- Overview: Cayman Islands
- Global PEO and payroll
- Expand without a company set up
- Contractor vs. employee: which is better?
Employer of Record in the Cayman Islands
What Is an Employer of Record
Different businesses have different needs when it comes to hiring employees. The Employer of Record international talent engagement model may be a good fit for fast-growing tech businesses and startups that need to take on people quickly and easily.
An Employer of Record (EOR) is a business that employs workers on behalf of another company. The EOR arrangement is often used when an organization wants to hire employees in a foreign country. EORs can be used as an alternative to setting up a branch or company in the jurisdiction of employees. This can save time and money by avoiding having to go through the process of setting up a separate legal entity.
Global Employment Services
Willing to hire an international workforce in the Cayman Islands? We are here to help you.
Send us your project details here, and we will be happy to employ your international workforce on your behalf in the Cayman Islands in a fast and cost-effectively.
Global Payroll Set Up and Administration
When setting up payroll in the Cayman Islands, having an employment contract is a legal requirement in this country. It should have all the details of the employee’s responsibilities, taxes, compensation, perks, grievance and disciplinary procedures, and even termination and immigration requirements if required.
An employee offer letter in the Cayman Islands should always have the salary and compensation amounts listed in local currency instead of foreign currency. It is advisable to list salary and compensation amounts in the local currency rather than foreign currency in an offer letter. The legal requirements for an employment agreement in the Cayman Islands are relatively basic, and most such contracts tend to be more comprehensive than the law stipulates. It is advisable to draft such an employment contract under the recommendations of a Professional Employer Organisation in the Cayman Islands.
7 Reasons to Work With a Global Employer Has to Be on Your Radar
Payroll taxes and service fees can be an enormous burden for employers. Many companies use a Global EOR (Employer of Record) to help with these costs. PEOs typically charge a percentage of the total payroll, including employee insurance fees. It can be challenging to determine the actual costs for these services, especially when some employer taxes are only paid on wages up to a certain threshold.
1. Single Global Service Agreement
A global PEO can cover all your international projects within a single contract and add new employees and services as you expand your global workforce in new countries.
2. No Required Minimums
We accept projects of any length, with any number of employees.
3. Flexible Pricing
At Acumen International, we adjust your pricing based on the project employee number, whether you need to scale up or down.
4. End-to-end Global Employment Solution
We manage all your global services, including employment, recruitment, immigration, legal and global HR consulting, saving you valuable time. And Acumen International covers the cost and saves you the effort of finding and selecting local employment-related service providers.
5. Avoid Lawsuits
If you don’t want to get sued, you should become a Global Employer of Record. By doing so, you limit your vulnerability to lawsuits by making sure compliance procedures are followed, taxes are paid correctly, and payroll is appropriately managed.
6. Reduced Expenses
A global employer of record (EOR) will bundle the cost of payroll, benefits, and workers’ compensation onto one payroll. The EOR will also handle tax filing on your behalf. This means that you only pay one set fee per month for all services, which can save you time and money by preventing multiple invoices from being mailed to you.
7. Free Yourself from HR Hassles with a Global Employer of Record
When you partner up with a Global Employer of Record, you’ll have someone who’s always there to handle the small and large tasks that are going to come up in your HR department. You’ll never have to worry about filling out paperwork or managing new hires again—you can focus all your attention on growing your business. A Global Employer of Record will handle the HR headaches so you can concentrate on your business.
20 Benefits of Employer of Record in the Cayman Islands
- No need to set up a new entity in every country where you have operations. You are not required to hire local employees or worry about local compliance requirements.
- The ability to scale your business quickly by hiring employees in multiple countries without having to set up a new entity in each country.
- A single point of contact for all employment-related questions and concerns.
- A single point of contact for all tax compliance questions and concerns.
- No need to worry about managing multiple payroll systems and tax filing requirements.
- No need to draft an employment contract that’s compliant with local regulations.
- No hassle and risk with employee registration for payroll.
- 100% compliance with all regulations, including employment, tax, and payroll.
- Assumed responsibility for monthly payroll administration, preparing payslips, and delivering them to your employees.
- Any questions related to employment, payroll, and tax that you or your employee may have are addressed timely and comprehensively.
- Facilitated and well-planned employment termination.
- Facilitated and unified global mobility administration.
