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rahul-darade · 1 year ago

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A guide to choose the right destination for global expansion

Whether providing B2B services or exporting products, setting up a business or a shared service center or setting up a remote team in a different country for international growth is not easy. But if successful, the benefits go beyond just profitability and brand popularity. International expansion is the business strategy to achieve global success. Needless to say, with numerous growth opportunities across various sectors it is tempting for any SME, startup, or business enthusiast to dive straight toward building remote teams and growing their business footprint.

Growing your business internationally offers various benefits to your company. Your remote teams at cross-border locations, function towards achieving company objectives and goals. This reduces the risk of relying on a single market for profitability. International expansion helps you tap the skilled and diverse workforce into a new competitive market. Also, strategically capturing international markets fosters collaboration with local businesses, and increases partnerships with local service providers such as Employer of Record (EOR) or Professional Employer Organizations (PEO). These service providers prove to be instrumental in simplifying your business expansion journey in the location of your business.

Steps to selecting your target location for global success

A step-by-step, strategic international business expansion process that considers the time, cost, and resource constraints can help you explore potential opportunities a new market can offer. The cultural aspects, operational capacity, market scenario, and legalities of the target countries need to be critically examined. It also helps you understand if your organization is ready to establish its teams in the new market.

Through this article, we go beyond cultural differences, GDP growth, competition level, and communication and focus on all the important factors to consider while choosing your destination. These key factors will help you determine the best-suited destination for growing your business and making your international expansion successful.

Availability of talent

When you start your search for the perfect destination for building remote teams, understand its talent pool and resources. A country may be particularly suitable due to its technology and infrastructure but may be short on skilled resources and expertise.

A strategic approach toward recruiting and hiring remote employees can help you acquire a larger and more diverse talent pool. In addition, the location of your choice should suffice the needs of your remote employees to work efficiently. For instance, half of India’s current population is under the age of 26 and can seize global job opportunities. India offers numerous employee benefits and perks, diverse company culture, and flexible work schedules.

Several policies, business initiatives, and competitive compensation packages are additional factors that make India a promising destination for expanding business and building remote teams. An in-house team of HR professionals in the country of choice can manage hiring and all other HR activities. Moreover, outsourcing human resources or bringing a professional in the house (for example PEO or EOR company) can provide guidance and a network for accessing talent in the desired location and handle all the complexities around hiring.

Calculate the costs

At the offset, it is imperative to know that managing remote teams internationally, is like managing a startup in the global market. Hence, make sure you consider the cost factor while fixing an international location for your business expansion. Apart from operating costs in a foreign country, other monetary aspects to be considered include taxation for employees as well as corporations, production costs, government incentives, and other overhead social costs that affect remote operations.

Research the legalities and estimate the monetary investments required for your business expansion. For instance, Ireland ranks number 11 on Forbes’s best countries for Business list. Ireland’s low corporate taxes, access to other European markets, and high-tech talent pools make it an interesting choice for business expansion. Prioritizing destination based on operational costs, prospective profitability and return on investment (ROI) can give a realistic image of the costs while taking your business into an international location.

The economic and political environment

Growth opportunities in the world are vast. The economic and political environment of a country can help you decipher whether your business capacity aligns with the destination of your choice. Understand the country’s GDP, CPI, and exchange rates, market size. Ideally, a country with stable economic growth is suitable for building remote teams.

The desired destination should encourage your business growth, and market reach, and should pose a little political risk. Forecasting business accessibility, market performance, and general regulatory changes can help you shortlist the most viable business destination for your remote teams.

Go through the taxes and regulations

Before selecting your location for international expansion, research its local laws and regulations. Any foreign business has to pay regional and municipal taxes. The local regulations differ based on the type of services industry and even state and country. Research employment tax laws, income tax breaks, government regulations, grants, land discounts, and other financial benefits. Many countries offer economic and trade benefits in specific locations and zones. Mexico for example, offers free trade agreements with many countries including the US.

Evaluating IP protection permits, trade regulations and laws of a destination can help you determine how business-friendly a destination is for your services. Understanding these laws can mitigate any legal risks and help you determine the bests suitable destination for your remote teams. Going through all these regulations and tax affairs can be challenging at times. In such cases, speaking to trade experts or commissioner offices from desired destinations can help you gather data and analyze your best route to international business expansion.

Logistics and infrastructure

IT-related software and AI have become an integral part of any business and help to streamline online business operations. As per the latest forecast by Gartner, Inc., the worldwide IT expenditure is expected to reach a total of 4.6 trillion dollars in 2023, showing a 5.1% rise from the year 2022. This exponential growth of technology, digital Internet connectivity, and software availability is pushing various SMEs and startups toward global expansion. Hence, when taking your business to a foreign location, considering the country’s logistical capabilities, technological development, and infrastructure becomes essential.

