Perhaps you started your business with big hopes and dreams of it growing big enough to have a location in every country in the world, or maybe the idea of expanding into an overseas market was something that took you by surprise but made a lot of sense. As your business expands, it’s natural to want to see how well it might fare in another country– after all, the more countries your business can find a market in, the better, and if there’s a market for what you are selling abroad, why not give the consumers what they want? But, entering a foreign market can be tricky, especially if you have only ever traded on home soil before. As your business grows and begins to expand into different lands, a global PEO could be the ideal partner to have by your side to help you navigate the often-complicated process of operating overseas. Here are just some of the main aspects of international expansion that a global PEO can help you with.
Chances are, you’re already well-versed in what you need to do to comply with local laws, legislation, and regulation at home, but in another country, you might not even know where to start. Legislation and laws can vary widely from country to country, and failing to comply with what’s expected of you internationally could see your business being fined or worse, shut down. A good international PEO can ensure that your business is consistently compliant with local regulations and builds a good relationship with officials in the local area. New Horizons Global Partners can help with this, offering a range of services to ensure that your expanding business complies with employment laws, tax laws, and more as you expand.
Once you have navigated all the initial parts of setting up another branch of your business overseas, you are going to need a strong team to head this section of your business and propel it to success in the new market. To do this, you might want to send staff from home over; another factor that an international PEO can help with, ensuring that you get the right documentation for your traveling employees. However, in order to succeed, you are likely going to need local staff. Your PEO can look after the hiring process for you and ensure that your company attracts the top talent.
In order to both attract and hang onto the top talent in the international branch of your business, you will need to offer the range of employee benefits that are expected by workers over there– which may be different from the benefits that you are used to at home. A global PEO will have a solid understanding of what is expected from employers in that country in terms of perks and benefits and will be able to navigate the process of securing them and providing them to your international employees.
Paying your employees the correct amount and on time is paramount to business success. Employees who are consistently underpaid or spend time waiting to be paid are not going to be very satisfied with their roles. However, when you are operating from one country and your employees are in another, paying them can be trickier than you might realize. A good international PEO will be able to navigate all the usual pitfalls on your behalf, such as international banking practices, currency exchange rates, differences in time zones, and anything else that causes issues, to ensure that your international employees are always paid the right amount and when expected. Your PEO will also have a solid knowledge of local tax laws, which will ensure that you consistently deduct the correct amount of tax from your employees’ pay slips.
Finally, enlisting the help of a good international PEO can help your business achieve more accurate financial reporting when moving a business overseas. When your PEO is able to manage factors such as currency exchange rates and other differences between the two countries, it will be easier for you to see how much money your business is bringing in and spending on expenses in both locations. As a result, it will be easier for you to make informed decisions regarding the future of your business locations both at home and internationally.
No matter where in the world you would like to take your company next, an international PEO can make the process of setting up a new business entity abroad, hiring the right team, and managing the necessary admin tasks throughout the process easier than ever– allowing you to focus on growing your business even further.