Companies, wherever they are based, must pay the salaries of their employees in a timely manner. They must also ensure their income tax and social security compliance in terms of withholding, calculations and reporting. Every country’s employment and tax system is different.
Any organisation entering a foreign market faces a number of employment and tax related challenges. Outsourcing your payroll can free up valuable time and resources, while also ensuring that all obligations and responsibilities are met in a timely and efficient manner in every jurisdiction of operation.
Sovereign can provide a comprehensive but flexible outsourced payroll service that can be tailored to a client’s specific requirements. The first stage will involve registering the employer and its employees with the local tax office and the government employment department, recording employment notices and contracts, obtaining bank details of the employer and employee, issuing tax codes and, finally, inserting all that information in the Sovereign payroll system.