By embracing Recruitment Services, the company achieved cost savings, operational efficiency, and accelerated growth, aligning itself to meet revenue goals. This strategic partnership streamlined hiring, fostering a path to sustained business excellence.
The company was concerned about the complexities of hiring and managing employees in the Asian market. They were worried about compliance with local employment laws, as well as the cost and time involved in setting up a subsidiary in each country.
The company decided to use an EOR to help them expand into the Asian market. The EOR employed on behalf of and managed local employees in Hong Kong, Australia, and Singapore to form market research and business development teams in each targeted country for the fintech company. The EOR also took care of all of the HR-related tasks, such as payroll, benefits, and compliance. This allowed the fintech company to focus on growing its business, and they were able to expand into Asia quickly and easily.
As a result of using an EOR, the fintech company was able to save time and money, focus on its core business, expand into the Asian market quickly and easily without setting up a subsidiary or legal entity, comply with local employment laws, and conduct market field studies to decide whether to invest in a country.
By combining Recruitment Services with Employer of Record (EOR) functionalities, businesses unlock a powerful synergy, optimizing HR management comprehensively. This strategic integration drives cost savings, compliance adherence, and focused growth initiatives.
Utilizing a recruitment service for the core business unit ensures seamless HR functions like payroll and benefits, supporting growth with recruitment and training as the business evolves. Simultaneously, an EOR manages HR for new foreign units, guaranteeing compliance and operational success without HR-related concerns.
The fusion of Recruitment and EOR services presents a comprehensive HR management approach, empowering businesses to thrive amid diverse operational landscapes. This integrated strategy fosters efficiency, compliance, and sustained growth, paving the way for success across varied business units and markets.
Grasp the immense potential within Recruitment and EOR services. From operational excellence to strategic prowess, compliance mastery to international expansion, these services can help your business reach new heights of efficiency and innovation.
Hong Kong is an international metropolis that enjoys very advanced information and the freest trade port in the world. Together with a good infrastructure and sound legal systems, Hong Kong offers China businessmen and entrepreneurs an environment they can vouch for.
Hong Kong is the third largest global financial center and hence draws many investors to register their companies in Hong Kong because of its open market that enables free entry and exit from the business sector. Recently, there is a growing number of mainland businessmen who establish their own companies in Hong Kong for various reasons, extending their business through diverse channels, building up international image and enhancing competitiveness.
Reduce corporate tax losses: Hong Kong companies pay a profit tax of 8.25% for earnings not exceeding $2 million; after $2 million it is taxed at the rate of 16.5%. Hong Kong uses regional taxation such that profits not generated therein would be excluded from tax charges.
Few restrictions on business scope: In Hong Kong, you can engage in all businesses except for some businesses that require special licenses, such as: Banking, insurance, real estate, charitable,finance, etc. If your company has restrictions to registration and business operations within the boundaries of China – you can opt for setting up a Hong Kong company for doing business.
Convenient banking operations: Hong Kong is a major financial center in the world that has very relaxed foreign exchange controls. Foreign exchange can be received in any currency into accounts opened in Hong Kong banks where there is no limitation on foreign exchange receipt or payment and it is also easy for settlement of foreign exchange. Foreign exchange transactions can be transacted normally provided that there is no money coming from a conflict zone or any sanctioned countries..
No need to operate locally: Hong Kong acts as a significant port for Southeast Asia and foreign markets, drawing buyers worldwide, and serving as a suitable starting point for businesses targeting global markets. Following registration of a Hong Kong Company one does not necessarily have to be resident in Hong Kong nor requires an office space. There is no need to employ people either. You can even set up trading operations for a business or an investment regardless of its location in the Hong Kong territory or outside boundaries. In this case, the Hong Kong company is just used as an office or register address. A complete legal protection system can fully protect your interests.
Export declaration: Exporters often have experience and situations where they declare USD 100 million for export, but get only 97 million dollars due to many various reasons or they agree with the customer on a 180-day deferred payment letter of credit to make their firm more competitive. The exporter can in this case easily transfer funds from offshore account into the domestic company account on time after obtaining export tax refund to have extra money for conducting the next round of trade.
Avoid trade barriers: It costs one to two times more when a company exports products into the United States since it needs to apply for quotas and other related procedures. However, when the company has an offshore overseas subsidiary, and the company exports to the offshore subsidiary and then re-exports to developed countries such as United States, it will be free from any tax as well as being able to get through export duties
Apply for BUD subsidy up to 7 million: Non-listed companies registered in Hong Kong and established for more than one year, with annual operating income in Hong Kong of HKD3 million or more, and with employee and MPF records, financial audit reports, actual business premises and transactions, etc., can apply for subsidies. After submitting the report, the subsidy will be received within 4 months. The subsidy will be directly transferred to the Hong Kong company’s bank account.
Non-listed companies registered in Hong Kong and operate for over one year, having annual operating income located in Hong Kong at HKD3 million or above as well as employees hired and MPF records, financial audit reports, real business premises and transactions can make subsidy applications. The subsidy shall be received 4 months after submission of the application and it will be transferred directly to the company’s Hong Kong company bank account.
Ensure you provide a copy of directories and passports as well as evidence of stay back documents from their nations if you run a company with non- residents as directors and shareholders.
Working Visa HKDetermine the company structure: Such companies may incorporate by registering as a limited liability company, operate as a sole proprietor, or form a partnership. Hence, it is essential to be aware of all these structures, and how they differ, selecting that is most suited for your business objective.
Appoint a company secretary: All HK companies are obliged to appoint a company secretary who will ensure that the company complies with legal as well as statutory obligations.
Prepare incorporation documents: The essential incorporation documents are the Memorandum and Articles of Association, a signed declaration made by a company secretary, and then the Certificate of Incorporation.
Register for taxes and licenses: You may have to carry out a tax registration process and secure licenses in line with the type of your business.
If you plan to hire global talent for your expanding company, then you have to know and understand all sorts of employee. It should give you additional information and allow you to weigh up your revenue and expense sheets. For employers, therefore, the freelancer vs contractor proposition is something they should be thoroughly familiar with.
The freelance workforce now accounts for about 36 % of the total US labor force, based on a recent report. But the pick of your external staff is not restricted to freelancers alone. You can also hire independent contractors. But what are their differences?
Freelancers are self-employed, non-permanent personnel providing professional skills to their customers. They tend to work with a number of companies at the same time, and take on as many projects as are within their schedules. Creative fields and media industries are the most common freelancers.
Freelancers are self-employed, non-permanent personnel providing professional skills to their customers. They tend to work with a number of companies at the same time, and take on as many projects as are within their schedules. Creative fields and media industries are the most common freelancers.
Independent contractors are like freelancers, and generally work for the same client or on a long-term project, some fixed period and others continuing. Those self-employed contractors can choose to act as individuals, or they may prefer a turn at an agency. They handle their own social security and taxing. The staff is skilled and often own the organization. The IT, finance, health and construction sectors have the largest shares of independent contractors.
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