Does the destination of your choice have the resources to scale and enhance your business efficiently? Does it support the business vision of developing your remote teams? Is the country equipped to provide you with the high-end software and technology your business needs? Not all destinations answer these queries and offer everything your business needs.

The best solution is to find a destination offering all the resources and experience at a reasonable cost. For instance, a software company wishing to take its business overseas can prioritize Germany or Japan which have large software markets. Providing the necessary IT support and handling the back-office processes in a foreign location can be taxing. Consequently, reaching out to International PEO or EOR services to overcome these challenges becomes a strategic move.

Choose PEO or EOR services as your local expert

Expanding your business to a new destination is a milestone for any organization wishing to go global. Once you evaluate which country to target and how to manage your services, then business expansion in an international location proves to be fruitful.

However, if you are unsure of moving forward alone, then approaching external support is a good idea. An external vendor can fill the gaps and mitigate potential risks. Also, PEO or EOR services can support you through all your legal hurdles, saving you time and investment in a foreign country. Moreover, you can test the new market by building remote teams in the desired location. Testing the business culture and analyzing the market reaction can help you develop an effective international business expansion strategy before making any permanent commitment such as subsidiary formation.

Conclusion

Global expansion plays a pivotal role in creating brand awareness and enhancing your balance sheet by positively impacting the top and bottom lines. Expanding markets in new locations, helps you reach a larger consumer base by transcending geographical boundaries. At often times, going forward after choosing a destination an organization can face obstacles such as challenges of remote working, managing remote teams, providing technology and infrastructure support, and so on. In such cases, an experienced partner like EOR can streamline your business expansion journey.

Since the Employer of Record services already has a strong foothold in the destination of your choice, they can be your local business guide and take over all your non-core business responsibilities. An EOR with its network and customized solutions, will reduce your legal hurdles and significantly enhance your overall business experience. If building your subsidiary is the right step for your business, then an EOR can guide you in the process. With EOR services, you can hire internationally, manage remote teams and be compliant in the destination you choose for your global success.

You can look at our case studies to gather insights on how EOR plays an important role when you think of building remote teams and expanding your business footprint in the destination of your choice.

#foreign company incorporation in India #setting up a subsidiary company in India #foreign company registration in India #business setup services in India #setting up business in india

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ebizfiling11 · 2 years ago

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The Benefits Of Using EOR And PEO Services In India | Ebizfiling

Introduction

The PEO and EOR both are different terms with a different meanings. A professional employer organization (PEO) is a co-employment human resources outsourcing structure that handles employee-related obligations and liabilities. On the other hand, employer of records (EOR) can help your business to grow globally. If you’re thinking of starting a business either in India or abroad. These services can benefit you in many ways, such as they will hire the best employees, manage all the functions of human resources, manage contracts, etc. In this blog, we will examine the employer of records and the benefits of focusing on EOR and PEO services in India.

What is EOR (Employer of records)?

A third-party organization known as an EOR (Employer of Records) manages all functions of human resources, from hiring to firing. The main distinction between a Professional Employer Organization and an employer of records is that the former asks for the establishment of a legal entity within the operating nation. However, if you use an EOR, you can employ people from anywhere in the world without forming a company.

What is PEO (Professional employer organization)?

A PEO is a company that handles employee-related obligations and liabilities on your behalf as a co-employer. This indicates that you can outsource PEO human resource activities such as payroll, employee benefits, compensation, taxes, and compliance with PEO services in India. PEOs give better and more low-cost benefits to your employees, resulting in a win-win situation for you, your employees, and the PEO. Moreover, they make sure that you are aware of and comply with Indian labour rules to prevent fines.

Benefits of using EOR and PEO services in India

Let us see some benefits of using Employer of Records and Professional Employer Organization services in India:

A. Overcome Regulatory and Legal Challenges: Your payroll structure, provident fund contributions, professional tax deductions, and other necessary deductions can all be handled by a PEO or EOR business.

They can more effectively handle a foreign entity's financial and compliance needs, decreasing the risk of fines and penalties. Moreover, they help to improve the position of your business in the industry by attracting top talent and clients.

B. Hire skilled workers as soon as possible: This is yet another big advantage of collaborating with an EOR supplier. You can hire the appropriate individuals for your company without establishing a legal corporation.

Moreover, before making a significant investment, you can test the Indian market. It can also be helpful if you are forming a legal entity, which can take longer, but does not want to wait that long to hire people and start the work.

C. Manage the contracts of severance and termination: Severance and termination are challenging concepts to understand. Unfortunately, a lot of employers forget that they can cash out their income and unused holiday time. Even if the sum is small, it can lead to litigation. However, your PEO/EOR provider can manage the whole procedure for you. Legal problems are no longer a possibility.

