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Employ Candidates Compliantly in Maldives

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  1. Overview: Maldives
  2. Expand without a company set up
  3. Global HR Compliance
  4. Global PEO and payroll
  5. Contractor vs. employee: which is better?
  6. Global Payroll Calculator
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Employer of Record (EOR) in the Maldives

Definition of Global Employer of Record (EOR)

A Global Employer of Record (EOR) is a service provider that allows companies to hire employees in foreign countries without establishing a legal entity in those jurisdictions. Essentially, the EOR serves as the legal employer for your international workers, handling tasks such as payroll, tax withholding, benefits administration, and compliance with local employment laws. This allows the client company to focus on their core business activities while expanding into new markets, including the Maldives, without the administrative burden of maintaining a local presence.

Employer of Record vs. Global Employer of Record

While both an Employer of Record and a Global Employer of Record perform similar functions, the key difference is in their geographic scope. An Employer of Record typically operates within a single country or a specific jurisdiction, helping businesses with local employment needs. In contrast, a Global Employer of Record has the capacity to manage employment tasks across multiple countries, offering a single point of contact for global workforce management.

New Markets Expansion with a Global Employer of Record

This international talent engagement model is especially advantageous for companies expanding into new markets. Typically, such expansion would require establishing a local legal entity, a time-consuming process laden with bureaucratic hurdles. Global EOR circumvents this necessity. It allows companies to deploy staff in multiple jurisdictions without navigating the complexities of local employment laws, tax structures, and compliance norms. This streamlined approach eliminates the daunting upfront investment and operational costs of establishing a foreign subsidiary or business unit.

The flexibility of a Global EOR model makes it ideal for market testing and agile operations. Companies can quickly enter and exit markets, scaling their workforce up or down based on real-time needs and market conditions. Not only does this minimise risk, but it also preserves the company’s existing tax structure and corporate governance framework. The result is a more efficient, compliant, and strategic approach to international business expansion.

Global EOR (Employer of Record) Services: Save Up to 80% of Employee Management Costs in the Maldives

Regarding international business expansion, traditional methods often come with high costs and long timelines. Setting up a legal entity in a new country requires significant investment and time-consuming due diligence, from legal compliance to administrative setup. Our table below paints a stark picture: The conventional approach can rack up costs of more than $74,000 and take over 10 weeks to get off the ground.

Express Global Employment offers a game-changing alternative through our Global Employer of Record (EOR) services. We drastically cut your market entry costs to approximately $15,000 and reduce the time-to-market to 72 hours. And that’s just the tip of the iceberg. From eliminating the need for in-house staff to manage your foreign entity to drastically reducing legal advisor fees, our Global EOR solution offers unparalleled efficiency and cost-effectiveness.

In the table below, compare the average costs and time involved in traditional expansion methods versus our streamlined Global EOR service, and discover how you could save up to 80% on employee management costs.

Average Cost & Time Our Solution *
Time to Market 10+ weeks 72 hours
Legal Advisors Fees $ 10 000 + ………….
Official Employment & Benefits $ 20 000 + ………….
Incorporation & Liquidation Costs $ 11 000 + ………….
Bank Account Setup $ 2 000 + ………….
Maintenance costs and in-house staff to manage the foreign entity, payroll set-up, and administration. $ 25 000+ ………….
The approximate total cost of new market entry** $ 74 000 + $ 15 000

* Per one Employee
** Costs vary from country to country

Global Employment Solution in the Maldives

Navigating the labyrinthine laws and regulations of international expansion is often daunting for businesses, especially when compliantly hiring employees abroad. The typical course of action involves setting up a local legal entity in a foreign country, a venture that can be both resource-intensive and time-consuming.

Express Global Employment offers a transformative alternative with our specialized Global Employer of Record (EOR) services in the Maldives. Instead of burdening your organization with the complexities of establishing a local entity, we step in as your on-the-ground employer for legal and administrative functions. By doing so, we mitigate risks, accelerate your time-to-market, and allow you to concentrate on your core business objectives while ensuring you stay fully compliant with the Maldives’s specific labour laws and regulations.

Opt for Express Global Employment’s Global EOR services and redefine how you think about the Maldives’s workforce expansion. Experience a compliant, streamlined, cost-effective way to grow your international presence.

