Payroll- Tag Archives - Business News and Updates

Find the latest Legal updates and changes, industry reviews, regulatory updates, expert legal and accounting advice, Q&A with experts, and much more content.

Hire Staff Through an Employer of Record in Paraguay

by Legal Team Paraguay | Jun 1, 2020

When expanding into Latin America, consider hiring staff through an Employer of Record in Paraguay. In the age of information, the focus of the global economy has shifted from industry-oriented to service-oriented. The emerging markets of Latin America are no exception to this transition process and Paraguay is undoubtedly one of these emerging economies, with the highest growth rate in the last decade. Paraguay’s government is working to open up the market with new incentives to do business. Companies should consider engaging with an Employer of Record in Paraguay to hire staff from abroad. Employer of Record in Paraguay: hire staff without a local company Work with a local EOR in Paraguay to outsource some or all of your human resources needs, so you can fully concentrate on your core business. Entering a new market brings many opportunities, but also has risks. As a foreign business owner, you have various opportunities to enter a new market. You can decide to incorporate a legal entity in a foreign country, or hire staff in Paraguay without a local company. The latter requires employers to engage with an Employer of Record (EOR) in Paraguay You can work with a local EOR in Paraguay to outsource some or all of your human resources needs, meaning that you can fully concentrate on your core business. A qualified workforce and efficient human resources management are indispensable to guaranteeing strong business development. What is an Employer of Record in Paraguay? An Employer of Record in Paraguay offers a partnership of co-employment between a foreign entity...

5 Challenges for US Companies Doing Business in Chile and How to Overcome them

by Legal Team Chile | May 20, 2020

Over the last decades, numerous US companies have successfully undertaken the challenge of doing business in Chile, a country that is known for having the best business expansion opportunities in Latin America. Last year, direct investment in Chile increased by US$11.928 million, and for the first half of 2020 the country registered a record figure of US$4.779 million. This encouraging panorama has historically and currently attracted investors from all over the US, expanding their business in the industry of mining, technology, and Venture Capital. Last year, direct investment in Chile increased by US$11.928 million, and for the first 2 months of 2020 the country registered a record figure of US$4.779 million. A paradigmatic example of recent US investment in Chile came in 2019 when Jeff Bezos - founder and CEO of the e-commerce company Amazon - invested millions of dollars in the Chilean start-up NOTCo, which successfully mimics the flavor and texture of certain foods using only vegetable-based ingredients. Although Chile’s dynamic and developed market has been in the scope for multiple US companies, executives should be aware of the challenges they may face to prosper in the country. In this article, we review the principal challenges for US companies doing business in Chile and how to overcome them. 5 Challenges for US companies doing business in Chile 1. Language US executives must not assume that everybody in Chile speaks English. Even though English is increasingly common and is taught in most schools to a large percentage of the population, US companies doing...

Meet Sandra Vargas, Manager of Accounting and Payroll Services in Colombia

by Corporate Team | Mar 20, 2020

"Working with foreign clients interested in investing in our country allows us the experience of being able to contribute our expertise on the accounting and financial aspects of Colombian law, and provide quality services to make it happen." Sandra Vargas, our Accounting Manager in Colombia, oversees all the operations and service delivery of Biz Latin Hub's largest accounting team. In our Corporate Office in Bogotá, Sandra is responsible for ensuring the delivery of the highest quality accounting, tax and payroll services in Colombia, which is our largest client base. Sandra has been a member of our team since 2018. Previously, she was the Senior Accountant for Japanese company Nidec, based in the US. There, she was responsible for consolidating and reporting the company's financial statements for the parent company in Japan, and had the opportunity to learn about the US Generally Accepted Accounting Principles. Sandra graduated as a Food Technologist at SENA. She also studied as a Public Accountant at Universidad del Valle, Financial Management Specialization at Jorge Tadeo Lozano University, and an IFRS Diploma at Sergio Arboleda University. Sandra also undertook a number of courses with the Bogotá Chamber of Commerce to diversify her experience and expertise, including in: Logistics and International TransportationInternational Market Research Marketing for InternationalizationFinancial Viability for Internationalization. What do you enjoy most about your role? When asked about what she enjoys in her role, Sandra enjoys the opportunity to work with international...