D. Save your time and money: The initial expense of starting your subsidiary may appear minimal and manageable, but it can quickly add up. For instance, expenses for banking, office space, expert maintenance services, and other services continue to be spent.

You will also be required to pay significant legal and compliance expenses to ensure that you comply with government requirements. The service providers of PEO services in India manage all of your company's tax and HR issues in exchange for a fee that is mutually agreed upon.

What benefits can EOR and PEO provide to your business?

Find the best employees in India and recruit them for your business.

Make sure their knowledge complies with Indian laws and rules.

Manages the salaries and benefits of the employees.

Ensure that your employees receive appropriate installments.

Manage the human resource requirements of your employees.

Conclusion

PEO and EOR service providers are the ideal choices for growing your business in India or recruiting Indians. They make sure you comply with local labor laws, minimizing the chance of legal problems. PEO and EOR also assist you in saving money on overhead and employee management expenses. Now all you need to do is assign jobs to the workers.

#professional employer organization #peo #peo human resources #peo employment #startup #legal services

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brookspayroll · 3 months ago

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Best EOR Service Provider in Bangalore: Brookspayroll

In the dynamic business landscape of Bangalore, companies are constantly seeking ways to streamline operations and optimize costs. One of the most effective strategies for achieving this is by partnering with an Employer of Record (EOR) service provider. Among the many players in this space, Brookspayroll stands out as the best EOR service provider in Bangalore, offering unparalleled expertise and comprehensive solutions tailored to meet the unique needs of businesses. What is an Employer of Record (EOR)? An Employer of Record (EOR) is a third-party organization that takes on the legal responsibilities of employment, allowing companies to hire employees in a new market without the need to establish a legal entity. The EOR handles various tasks such as payroll processing, tax compliance, employee benefits, and other HR functions, enabling businesses to focus on their core operations. Why Choose Brookspayroll as Your EOR Service Provider in Bangalore? Brookspayroll has earned its reputation as the best EOR service provider in Bangalore through its commitment to delivering high-quality services that cater to the specific requirements of businesses operating in India’s Silicon Valley.

Local Expertise with Global Standards Brookspayroll combines local knowledge with global best practices, ensuring that businesses are fully compliant with Bangalore's complex labor laws and regulations. This local expertise is crucial for companies looking to mitigate risks and avoid legal pitfalls when expanding their workforce.

Comprehensive EOR Services Brookspayroll offers a full suite of EOR services, including payroll management, tax filing, employee benefits administration, and regulatory compliance. Their end-to-end solutions are designed to minimize administrative burdens, allowing businesses to operate smoothly and efficiently.

Tailored Solutions for Diverse Industries Whether you're in IT, manufacturing, healthcare, or any other sector, Brookspayroll provides customized EOR solutions that align with your industry’s specific needs. This flexibility makes them the preferred choice for companies of all sizes, from startups to large enterprises.

Cutting-Edge Technology Brookspayroll leverages advanced technology to deliver seamless and efficient EOR services. Their digital platforms offer real-time insights into payroll processing, employee management, and compliance status, enabling businesses to make informed decisions with ease.

Dedicated Support and Consultancy Brookspayroll goes beyond just offering EOR services—they provide dedicated support and consultancy to help businesses navigate the complexities of workforce management in Bangalore. Their team of experts is always on hand to address any queries or concerns, ensuring a smooth and hassle-free experience. Benefits of Partnering with Brookspayroll Partnering with Brookspayroll offers numerous advantages, including: Cost Efficiency: Reduce the overhead costs associated with managing an in-house HR department. Risk Mitigation: Ensure full compliance with local labor laws and minimize the risk of legal issues. Speed to Market: Quickly establish a presence in Bangalore without the need to set up a legal entity. Focus on Core Business: Free up time and resources to focus on your core business operations. Scalability: Easily scale your workforce up or down based on your business needs. Conclusion Expanding your business in Bangalore can be a daunting task, but with Brookspayroll as your EOR service provider, you can navigate the complexities of employment with confidence. Their expertise, comprehensive services, and commitment to client success make them the best choice for businesses looking to establish a strong presence in Bangalore. Choose Brookspayroll for reliable, efficient, and compliant EOR services that empower your business to thrive in one of India’s most competitive markets.

#top eor providers in india #best payroll services provider in delhi & ncr #consultant payroll services in india #posh training in india

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payroll2bangladesh · 2 years ago

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remunance-services · 2 years ago

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The Ultimate Guide to EOR Service: Best Model to Start a Business Activity in India

What is International PEO/EOR?

