need to be followed, and have all the certifications required when managing health and safety codes, human rights policies, and more. Not only can they help walk you through what you need to know on your end, but they'll handle anything that comes their way when it comes to your employees. This means they can even handle your taxes for you. Forget having to navigate thousands of new laws—let the experts deal with it on your behalf.
Easier Payroll and HR
Quite possibly the best part of employer of record services is the various tasks they can manage for you. When you consider how stressful an expansion can be, and all the planning and thought that needs to be put into operational strategy, it would be a fantastic relief to have less on your plate in the background. Employer of record services can manage HR and payroll for you, which simplifies the process of trying to pay foreign workers. Whether it's a simple paycheque or a mess of unfamiliar deductions and holidays, they can sort it out on your behalf. All you need to worry about is a single flat fee, and everything else is done.