We’re Expanding: Market Entry and Back-Office Services in Bolivia

by Legal Team Bolivia | Mar 3, 2020

Biz Latin Hub is expanding its reach in the region; we’re now providing our suite of market entry and back-office services in Bolivia. As a regional legal and accounting services provider in Latin America, we’re already operating in the five other countries surrounding Bolivia: Brazil, Paraguay, Argentina, Chile, and Peru. Bolivia will be the sixteenth country where Biz Latin Hub has expanded its operations. As neighbouring economies are gaining traction from foreign business-owners, Bolivia’s largely unsaturated sectors offer viable opportunities for multinational companies. “2019 was a big year for Biz Latin Hub in Latin America,” says Craig Dempsey “2019 was a big year for Biz Latin Hub in Latin America,” says Craig Dempsey, Managing Director of Biz Latin Hub. “The consistent growth demonstrated by many Latin American economies has drawn a lot of international attention. The reputations of countries like Brazil, Chile and Peru have attracted unprecedented numbers of foreign commercial actors. “Many are now beginning to explore their options in some of the smaller, more frequently overlooked countries. Bolivia is one of these countries.” Notably, Bolivia has demonstrated positive consecutive GDP growth since 1999, reaching highs of 6.148% growth in 2008, and 6.796% in 2013. It’s set to continue this growth streak in the coming years, and like many others in the region, is experiencing significant technological development that is catching the attention of innovators worldwide. Its involvement in key regional trade blocs such as Mercosur and the Andean Community also...

Expand Your Business with a Secretarial Services Provider in Ecuador

by Accounting Team Ecuador | Jan 26, 2020

Engaging with a secretarial services provider in Ecuador is a crucial step for multinationals expanding to the Andean country. Although economic growth was slow last year, the ambitious tax and tariff reforms implemented in 2019 contributed to better management of the country's fiscal budget, which is key for Ecuador. In addition, the World Bank estimates an economic growth recovery for 2020. Entrepreneurs operating in or seeking to expand to Ecuador must engage with a professional secretarial services provider to guarantee full fiscal and legal compliance. In this article, we list crucial competencies that you should look for in a secretarial services provider in Ecuador for your expansion. You secretarial services provider in Ecuador must offer bookkeeping services Bookkeeping is the process of recording your business’ financial transactions on a daily basis. It’s the backbone for creating your business’ financial statements. Making sure your financial statements are accurate is crucial, as they will be filed before the Internal Revenue Service of Ecuador (Servicio de Rentas Internas del Ecuador, SRI). Your secretarial service provider in Ecuador will guarantee that your business is compliant with all tax regulations while managing them efficiently. In Ecuador, businesses must file monthly and annual taxes to SRI. Tax obligations vary per industry, but the general tax obligations include your business’s value-added tax (VAT), different withholding taxes and income tax. Payroll processing A key service that your secretarial services provider in Ecuador...

Key Business Accounting Services in Peru for Your Expansion

by Accounting Team Peru | Jan 12, 2020

Utilizing professional business accounting services in Peru is an important step to comply with your fiscal duties. When expanding your business into a new country, it can be complex to understand and have the resources to take care of all accounting procedures. In this sense, seeking professional help from local accountants becomes a great asset. Key activities that your business must comply with include bookkeeping, payroll processing, auditing, and international taxation. Find out about the available business accounting services in Peru that you should take advantage of to ensure your own commercial success. Business Accounting Services in Peru: Bookkeeping Bookkeeping services also take care of local tax compliance. In Peru, businesses are required to file monthly and annual taxes to the local authority. Bookkeeping is a basic accounting process for any business. It includes keeping a daily record of business incomes and expenses. Additionally, it involves the drafting of financial statements that outline your business’ financial condition. These statements must be presented to the national tax authority in Peru, called SUNAT (National Customs Superintendence and Tax Administration). Bookkeeping services also take care of local tax compliance. In Peru, businesses are required to file monthly and annual taxes to the local authority. In addition to this, an experienced accountant will make sure your accounting registries are in compliance with local laws and regulations. Payroll Processing An important part of business accounting services in Peru is payroll. To comply...

The Cost of Hiring Employees in Australia

by Accounting Team Australia | Jun 26, 2019

Hiring staff is an important step in the growth of a business. It means your company can expand to create new business functions, offer new products and services and expand to a city or country. However, the cost of hiring an employee is not just limited to their salary. Hiring a staff member includes the costs of the recruitment process and training as well. If your company is based overseas and you want to hire an Australian worker, you can consider using an International PEO. This outsources human resources activities to another firm that will pay your employees. Alternatively, you may want to set up a company in Australia and familiarise yourself with your obligations as an employer. In this article, we run through the true costs of recruitment to give you a better idea of its impact on your company’s finances. Cost of Hiring Employees in Australia - Recruiting You might not appreciate the value of finding the “right person” for your business until you have interviewed several candidates that are definitely not the right fit. A new staff member must fit a range of requirements your firm requires. The recruitment process is complex. Advertising the role, reviewing resumes, checking references and taking time to participate in interviews costs time and money. Multiple rounds of interviews may be necessary to filter down a pool of candidates. Additionally, companies may ask candidates to undertake academic or physical tests, drug screening and background checks. In the end, a firm may end up modifying their requirements based on the available candidates. For example, a...