The international PEO (Professional Employment Organization) Or EOR (Employer of Record) services equip an international business by providing human resources services, including international hiring and employment. It is a business-to-business arrangement between the company and the service provider. The latter handles the defined aspects of the employees on behalf of the company. The service provider is a registered employer of your remote team. You can manage the employee’s day-to-day work and execution responsibilities, and decide who you want to hire.

How does an International PEO/EOR work?

International PEO/EOR service providers have their own legal, registered entities in foreign countries. They employ your staff, provide agreed infrastructure, and make them available to you for exceptional work. International PEO/EOR service providers then manage their monthly payroll, taxation, insurance, HR admin, and related compliance with local laws on your behalf.

This arrangement gives you access to foreign markets where you can build your remote team and onboard local talent. The service provider becomes the best advisor for laws regarding local contracts, worker protections, notice periods, termination rules, and severance pay.

#eor services #peo services #peo in india

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nsquareitoffshore · 2 years ago

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Why your company needs an employer of record in India?

An Employer of Record (EOR) is a service that employs an individual to be the "employer of record" on behalf of a number of other companies.

If you have an overseas presence, employing staff in India is a tax and legal nightmare.

An employer of record in India will provide administrative services, insurance and benefits, HR support and compliance, payroll, worker's compensation coverage, and administration.

Why should you consider an EOR service provider?

Apart from the legal and tax obligations, there are other concerns that you need to consider when considering EOR services. You will get the best service and support when using an experienced global EOR firm.

A good global EOR firm will provide you with all the necessary legal documents and compliance processes, including translations and any other form of assistance that is needed for your business in India.

It's important that your service provider has extensive experience in Indian EOR and understands the Indian legal system and how to ensure legal compliance.

An experienced India employer of record will be able to provide you with more insights about other legal obligations. These may cover areas like the right documents required for starting a business in India, hiring employees in India, or even lease agreements with commercial landlords.

Read More... employer of record in India

#EOR company #eorservices #payrollservices #eor #eor services #peo #eor contract

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shinytyphoontyphoon · 1 year ago

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How PEO can benefit startups

For every entrepreneur, the success of their start-up lies in the spirit of the employees. Once the business idea translates into a reality, you need a dedicated workforce for the execution of your goal. Every startup has its vibe right from the initial stage of conceptualization, strategizing, and streamlined execution. But ultimately, the business growth of your startup rests on the shoulders of your employees. That is why investors entrust their funding decisions to the growth of potential resources of your company.

Considering the fundamental requirement of the start-up business, do you struggle to source the best-skilled resources and reduce execution overheads while thinking of growing in a competitive market?

You can get rid of these headaches by joining hands with an international PEO. A Professional Employer Organization or EOR (Employer of Record) will equip your team with skilled resources without delving into the hassle of subsidiary formation.

How can a PEO benefit your startup company?

With the help of a PEO based in India, you can employ the most suitable and skilled resources in your organization. A PEO can easily onboard a team from India into your company. A PEO steps in as a legal employer for your company employees and takes upon all the administrative hassles, legal compliances, statutory regulations, bookkeeping, etc, leaving your startup to focus on core business.

According to a study conducted by economists and global leader Laurie Bassi, companies who avail of PEO services reach 40% higher revenue growth, are 50% less likely to go out of business, and experience 14-16% lower turnover rates. You can visit the NAPEO website to find out what the voice of the PEO industry has to say about this industry.

Engaging with a PEO service company can help your start-up in the following ways:

Easy availability of skilled resources

Whether you need high-end product developers, digital marketers, engineering designers, or territorial sales employees, a PEO solutions company can source the ideal candidate for you.

India has a high literacy rate with qualified individuals. A dedicated number of educational institutions groom the students into ideal-trained professionals and challenging work positions. You can choose from a plethora of sought-after profiles with skill sets like product design, digital marketing, software development, product testing, data analysis, etc.

India was ranked first for its skilled and trained workforce with more than 3 lakh highly-educated Indians in the OECD (Organization for Economic Cooperation) countries.

The Government of India, Prime Minister Narendra Modi, reorganized the UPA’s Skill India policy to mandatory training of 300 million Indians by 2022 during the National Skill Development Mission announcement.

Reduction of overheads and burn rate

Your overheads for resources will be cut down to a considerable margin without compromising on the deliverables or quality of work. As the cost of living and overall pay structure in India is affordable compared to western countries.

A PEO will offer benefits like insurance, benefits, and office infrastructure to employees that you as a startup company may not be able to offer, making your startup attractive to top talent and lowering the turnover rates.

Time management

A startup is like a baby business and babies grow fast. The faster growth of your company means it will require more hands for better management.

