Offshore Payroll Services
In the modern world it is quite usual for a company to have a large number of employees working in different countries. Examples include:
- Aviation and shipping
- Information technology and computers
- Film and entertainment
- Finance
- Engineering
- Construction
Having employees located around the world imposes a considerable extra administrative burden. It is necessary to keep up with changing employment legislation and maintain staff and systems to make the various statutory deductions for tax and social security contributions. It can be expensive for employer and employee as both may be forced to contribute for benefits such as pensions, which the employee is never likely to receive. Some countries, for example many in Europe and in Latin America, have employment protection laws, which make it difficult or expensive to discharge labour on completion of a contract.
An offshore payroll company can overcome many of these difficulties by enabling the payroll to be managed in a single currency from one location at a significant cost saving. It is also possible to use an offshore payroll company to provide additional benefits such as pension schemes, insurance etc.
Similarly an individual providing personal services in a number of countries may be able to manage liability to income taxes, social security taxes and exchange controls by providing his services through an offshore company.
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