Companies, wherever they are based, must pay the salaries of their employees in a timely manner. They must also ensure compliance with tax and social security obligations in respect of withholding, calculations and reporting. Every country’s employment and tax system is different.
The Employment Ordinance in Hong Kong covers all employees – full-time, temporary, or part-time – and provides broad rights and protections in respect of contract terms, statutory holidays, Mandatory Provident Fund payments, sick and maternity leave, and severance and long-service payments.
Employers in Hong Kong must ensure that they keep proper records for each employee’s wage and employment history, and all accounting and payroll records must be kept for at least seven years. Companies need to report remuneration paid to employees on an annual basis.
Sovereign offers a comprehensive, yet flexible, outsourced payroll service that is tailored to each client’s specific requirements. We will ensure that payments are made accurately and on time, while maintaining a very high level of compliance and security.
By outsourcing payroll, business owners can get on with running and growing their businesses, freeing up time and resources to focus on other important roles and responsibilities.