You can transfer all the HR management and compliance headaches onto a PEO while devoting your time and energy to your core business. A PEO knows the multi-tasking approach required by a startup company, so they leave you with enough bandwidth time to focus on running your business. A PEO in India will ensure your India team complies with all the HR and legal compliances as per Indian law. The PEO will cover your employees under group insurance policies, conduct payroll executions, and taxation compliances.

Competitive edge with a global presence for your startup business

With a PEO organization, you can enjoy the presence of your teams in two different countries. An in-house team of employees at your location and a virtually connected remote team in India. This will increase your company’s brand, credibility, and culture in the competitive market. A PEO will extend hand-holding while learning the business culture in India and set up a skilled remote team for your start-up company as well.

Entering a large consumer market

Research suggests India is expected to become the third-largest consumer market by 2030 and consumer spending in India is expected to grow from $1.5 trillion to $6 trillion by 2030, according to a World Economic Forum report.

Due to urbanization, these days Indian consumers desire a better lifestyle and good salary packages as well. They wouldn’t mind spending extra bucks from their pockets on healthy food and brand-conscious clothes. As per World Economic Forum, it is predicted that by 2030 India will experience a 4x growth in its consumer spending course and have more than a billion Indian internet consumers. The purchases will grow by 40% digitally. Twenty million households will upgrade to a high-income bracket, and the user’s mindset will change. Keeping in mind examples like these, you can start a business decoding the Indian consumer mindset.

A PEO company will help you to enter India and give access to understanding the country’s work culture through team operations in India. The PEO model is a smooth way to explore the potential market in India if you wish to internationalize your business in the future.

Remunance provides large company benefits to startups…

At Remunance, we extend hand-holding to your start-up route in India. When you think of transforming your idea into a start-up company, you probably think about growth and revenue. But probably not about government compliances, payroll, taxation, human resources, etc. Simply transfer that onto us. We will handpick the best talent for your remote team in India.

Our PEO services offerings include HR, payroll, insurance, benefits, and risk management. We also go a step further in providing employee training, leave management, HR management, recruiting, and office infrastructure. To kickstart your business in a few days or know more about our co-employment offerings.

#peo #professional employer organization #peo in india #business #PEO benefits

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wpaysquare-blog · 2 years ago

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Best Model to Start a Business Activity in India through EOR Service

Why is EOR the Best Model to Start Business in India?

India is emerging as the new land of opportunities. A rapidly growing economy, robust infrastructure, skilled manpower, and a huge market bustling with consumers are what attract organizations from across the world. Some are already here; some are setting up their shop while some are in the process of fine-tuning their entry strategy.

India is definitely one of the most lucrative markets in the world today and shall remain so in the future too. But setting up operations, hiring a team, and then complying with all the relevant payroll processing outsourcing rules and regulations of the land can prove too much for any company wanting to establish its presence in the country.

Over the years, there have emerged many different models of starting business activity in India. While some have fared really well, some have collapsed no sooner than they started. However, in the past few years, many organizations have realised that the best model to start a business activity in India is through the EOR service route. Here is all you need to know about EOR, its features, advantages, and disadvantages too!

What is Employer of Record (EOR)?

Here, the manpower is not hired on the company rolls but is done on the rolls of the EOR. All regulatory requirements and compliances are taken care of by the EOR and not by the organisation. While the parent organization plays an active role in shortlisting, interviewing and recruiting all employees, they are hired on the EOR’s payroll. Thereafter, onboarding to taking care of the entire employee life cycle activities including payroll, mandatory employee insurances, leave management, managing employee benefits activities, legal compliances, termination etc. are the responsibility of the EOR and not the parent organisation.

Top Features of EOR

EOR has become quite popular in recent times due to its win-win nature. Here are some top features of the EOR arrangement:

All employees are hired on the rolls of EOR

The organisation shortlists, interviews, finalises the employees and lets the EOR hire them on its rolls.

Recurring activities like training, skill-upgrading etc. are conducted by the parent organisation as per its needs.

The EOR service provider takes care of the employee life cycle starting from the onboarding, payroll, mandatory employee insurances, leave management, managing employee benefits activities, legal compliances, termination etc.

The organisation is free to decide the payscale, performance benefits and perks for all employees.

Legal compliance is the responsibility of the EOR service provider.

In case of resignations or terminations, the necessary process is conducted by the EOR and informed to the organisation.

Why EOR services are required for any organization wanting to establish their business in India:

Registering a Legal Entity in India :

Starting operations in a vast country like India can be a really difficult task. Given its geographical scale and extensive registration process and rules & regulations to have a legal entity in India can prove to be a gargantuan task even for seasoned players. Hence, there exists an EOR service provider.

