It is not easy to start a business even on a local setting. There are many things to consider and to work on. Aside from the core operations that are the main vessel of any business, there are also a lot of other factors and areas that might not seem that big but are very crucial in keeping the business safe and running. We’re talking about the employment and recruitment process, payroll, benefits administration, company formation, business registration, accounting and bookkeeping. When you look at each task individually, they might seem small but when you have to do everything at once in such a short amount of time, the hassle and struggle comes in.
Imagine having to do the same thing but this time, in a different country where you are totally unfamiliar with. Aside from the hassle that the whole process alone brings, you also have to be on the lookout for the country’s own set of rules and regulation and you also have to deal with the difference in cultural background.
Luckily you have come to know of outsourcing these tasks to a third-party service provider that can do the work for you at a lower cost. Good, now that’s a weight lifted off from your burden. The problem is that the provider you found only offers one or two of the services you need to be outsourced. As a result, you end up finding another company to do the other tasks and you ultimately end up spending more instead of being able to save money for your core operations. This is usually what happens when there is no proper research done.
Fortunately, there is a company called NNRoad which is a one-stop shop for all the outsourcing needs of any business anywhere in the world! The areas of your business that are not part of the core operations can be taken care of in one place. It’s like having a whole department of your business outside your office, saving you from overhead cost and physical space. Plus, with NNRoad’s years of experience, you are assured that all the work is done with quality and elegance. Let’s look at all the services that NNRoad has to offer and see how everything you need in starting a new office in a foreign country is already here within your reach.
As we have mentioned above, expanding your business overseas is not an easy feat. Just by the mere fact that you are going to comply with the foreign jurisdiction’s local laws and regulation is already hard. Additionally, it is almost a hundred percent impossible to hire employees in a country without setting up a legal entity. NNRoad can help bridge that gap with ease. NNRoad’s Global Employment Solutions or also known as Professional Employer Organization (PEO) is an alternative solution to this issue.
PEO allows multinational companies to hire an employee complete with all the legal documents even without a legal entity in a particular country. NNRoad can even provide employment solutions such as employee benefits, payroll and workers’ compensation, and recruitment. This makes NNRoad the employer of record. However, even if the employee is working for NNRoad on the record, the client is still the one responsible for managing the employee from day to day. What this means is that the employer does the usual work of managing the employees but only without the need for an additional working space and they would do it virtually.
Payroll processing is the process by which companies use to be able to pay their employees on a fixed date every month. It’s not just about computing an employee’s work hours and then summing them up to the corresponding money value. Furthermore, payroll is a delicate process as we are dealing with the employees’ salaries. It should be performed with care and accuracy because one wrong move may result in employee dissatisfaction and penalties.
Typically, a payroll process involves the following steps:
The process might look short and easy but when you are dealing with many employees, it’s easy to get confused and drown in the numbers. This is why most companies choose to outsource payroll processing to a company that can focus on working it. Especially when you are dealing with the payroll process of your overseas employees, the whole process becomes more complicated because you need to be mindful of their country’s local laws and regulations regarding employment. It can also involve income tax and other wage garnishments. Along with employment solutions, you can also entrust your payroll processing to NNRoad.
Company formation is basically the incorporation of a business in a jurisdiction. Depending on the business needs, the company can be on-shore or off-shore. When the company formation is done, the “new company” is now a separate legal entity that has its own rights and obligations. These group of companies are now owned by shareholders and managed by directors whose responsibilities are specified through the Article of Association.
NNRoad is also well-equipped to perform this task for a company. It can incorporate and register a company in more than 15 main jurisdictions around the world. NNRoad makes sure that the legal entity is set up in accordance to what the client business wants. NNRoad will work hand in hand with the client in order to provide a professional and assisted guidance to build and form a company that is suitable both to the client’s needs and the jurisdiction’s rules and regulations. NNRoad is tasked to spearhead the facilitation until the legal entity is registered and is ready for operations.
Furthermore, NNRoad’s service in company formation doesn’t stop there. They can also provide maintenance service on a monthly or annual basis while still in compliance with the local laws and regulation of the jurisdiction.
NNRoad can help you set up a company in the following countries with ease:
Sure, anyone can start establishing a company but only NNRoad can start a company in a foreign jurisdiction while still getting a good grasp of the client’s needs and wants and then structuring them so they are still in accordance to the foreign jurisdiction’s local laws and regulations so it’s a win-win situation.
Accounting and bookkeeping is the area of a business that deals primarily with the financial assets of the company. Since it deals with finances and money, it is a major part in the management and planning of the business because no company can run with an under-budget. A company is heavily directed by its budget so it is important to keep track and have a record of what is happening on the financial side of the business so the other departments can move and strategize.
This department also houses the tax-related issues such as filing tax returns and computations of future tax obligations. It involves a lot of mathematics and accuracy. While you are focusing on the core operations of the business, it can be quite a challenge trying to multi-task accounting and bookkeeping with it. What a company needs for this department to work is an experienced accountant or an accounting service team.
When you expand your business globally, accounting and bookkeeping become more complex because of the varying laws and regulations of countries regarding business. You will need a strategic approach and solution to this one which NNRoad can happily provide. NNRoad houses experienced accountants from all over the world that are knowledgeable with the country’s laws and regulations to accurately resolve the complex issues of tax accounting and bookkeeping.
Statutory Benefits refers to all the perks and advantages that the local government provides its residents to promote welfare. It is mandatory for companies to include these benefits for its employees. Some companies even have additional benefits for the sole purpose of employee retention. Most of the time, benefits are not unidirectional and they are equally contributed by the employer and the employee themselves.
When your company has a large number of employees, it can be a little confusing to handle this area of the business. NNRoad can take away the burden of computing and manage the benefits your company gives to its employees.
It is important to have an accurate and consistent statutory benefits program as it is the main driving force to keep your employees satisfied and it will then in turn cause in an increased effectivity in the workforce and result in your business’ success. To be able to ensure that this department remains consistent, companies hire service providers like NNRoad to solely focus on this part of their business so they are assured that it is handled properly.
These are pretty much everything that a business needs in addition to its core operations to become successful. Concentrate on the core operations and let NNRoad handle the rest in one place so you can all work together in bringing your company to success.