We’ve launched our new Payroll Calculator, now available on our website, so you can better understand your hiring costs and requirements when expanding your business in Latin America.
Keeping tabs on all the details of your corporate and human resources requirements and their associated costs is difficult. The added challenge of breaking through a language barrier can make this especially so for foreign companies in Latin America.
We’re committed to continuous improvement and innovation. Find out about how our Payroll Calculator works, and how we make it easier for you to understand what you’ll need to hire staff in Latin America.
What is the Payroll Calculator?
Our clients often come to us with questions about their corporate and human resource compliance requirements when expanding their business into Latin America.
Employment laws are often complex, and it’s essential companies can understand what their requirements are to their employee and to the State, and how to fulfill statutory employee rights and contributions.
We’re making it easier for our clients to understand what their obligations are under local labor laws in Latin America. With the Payroll Calculator, you can find out what your company’s key obligations are when hiring staff, according to the country or countries you’re expanding into.
The Calculator will also explain the cost of hiring the employees you need, taking into account social security, bonuses, and any other mandatory contributions to the government or employee in your chosen country.
How does the Payroll Calculator work?
Find out how much your employees will cost by doing the following:
- Visit our Payroll Calculator on our website
- Enter the country you want to calculate employee cost for
- Enter the currency you’re using
- Enter the salary amount you plan to pay your employee
- Press ‘Calculate.’
Note: This tool provides a general guideline for calculating employee costs. Depending on the country and salary amount(s), other specific withholding taxes and contributions may apply.
Once I know how much it will cost to hire my staff abroad, what’s the next step?
Get in touch with human resource specialists to help you hire your staff.
Employment law in Latin America is complex, and as a non-Spanish speaker, you don’t want to run the risk of failing to comply with local employment regulations and jeopardize your company’s success in a new market.
At Biz Latin Hub, our human resource professionals offer wide-ranging support for expanding companies in the region. We assist our clients to enter new markets and hire their local and foreign employees through a number of means:
- Support to formally incorporate a company and hire staff
- Hiring employees through a co-employment model as a Professional Employment Organization (PEO)
- Visa processing support for your foreign employees.
As market leaders in the region, we’re equipped to deliver customized human resources and other market entry and back-office services to ensure you get the best start to your expansion.
Hiring staff through a Professional Employer Organization (PEO)
A Professional Employer Organization (PEO) supports expanding companies by hiring staff on their behalf in the country, through what’s known as a co-employment model. Your company and partnering PEO will work together to find the right talent and support them to conduct your commercial activities.
While you’re developing your business in the new market, the PEO will act as the ‘Employer of Record,’ which means they’ll ensure your company complies with all local employment regulations. This gives you’re the freedom to focus on core business activities, and how your new staff can build client relationships and brand awareness going forward.
By using a PEO solution for your hiring needs, companies can make a smaller-scale investment in market expansion, bypassing the formal incorporation process. This makes market entry (and exit) a smoother, easier transition for business owners.
Hiring staff through company incorporation
You can choose to enter your chosen market in Latin America through formal company incorporation. Often, this requires a larger-scale investment than hiring employees through a PEO, as you’ll be registering your company, leasing office property, and complying with full corporate regulatory requirements in the country.
Though the greater financial investment carries a greater risk going into your expansion, this option can be suitable for larger multinationals who are confident in their desire to develop their business in Latin America. This option is the best choice for companies that want to establish a large upfront footprint in terms of physical and human presence in their new market.
Contact Biz Latin Hub to get support for your employment compliance and hiring needs
We’re equipped to support medium and large multinational companies expanding into Latin America, Australia and New Zealand with a full suite of multilingual human resource services.
Use our Payroll Calculator to find out what you need to hire your staff in Latin America, and then get specialist support to make it happen.
Contact us here at Biz Latin Hub for personalized assistance and support.
Learn about our multinational team of specialists in Latin America.