Hassle-Free Employee Management :

Managing employees payroll is the most difficult and challenging task for any organization wanting to spread its wings in India. Once the organisation has identified the human resources, the EOR service provider helps the organization to hire employees on EOR service providers rolls and also does the entire onboarding, taking care of their compliances, mandatory insurances and lastly the very important part of managing payroll process. The EOR service provider helps the company to be proficient in knowing the entire set of rules & regulations of employee management while complying with every requirement of the law.

Complying With the Local Employment Laws in India :

Every country has its own set of employment laws and so does India. When it comes to India there are many complexities involved in hiring a local talent. With EOR service provider you can be rest assured of complying with the local employment laws of India, which will help you to run your business smoothly. The EOR service provider will take care of all the local employment compliances, so that organization can only concentrate on their core business.

Create an Employer of Record :

In the last few years, a new model has emerged which promises the best of both worlds. By bringing an Employer of Record service provider, the organisation gets the benefit of outsourcing the most difficult of all tasks –managing the employee payroll, to a competent third party. This allows the organisation to focus better on managing the business, setting up its customer servicing strategies, kick-start profitable growth and quickly scaling up the business.

Advantages of EOR

The simplicity and transparency of EOR are the secrets behind its success. Here are some key advantages that explain why the best model to start a business activity in India is through EOR Service:

The parent organisation is not required to know the laws, rules and regulations in depth.

One of the most difficult of all HR processes, Payroll management, is taken care of by the EOR thus relieving the organisation of investing resources.

The organisation need not worry about legal compliances at all.

The organisation can focus on training and attracting the best talent without worrying about managing them.

EOR helps in creating a lean organisation.

The parent organisation always remains in control of the strategic functions while outsourcing the non-strategic ones.

Shortcomings of EOR

While there are no serious drawbacks to the EOR arrangement, selecting the right EOR services provider proves to be the most critical task. If this is done correctly, then the benefits of EOR start flowing in very soon. That is the reason why an organisation must choose an EOR partner who is not only experienced but also has the infrastructure to manage large-scale operations.

Paysquare has emerged as one of the leading EOR service providers in the country. With years of experience in diverse industries, Paysquare has been supporting the Indian operations of many reputed international organisations.

Besides years of experience, Paysquare has developed a robust IT infrastructure to manage multi-industry requirements. It even has payroll and legal experts on board who make sure that the entire EOR process functions without a hitch.

So, if you are an organisation that wants to be a part of India’s growth story, then you must actively look at Paysquare as your EOR partner. This will ensure that you can focus on things that matter the most for your business and take care of your greatest asset — your employees better!

For More Information to visit us — https://paysquare.com/

#payroll outsourcing services #payroll processing outsourcing

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rahul-darade · 1 year ago

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A guide to choose the right destination for global expansion

Steps to selecting your target location for global success

Availability of talent

Calculate the costs

The economic and political environment

Go through the taxes and regulations

Logistics and infrastructure

Choose PEO or EOR services as your local expert

Conclusion

You can look at our case studies to gather insights on how EOR plays an important role when you think of building remote teams and expanding your business footprint in the destination of your choice.

#company formation in India #business setup consultants in India #best peo companies for small business #subsidiary company registration in India #setting up a subsidiary company in India.

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remunanceindia · 2 years ago

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Expansion of business services through remote working

Remote working is the way to function post-pandemic. But how did it begin in the first place?

Working with remote teams is not a new concept. It has evolved over the years through various business models. It is a tried and tested working model which has proved to be helpful for companies planning to expand their operations in foreign countries.

For instance, if we look at the evolution of business models used to expand businesses, outsourcing and freelancing have used remote working to a great extent. The majority of the IT, telecommunication, and marketing industries have used this model to expand their businesses globally.

India for instance saw a major boom in IT and other services due to outsourcing and subsidiary formation. India’s open-door economy has welcomed many foreign companies to establish their business in India. In addition, the industries and services in India easily adapted to remote working during COVID-19 pandemic. To get a clear understanding of how India’s business sector has evolved over years and how it has become a top destination for global business expansion, refer to our blog The best route for global business expansion in India.

Remote working and its benefits

In remote work, anyone with the right talent, skill set, and qualifications can find a job without any geographical barriers. The misconception that only technological, non-core processes, and IT-based industries can function remotely has completely changed. The COVID-19 pandemic has boosted the confidence of many SMEs to function remotely. Now, various functions in industries like healthcare, pharmaceuticals, accounting, media, and even legal services are carried out smoothly through remote working.

There was a time when working remotely was considered difficult, as technology didn’t exist. The emergence of cloud computing, video conferencing, and advanced communication technologies have made it easy to work in a dynamic and productive remote environment!

Remote working inspires employees to look beyond their local work territories, and explore work options worldwide with high international wages. Building remote teams with employees who wish for flexibility, varied experience, and higher growth works best for small and medium-sized enterprises that wish to test their business internationally.

