- Overview: Trinidad and Tobago
- Global PEO and Payroll
- Global HR Compliance
- Work permit for hiring expats via PEO
- Expand without a company set up
- Contractor vs. employee: which is better?
Global Employer of Record in Trinidad and Tobago
What Is a Global Employer of Record?
A Global Employment of Record is a legal entity that removes employers’ employment burden. Global EORs are a way to manage your international workforce and comply with local labour laws and regulations. They can be used for local and remote employees, but they’re especially helpful if you have employees in multiple countries.
A Global Employer of Record (EOR) provides payroll, benefits and tax reporting services for your company so that you can remain the actual employer and have full control of your business processes. You’re still liable for your employees’ employment rights, but the EOR allows you to concentrate on running your business. At the same time, they take care of all legal obligations related to employment law compliance and payroll processing.
The main advantage of using a global EOR is that it removes liability from your business. If something goes wrong with one of your employees, such as someone resigning without notice or being fired for misconduct, it will be up to the global EOR to deal with any claims made by that employee against their employer.
5 Benefits of Using a Global Employer of Record in Trinidad and Tobago
Our EOR acts as the legal employer and assumes all responsibility and liability for employees while they perform work for you. As a bonus, we can provide an end-to-end payroll solution.
We have over 20 years of experience working with multinational businesses to help them grow their business in emerging markets worldwide. Our team has helped thousands of companies get their feet in international markets through our EOR service.
The benefits of Global Employer of Record are the following:
- 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, tax filing requirements, or employee benefits programs across multiple countries since everything is handled by Acumen Global Employer of Record (EOR).
Global Employment Burdens Acumen Global EOR Helps Alleviate
- Compliant hiring and payroll in 190+ countries
- Ongoing monitoring of legal, firing & firing regulations
- Tax & benefits guidance
- Continuous labour, tax, payroll, and immigration compliance monitoring & updates.
2. Risk Control
- Permanent establishment risk
- Worker misclassification risk
- Under-taxation risk
- HR & immigration compliance risk
- Intellectual property right risk.
3. Need for Local Incorporation
- Outsourced HR support upon new market testing
- HR arm upon global expansion
- Business in transition – M&As, close-downs.
4. Employee Transfer
- From PEO to PEO
- From EOR to EOR
- From legal entity to legal entity
- Convert Independent Contractors to full-time employees.
5. All-in-one Solution
Acumen Global Employer of Record offers integrated global employment solutions under one roof and can replace multiple vendors, including:
- Payroll Company
- Employee Benefits Broker
- HR Consultants
- Background Checks Vendors
- IP Attorney
- Tax Advisor
- Translation service
- Legal Advisor
- Immigration Advisor
- HR Compliance Advisor.
6. Global Knowledge. Local Expertise and Support
- Faster time-to-hire with streamlined paperwork and communication
- One platform to onboard and manage all team members
- Streamlined global payroll
- Single source of truth for contracts and documents
- Dedicated customer service
- 24/7 local support
- Simplified hiring for Full-time employees and contractors
- Expertise with hiring and firing local and foreign workforce.
Save Up to 80% of Employment Management Cost with a Global EOR in Trinidad and Tobago
|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
Avoid the Risk of Employee Misclassification with a Global Employer of Record
Some companies may be tempted to avoid employing full-time employees and instead engage them as independent contractors. This can be risky, however, as if the tax or employment regulators or courts deem the true nature of the professional’s engagement to be employment, a company could have serious penalties and liabilities. For example, if an employee is deemed an employee, an employer will have to back pay those workers’ social security and other taxes. The Employer of Record engagement helps reduce the risk of misclassification and avoid fines and penalties.
Employer of Record solutions can help businesses comply with labor law regulations that classify workers as independent contractors rather than employees. This can be a cost-effective and 100% compliant solution in industries where workers would otherwise illegally be classified as contractors.
Global Employment Services
A Global Employer of Record Can Handle Tax Reporting
The Global Employer of Record is a risk-free and compliant tax reporting solution allowing employers to comply with tax obligations in multiple local jurisdictions. The Employer of Record is a strategic alternative to setting up local entities and paying local employment taxes and charges (payroll tax, social security contributions) in multiple countries worldwide. The onboarding of your international employees via EOR engagement takes simple steps; in most cases, it can be achieved within a couple of days, with no local entity setup costs and compliance risks.
Payroll Administration in Trinidad and Tobago
The Global Employer of Record processes the payroll across your multiple jurisdictions, which includes managing necessary tax withholdings and deductions, mandatory and voluntary benefits administration, expense reimbursements, and PTO (maternity, paternity, and sick leaves) entitlements to ensure full compliance with tax laws in Trinidad and Tobago and company regulations. The payment method and cycle will follow the client company’s requirements to comply with Trinidad and Tobago ’s legal regulations.
Fully Compliant Social Contributions via Global EOR in Trinidad and Tobago
Compliance with payroll and social contributions laws in Trinidad and Tobago is complex and can be affected by changes in the law. The Global Employer of Record ensures 100% compliance as an international employment expert. Some tax issues, such as how to treat options granted to foreign employees, are particularly challenging. As an experienced compliance expert, an Employer of Record understands the ins and outs of payroll and social contributions law, leaving them immune to any non-compliance issues.
How Does a Global Employer of Record Work?
If you’re looking to do business in a foreign country, it’s essential to make sure you’re compliant with local payroll laws. This is where an Employer of Record (EOR) can help. An Employer of Record (EOR) can act on your behalf to manage local employee-related matters such as payroll, tax deductions, and onboarding of new hires.
An EOR can provide a registered entity for running a local, compliant payroll, managing payroll taxes, benefits, compensations, deductions, social insurance, and employee information. An Employer of Record can guide you on the host country’s required notice periods, termination rules, and severance pays, saving thousands of dollars in lawsuits while freeing up HR from repetitive tasks.
With a global EOR partner, you can ensure that your business operates smoothly and legally in your new country of choice.
Spotlight on Trinidad and Tobago
- Location: Trinidad and Tobago is a twin island sovereign state that is the southernmost nation in the Caribbean.
- Capital: Trinidad and Tobago’s capital city is Port of Spain.
- Population: Trinidad and Tobago has a population of about 1,353 million and an area of 5,131 sq. km.
- Labor force: The labor force participation rate in Trinidad and Tobago is 60.6 percent.
- Currency: The national currency of Trinidad and Tobago is Trinidad and Tobago dollar.
- Holidays: Trinidad and Tobago has 7 major public holidays: Christmas, Divali, Easter, Eid Ul-Fitr, Independence Day, Indian Arrival Day, Republic Day.