Employee Leasing through a Professional Employment Organization in Sri Lanka is a great option for businesses seeking to expand. Hiring staff in Sri Lanka via a Global EOR such as NNRoad provides more flexibility and is quicker than setting up a new foreign-owned legal entity. NNRoad ensures your employees are hired in compliance with local laws and regulations. Even if you are unfamiliar with the Sri Lanka regulatory system and employment laws, NNRoad works on your behalf and handle all matters of Sri Lanka employment compliance so that you can focus on building your company in Sri Lanka. Employee Leasing services provide an easier way for scaling up and down before finalizing commitment of investment in the Sri Lanka market.
- The hiring of and termination of employees/local labor contracts including contract administration: engagement, extension termination and conversion to a permanent hire.
- On-boarding and off-boarding employees following Sri Lankan labor law practice and tax regulations.
- Registration of employees with social security board and with the income tax office.
- Complete payroll processing and mandatory benefit administration.
- Employee management including employee record retaining, timekeeping, bonus and allowance management, expense and claims, and leave employee database management according to the local law.
- Payment management: invoicing customers/clients and salary payments.
- Work permits and business visa application assistance, if needed.
- Tax Relief Application.
Complying with local Sri Lanka labor laws and regulations are vital to business success. NNRoad can assist by acting as your company’s HR department through our customized solutions for payroll needs in Sri Lanka. NNRoad works with local, vetted experts to support our client’s companies and make sure they operate in compliance with Sri Lanka labor laws and regulations, avoiding costly penalties.
- Registering the necessary company and personnel information for payroll calculation and statutory reports.
- Registering all local employees with the social security board, if needed.
- Calculation of gross salary, salary deductions (e.g. social insurances, unpaid leaves, etc.), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, allowance, severance etc. if applicable.
- Calculation and submission of the social security calculation statements to the Local Authorities.
- New employee registration and Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- The monthly issue of electronic pay-slips.
- Prepare annual payroll related reconciliation report.
- Prepare annual individual income tax calculation and contribution.
NNRoad ensures that we are up-to-date on Sri Lanka accounting standards and policies including changes to local laws. Without experience and highly skilled accountants and CPAs, costly mistakes are likely to be made. It can be both time-consuming and costly for a company to set up a qualified workforce in Sri Lanka that can handle accounting tasks in compliance with local standards and policies. NNRoad, with its local experience and skilled accountants, provides a complete range of financial, accounting, and reporting services.
- Entering bookkeeping data records into accounting software.
- Sorting and matching transaction documents against bank statements/ preparation of bank reconciliation.
- Preparation of monthly and year-to-date Profit & Loss Statement.
- Preparation of year-to-date Balance sheet.
- Consolidation accounting and preparation of group financial statements.