Remote team building is exactly what an EOR can help you achieve. An Employer Of Record services will be your legal employer and build a remote team for your business and will look after all the HR-related responsibilities to simplify the business expansion journey of a company.

Let us understand how the ever-evolving business model of remote working has helped various services and business functions worldwide. This will give a clear view of numerous business options to choose from, to function and excel in today’s remote business world!

Expansion of business services through remote team building

1. Healthcare

The traditional doctor-patient relationship has thrived and is now building through telecommunication, digital media, and other health technology. Digitization gave rise to connected health, also referred to as technology-enabled care that helps you access quality care and consultation.

The number of patients preferring television has increased by 50% since 2020. In addition, the defense and military services have incorporated telecommunication and telemedication in their training. They have also made impressive use of these remote services for the treatment of injuries on battlefields and on inaccessible grounds.

2. IT and ITES service

IT and ITES services have been spearheading the remote working model for decades. In fact, many companies have excelled during the COVID-19 pandemic by building remote teams and wish to adhere to it even during normalcy. For instance, in India, 90% of IT employees and approximately 70-80% of BPO firms, e-commerce, and SMEs have shifted to permanent work from home and acknowledged the success of remote work.

Many IT leaders and CEOs decided to adopt cloud technologies and cloud-delivered applications such as software as a service (SaaS).

To make business status tracking, team communication, and interactions easy, and to avoid any challenges during remote working, numerous new software and applications were developed by ITES.

As with the right set of tools, everything can be simplified in remote working. These are a few examples that can simplify working with remote teams globally.1.Google DriveIt is an easy-to-use cloud-based solution that ensures the safe sharing and storage of documents. Files can be edited and documented collaboratively and the remote teams receive real-time updates and edits.2. HelloSignIt’s an e-signature platform on which up to 20 people can sign and get the document in their files. The entire document can be customized as per the brand’s identity3.UserlaneIt is an easy-to-use software, which helps companies guide employees regarding the usage of any software. It is very useful in creating a step-by-step segmented guide that gives a walkthrough entire software process

Human resources

Human resources as a business function is growing rapidly in the teleworking switch today. Finding the right employees remotely despite the geographical barriers and retaining employees virtually is at times challenging for human resources professionals. HR services or HR teams have opportunities for improving internal communications rather than just providing employees with company information. Increasing the use of collaborative tools and cloud-based HR software helps in smooth business continuity in any organization.

In addition, the deployment of advanced software such as Applicant tracking system (ATS), payroll system, and leave and attendance tracking systems ensure precise and effective payroll solutions. Adoption of in-built surveys and employee engagement tools also provide room for improvement and growth and help employees stay content within the company virtually.

4. Entertainment, media, and animation

The entertainment, media, animation, and content development services have changed the way we perceive, produce, and portray content. Heavy investments in virtual reality, animation, and special effects, and bolstering streaming services such as Disney Hotstar, Netflix, and Amazon Prime have transformed the media landscape. Digital media revenue has increased by 31% in 2020 and will continue to rise throughout 2022.

The constant need for advanced augmented reality games, for an enhanced at-home gaming experience, has provided innovative business expansion opportunities for various remote working teams such as video designers. For example, in 2020, games created for Facebook’s Oculus Quest and Quest 2, accounted for 1 million dollars, with just the headsets bringing in over a billion dollars.

5. Education

Coursera, an e-learning platform, recorded the registration of 20 million new students in 2021. Regionally, Africa witnessed up to 50% growth in online course enrollment and a growth of 48% in terms of student registrations.

Remote team building in education services has been instrumental in educating school officials, teachers, and parents regarding student learning and social care during the pandemic. In fact, the majority of the remote solutions curated for imparting education and training online are free universally and cater to multiple languages.

6. Engineering design and drafting

As the book by Stephen Bayley and Terence Conran rightly says, “Design is intelligence made visible”. Nothing concrete can be built without a detailed outline or design.

Remote designing services have proved to be extremely important for accessing qualitative work in shorter timespans. The large, interdisciplinary, and advanced Systems-of-Systems (SoS) can be developed due to the evolving Model-Based Systems Engineering (MBSE) approach.

In fact, such an approach has helped in the emergence of remote engineering design teams. These teams comprising skilled and talented professionals, help you develop designs for any of engineering focus. These include mechanical, civil, architectural, aerospace, nuclear, and many more.

7. Accounting and financial services

Over the past decade, banking and financial services have embraced digitization, improved customer experience, and hence streamlined banking services even during the new normal. The development of UPI and other payment gateways (GooglePay, Paypal) has increased the adaptability of digital payment into various sectors such as retail, e-commerce, wellness, insurance, and saving schemes.