- Centralized control over the global workforce.
- Enhanced international employee and employer compliance.
- Proactive global workforce cost management.
- Alignment of global talent with opportunities.
- Advice on favorable tax, benefits, and social security locations.
- Reduced permanent establishment exposure risk.
- Simplified global reward structure and administration.
- Multi-location compliance risk management.
Employer of Record Solution in the Cayman Islands
Global Employer of Record is an integrated solution that is designated to help you rise to the daunting challenges of hiring and managing your remote employees in the Cayman Islands, which includes:
- familiarizing with the country’s employment legislation
- onboarding of employees
- payrolling employees monthly in local currency/ies
- and arranging for a visa and work permit if you need to employ expatriate personnel in the Cayman Islands
A Global Employer of Record solution means Acumen International can employ the selected candidate or candidates on your behalf in the Cayman Islands in a record time. We become your trusted partner and guide you through local labor laws, thus eliminating any employment risks for you and freeing you from the necessity to go into all legislative specificities or set everything up by yourselves. Also, we will resolve all local labor issues for you, which would give you the freedom to focus on your primary business objectives.
Part of the benefits of using our international Employer of Record and payroll outsourcing solution in the Cayman Islands is that we can organize work permits and business visas in the Cayman Islands required for expatriates’ immigration.
Work Permit and Expats Employment in the Cayman Islands
If you need to send some of your employees on an international assignment to the Cayman Islands, our ex-pats employment solution is the best option for you. This solution covers work permit and visa sponsorship and handling any immigration issues that may arise when employing your workforce.
With our expertise and years of experience in global immigration support, we assist you with work permits and business visas if and when required and ensure that your international employees get their work permits within 2-6 months. This service is guaranteed regardless of the type of employment involved.
We bear full responsibility for employing them in compliance with the local legislation. This frees you from the administrative hassle and relieves your employees of the stress and risks that go with global immigration. We provide timely and accurate information about the current status of your workforce, their visa, and work permit, including the expiry dates.
According to the labor law of the Cayman Islands, your employees will be at risk of having their work permit revoked if they do any of the following:
- do not perform the works for which they are employed;
- lose vital qualifications that are required to execute the job.
Why Choose Acumen International Employer of Record?
- Global HR compliance and local expertise
- Your trusted Employer of Record partner in 190+ countries.
- One point of contact for all countries
- One global service agreement for current and future countries
- One invoice
- Accurate and timely payroll
- Immigration and work permit sponsorship
- Employment contracts drafting, 100% in-country compliance
- The English-speaking global service team and local languages speaking support
- 24/7 client service available in all time zones.
Our global employment solution helps you have your mobile workforce officially employed in the Cayman Islands by our company instead of setting up your legal entity there. You just choose the right candidate that you need to have working for you in the Cayman Islands, and we handle all the rest fast and hassle-free.
Spotlight on the Cayman Islands
- Location – is an autonomous British Overseas Territory in the western Caribbean Sea, located south of Cuba, northeast of Costa Rica, north of Panama, east of Mexico, and northwest of Jamaica.
- Capital – George Town.
- Population – 60,765.
- Currency – Cayman Islands dollar (KYD).
- Holidays – New Year’s Day, National Heroes Day, Ash Wednesday, Good Friday, Easter Monday, Discovery Day, Queen’s Birthday, Constitution Day, Remembrance Day, Christmas Day, Boxing Day.
More and more global companies are seeing the value of hiring international employees in the Cayman Islands to have a presence in this market. With local legislative peculiarities, the challenge is to engage the global workforce in a risk-free and cost-effective manner.
With this in mind, Acumen International has designed global employment, aka International Employer of Record (EOR) payroll solution, to help global companies like yours expand their international reach or engage the brightest global talent with their projects.
If you are seeking to reinforce your internal team with the expertise of a global talent based in the Cayman Islands. In that case, if you have already selected a candidate and want him to work for you remotely from the Cayman Islands in a legally compliant way, our global employment solution is the way for you to go.
Like every other country, the Cayman Islands has its own employment nuances, which must be fully observed to ensure 100% compliance. Trust us to handle the global employment and HR side of your workforce management in the Cayman Islands so you are sure that none of these nuances are missed and that your employees are employed and payrolled properly and compliantly.