Over the years, the booming economy of Singapore has attracted numerous MNCs and small-scale businesses. It has also become possible due to Singapore’s policies of welcoming foreign organizations in their land. However, if you want to follow the footsteps of the foreign organizations running successfully in Singapore, then you might need the assistance of an Employer of record Singapore.
What is the Employer of Record in Singapore?
You can think of EOR as a 3rd party organization that will hire your employees in Singapore while managing your business in another country. So, right from recruiting your employees to compensating them every month, the EOR is actively involved in all your employees’ activities. If your employees have some grievances or issues against your company, the EOR will deal with them by offering them resolutions without dragging you in it. If you still have not set up a legal entity in Singapore, but you are planning to start business operations in the country soon, the EOR will take care of all the legal requisites.
How to set up your company in Singapore?
The process of company formation in Singapore is quite lengthy and can even go on for months. Read these steps to analyze whether you have sufficient time for all of these:
• Decide the name of your business entity, which will be used for verification purposes.
• Start recruiting employees for various departments and positions such as a company secretary, HR manager, etc.
• Look for potential investors who will finance your business in Singapore if you are short of funds.
• Hire the services of a lawyer and an accountant to prepare all the financial and legal documents required to register your company in Singapore.
If the above steps seemed like a lot of work to you, then entrust all these responsibilities to the Singapore employer of record.
What are the benefits of collaborating with EOR services in Singapore?
Managing your employees in Singapore while you are sitting in another country will be quite challenging. However, if you fail to address your employees’ issues and cater to the country’s legal requirements, your business will start crumbling.
Here are some of how EOR services will be useful to you while setting up your company in Singapore:
• Ensuring that your foreign employees get their accurate paychecks timely is quite difficult since you will have to abide by that country’s labor laws. Apart from this, you will have to offer them other entitlements such as bonuses, paid leaves, which is even tougher to calculate, so it’s better to let EOR handle it.
• The recruitment process is often quite elaborate, and even after the selection process is done, you will have to conduct background checks and issue work permits. Employer of Record comprises a network of reliable and skilled candidates, and they will complete the entire recruitment process within a few days.
EOR services will also be useful to you if you have not established your business’s legal entity in Singapore yet. In other words, you can begin your business operations in Singapore without setting an office in the country with the guidance of EOR.