1. Recruitment

2. Global Mobility

3. Checks

4. Onboarding

5. Payroll Administration

6. Working Time & PTO Processing

7. Benefits Administration

8. Tax Administration & Reporting

Offboarding

Talent skilled in highly specialised areas Employee Work Visa and Work Permit sponsorship Health checks Employment Agreement drafting In-country registration with statutory bodies Working hours Mandatory Benefits Tax Reporting frequency and requirements; Employment agreement termination:
Executive search Dependent Visa Criminal record checks Compliant worker onboarding on your behalf Day-to-day payroll management Overtime Health insurance Employer taxes & contributions Dismissal – by the employer
Contingency workforce Visa extension Background checks Account setup in the payroll and HR system​ Monthly pay slips or other pay frequency Public holidays Workers’ compensation Employee taxes & contributions Resignation – by the employee
Application for a sponsor license for a foreign national Education checks Employee data entry and records maintenance Accruals Annual leave Unemployment insurance Withholding tax Termination by mutual agreement
Relocation assistance Managing probation periods Allowances Parental leave Voluntary Benefits Local tax payments and reporting to local authorities Notice period handling
13th and 14th salary Sick leave Share plans for executives End of financial year reporting Final settlement & severance payments
Additional leave Bonuses & Equipment provision De-registration with statutory bodies
Expenses reimbursement & business trip processing
Health insurance, dental treatment

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  • Location: The Maldives is a South Asian island country in the Indian Ocean, situated in the Arabian Sea.
  • Capital: Malé
  • Population: 561,000 (2023)
  • Labor force: 72% (2023)
  • Currency: Maldivian rufiyaa (MVR)
  • Holidays: 5 major public holidays, including New Year’s Day, National Day, Independence Day, Victory Day, and Republic Day

Economic Outlook

The Maldives is a developing country with a tourism-based economy. The tourism sector accounts for over 70% of the country’s GDP. The Maldives is also a popular destination for expats and retirees.

According to the World Bank, the Maldives economy is expected to grow by 5.5% in 2023. This is a slowdown from the 9.1% growth rate recorded in 2022, but it is still higher than the average growth rate for South Asia.

The slowdown in growth is due to a number of factors, including the global economic slowdown, the war in Ukraine, and rising inflation. However, the Maldives economy is supported by a number of factors, such as a young and growing population, a strategic location, and a stable political environment.

Investment Opportunities

The Maldives is a country with a number of investment opportunities, including:

  • Tourism: The Maldives is a popular tourist destination, and there are opportunities for investment in hotels, resorts, and other tourism infrastructure.
  • Infrastructure: The Maldives invests heavily in infrastructure development, including roads, bridges, airports, and ports. This offers opportunities for investment in construction and engineering.
  • Fisheries: The Maldives is a fishing nation, and there are opportunities for investment in fishing vessels, processing plants, and aquaculture.

Seamless Global Employment Solutions in the Maldives by Express Global Employment

In today’s globalised world, having a strategic presence in markets like the Maldives is becoming increasingly crucial for companies looking to expand their reach. However, navigating the complexities of local employment law and payroll systems can be both challenging and time-consuming.

Express Global Employment—your partner for international workforce solutions in the Maldives.

Risk-free, Cost-effective Global Employment

Whether you’re looking to integrate international talent into your existing teams or have identified the ideal candidate to work remotely from the Maldives, we have the answer. Express Global Employment’s International Employer of Record (EOR) payroll solution eliminates the hurdles involved in international employment. The focus is on allowing you to concentrate on your core business while we handle the complexities of local compliance.

100% Compliance, Zero Headaches

Every country has its own legal complexities, and the Maldives is no exception. Trust us to manage the legalities and HR responsibilities involved in employing your international workforce. Our intricate understanding of Maldivian employment law ensures that your business remains fully compliant, avoiding penalties or reputational risks.

Integrated Employer of Record Services in the Maldives

Our Global Employer of Record service provides a comprehensive package designed to address your international employment challenges in the Maldives:

  • Expert guidance on local employment legislation
  • Streamlined onboarding processes
  • Monthly payrolling in the local currency
  • Visa and work permit arrangements for expatriate personnel

Comprehensive Immigration Support

Express Global Employment takes the hassle out of work permits and visas. Through years of experience in global immigration support, we can secure work permits within the standard duration of 2-6 months, ensuring that your expatriate employees are legally employed and able to focus on their work, free from immigration concerns.

We offer real-time updates on the employment status of your international staff, including information on visa and work permit expiration dates. This ensures you are always in the loop and can make informed decisions regarding your international workforce.

In compliance with Maldivian law, we ensure that your workforce adheres to the legal requirements for their roles, mitigating the risk of work permit revocations.

Your Global Employment Partner, Not Just a Vendor

With Express Global Employment, you’re gaining more than just a service provider; you’re gaining a partner committed to your success. We handle all employment intricacies, freeing you to achieve your business objectives in the Maldives and beyond.

Choose Express Global Employment and transform the way you employ international talent.

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