In these services, almost all the accounting functions can be carried out remotely. Be it taxing, auditing, bookkeeping, budgeting, forecasting, or even maintaining investor relationships, everything can be carried out through a remote model of working. In addition, there are opportunities to develop remote working systems in areas such as Financial Planning and Analysis (FP&A) which at times require in-person collaboration. With proper training for banking officials and advanced data protection strategies, financial services can definitely thrive and succeed through remote working.

8. Digital Marketing

Modern marketing techniques have blurred the lines between branding and PR and have developed data-driven marketing strategies. For any SME who wants to expand their business internationally, digital marketing becomes the voice of the company. It helps connect to customers globally through social media platforms such as LinkedIn, Instagram, and emails.

As the world moves into the digital era, it has predominantly followed the mobile-first approach. Hence, it is important to develop mobile-friendly marketing material that incorporates multimedia like videos, photos, and so on. Many companies are heavily investing in these digital remote digital workforces to develop top-notch digital marketing strategies.

9. Data Analytics

Various industries around the world are embracing big data and data analytics due to its operational gain and high efficiency. With the help of advanced computing tools such as Microsoft excel, python, and SQL, data analysts function to convert raw data into conclusive and meaningful insights. These insights provide light on the business problems and deduce a statistical solution. With the growth of various industries, the importance of data generation, sharing and storage has increased over the decades.

In data analytics, from scrutinizing raw data to analyzing and interpreting it, everything can be done on a computer remotely. As per the Jobs of tomorrow report 2020, data analytics and Artificial intelligence have shown the highest growth rate of up to 41% per year.

With the growth of the new era of remote and location-independent working, big data analysis, virtual team building, and the development of advanced computing techniques, we can definitely see that remote data analytics functioning is here to stay and will always be in demand!

10. Back office support workforce

The back office workforce is an integral part of many end-use industries such as telecommunication, retail, and e-commerce, across the globe. It involves non-core business functions such as data entry, IT support, content creation and moderation, and query management, which is an overview focus on enhancing customer experience. Various companies outsource these functions to focus on expanding their business.

This is how BPOs (Business Process Outsourcing) emerged in the market and have helped various business sectors attain scalability while promising highly efficient and reproducible results. Accenture, Wipro, and Tata Consultancy Services (TCS) are a few renowned names that provide diverse BPO services worldwide. ADP is another well-known name that handles HR and payroll management for varied companies across the world. When we talk about countries, India is now a popular digital hub that has grown its BPO-IT industry over the past ten years.

Remunance has been successful in providing end-to-end HR solutions to SMEs from various services. Here are a few instances of how we helped companies set their foot in India.

CLICK HERE

If interested to know more about what Remunance can do for you or for your business expansion in India.

#peo in india #eor services #peoservice

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eshanpatil · 2 years ago

Text

Expansion of business services through remote working

Remote working is the way to function post-pandemic. But how did it begin in the first place?

Remote working and its benefits

Expansion of business services through remote team building

1. Healthcare

2. IT and ITES service

Many IT leaders and CEOs decided to adopt cloud technologies and cloud-delivered applications such as software as a service (SaaS).

To make business status tracking, team communication, and interactions easy, and to avoid any challenges during remote working, numerous new software and applications were developed by ITES.

As with the right set of tools, everything can be simplified in remote working. These are a few examples that can simplify working with remote teams globally.

Google Drive

It is an easy-to-use cloud-based solution that ensures the safe sharing and storage of documents. Files can be edited and documented collaboratively and the remote teams receive real-time updates and edits.

HelloSign

It’s an e-signature platform on which up to 20 people can sign and get the document in their files. The entire document can be customized as per the brand’s identity

Userlane

It is an easy-to-use software, which helps companies guide employees regarding the usage of any software. It is very useful in creating a step-by-step segmented guide that gives a walkthrough entire software process

Human resources

4. Entertainment, media, and animation

5. Education

Remote education has been under the radar post-pandemic. The flexible delivery of e-learning lectures and tutorials has been instrumental in acquiring multifunctional knowledge in the comfort of our homes. Interactive e-learning tools, along with freedom from constant supervision fuel remote learning students to work and study harder. They are responsible for their own skill and education.

6. Engineering design and drafting

As the book by Stephen Bayley and Terence Conran rightly says, “Design is intelligence made visible”. Nothing concrete can be built without a detailed outline or design.

7. Accounting and financial services

8. Digital Marketing

9. Data Analytics

10. Back office support workforce

Remunance has been successful in providing end-to-end HR solutions to SMEs from various services. Here are a few instances of how we helped companies set their foot in India.

Click here if interested to know more about what Remunance can do for you or for your business expansion in India.

#peo #professional employment organization #employer of record #list of peo companies #employer of record india #peo companies #peo providers #peo vs eor #employer of record services in india

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