No matter where you are in the world, you need to adhere to a country’s laws and regulations in order to avoid punishment and non-compliance. These rules apply to businesses too; how they operate and function all depends on the country they’re working in. There are certain employment laws, tax and permits that need to be understood and filed. This is known as global compliance.
When you venture out to do business in another country, it can be hard to navigate their various labour laws and tax return policies. Therefore, by turning towards the services of a fully-comprehensive human resources (HR) and payroll company, you can ensure full compliance and avoid breaking any rules that could affect business. Here at Payroll Worldwide, we can ensure full global compliance management to help your business settle and operate legally. It can take a while to become fully clued-up in global compliance and responsibility; read our latest article to find out how you can avoid any nasty surprises.
What Does it Involve?
One of the most important aspects of global compliance is tax and social security. If you have employees scattered across different countries, you need to understand the tax compliance laws within that country to ensure your employee doesn’t get into any legal trouble. This can be difficult if you don’t have a legal entity set up; here at Payroll Worldwide, we can remove the middleman and undertake global compliance for you. You also need to make sure immigration laws are being adhered to, allowing employees to live and work in their chosen country.
A work permit must be obtained to work in a foreign country, which you can find out more about in our previous article here. If an employee overstays their permit, there is no legal entity or they continue to work without a permit, companies can be found in violation. There are also various aspects of employment that need to be understood and followed. Many countries have minimum employee entitlements, such as annual leave, maternity/paternity leave and equal opportunities, which must also be adhered to.
Why is it Important?
Adhering to global compliance regulation is incredibly important in order for a business to function adequately in other countries. Some companies can face fines and even criminal prosecutions if the failure to comply is severe. Companies who fail to adhere to global compliance can also have their reputation affected, as any brushes with the law or fines can become public knowledge quickly. For your own peace of mind, looking towards an HR and payroll outsourcing company to navigate your global tax compliance can help your company avoid these issues and work to make your businesses fully compliant.
Adhering to the compulsory laws, taxes and regulations can benefit your business significantly, and if one factor is not up to standard, you can succumb to the consequences. By turning to a fully managed payroll service and HR company, you can successfully navigate the compliance climate ensuring all rules are followed meticulously. To view our full range of services, please visit us here.
How We Can Help
Here at Payroll Worldwide, we provide human resources and payroll services to businesses operating in Latin America. Whether you’re looking to station employees in Latin American countries or you’re thinking of operating your business there, our fully qualified professionals can pay all employer tax and help with staff mobility. Our cost-effective solutions can save you the hassle of hiring in-house, allowing those experienced with Latin American employment law to take the reins.
If you would like to find out more, or to book a consultation, please give us a call on 07469 892524, drop us an email at hello@payrollworldwide.com, or you can fill out our online form here.
