- Global HR Compliance
- Global PEO and Payroll
- Work permit for hiring expats via PEO
- Expand without a company set up
- Contractor vs. Employee: Which Is Better?
Global Employer of Record in Serbia
9 Global Employment Challenges to Consider
If you’re thinking about expanding your operations to a global level, you’ll want to consider all the details that go into that decision. That includes everything from choosing the most cost-effective country and the right entity type to preparing for the challenges of doing business across borders. Choosing a location that works with your overall strategy and offers lower taxes could be one way to help improve profitability.
Serbia is attractive for international companies who want to do business in Europe and beyond. However, establishing a permanent business entity in Serbia is not always the optimal solution for companies just beginning to explore Serbia’s business landscape. Even if a permanent in-country entity is your end goal, you may need to gather a boots-on-the-ground team to help you get things up and running, prior to incorporation.
As you prepare to expand internationally, it’s crucial to understand how each factor impacts the overall success of your business. Here are some global expansion challenges.:
- Every country in the world has its own set of unique laws for businesses.
- The legislative and regulatory landscape is ever-evolving. Keeping track of changes is cumbersome.
- Global HR Compliance challenges
- Need to understand and keep track of ever-evolving local labor laws and tax regulations across multiple jurisdictions
- Need to understand the local labor market
- Need to understand local business practices pertinent to employment
- Need to adhere to the company’s global employment policies
- Need to understand local competition and benchmark against common business practices
- Working with different languages, time zones, customs, and cultures
No matter which countries you expand to or what type of operation you open, there are some significant issues you will always have to deal with. Global expansion decisions come with a lot of moving parts. The decision to expand internationally can significantly impact your business, so it’s essential to make sure you handle it correctly.
In any case, Acumen International offers a perfect global Employer of Record (EOR) solution for legal and compliant hiring and compensating of your workforce in Serbia.
10 Steps to Help You Navigate through Global Expansion Journey
- Determine Your Global Expansion Strategy
- Building a Global Expansion Team
- Choose the most business-friendly and cost-effective countries
- Determine the most effective mode of entry, keeping the ease of exit in mind.
- Determine the suitable talent engagement model
- Develop a robust global talent acquisition strategy. Find an experienced and reliable Employer of Record partner
- Compliantly hire local and foreign talent in multiple jurisdictions
- Create Global HR Compliance and Employment Risk Management Strategies
- Maintain reliable talent management systems. Adhere to local labor laws and HR compliance regulations.
- Global Talent Retention Programs
Global EOR (Employer of Record) Services: Save Up to 80% of Employee Management Cost in Serbia
|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
What Services Can a Global Employer of Record Provide?
1. Onboarding of Local and Ex-pat Employees in Serbia
With the growing need to hire talent in a rapidly emerging, competitive, and international market, it is important to partner with a trusted Global Employer of Record that can provide international employment expertise and labor law compliance for your company expanding to Serbia. The Acumen International Global Employer of Record is an efficient, effective, and reliable EOR service portfolio to manage the employment process.
A Global Employer of Record with a wealth of international and local expertise and necessary processes can be a great resource to help orchestrate the employment process while complying with all applicable regulations in Serbia.
Global Employer of Record companies can help businesses bridge the gap when establishing a foreign legal entity.
Acumen International can help your business get a foothold in Serbia by offering world-class immigration and compliance services. An intelligent approach to hiring and a vast array of global EOR services that minimize up-front costs can provide your organization with a robust workforce pipeline in one fell swoop.
2. Compliant Employment Contracts in Serbia
The global EOR in Serbia provides draft employment contracts in compliance with the applicable local employment regulations. The contracts are tailored to meet best the needs of both employees and your organization as the factual employer. Employment Contracts are designed to reflect the specific local employment regulations at the time of contract execution in Serbia.
Employment Contracts can be drafted for temporary or permanent assignments or full-time or part-time work. Global EORs help ensures that all Serbian employees have access to standardized terms and conditions appropriate for their employment status and location.
The Global Employer of Record solutions provider will provide administrative support for any legal matters that arise from your collaboration.
3. A Global EOR Provides Payroll Administration Services in Serbia
An EOR is a company that helps companies to manage the administration of employee pay in other countries. When you employ someone in another country through an EOR, you provide the funds, and the EOR handles the distribution of salary, social security contributions, and retirement accounts.
An EOR, or Employer of Record, can help you avoid costly fines and headaches regarding international payroll. By working with an EOR, you can safely and securely hire workers from foreign countries without worrying about each country’s complex tax laws and employment regulations. Find the best candidate for the job, and let your Global EOR take care of the rest!
4. Work Permits for EOR Employment of Your Selected Candidates in Serbia
We provide work permits and immigration support for our ex-pat clients. Our team of specialists will help you navigate the complicated process of obtaining a work visa or residency permit to facilitate your early arrival in the country. By working with one provider, you’ll avoid the hassle and rejection of dealing with multiple agencies.
5. Payroll Calculations: Country-specific Requirements
In many countries, payroll calculations vary significantly. For example, employees in some countries may receive a 13th and 14th-month salary halfway through the year or at Christmas as standard. Thus, it’s essential to be aware of the payroll practices in your country of employment.
Some countries have different rules when it comes to employment contracts. To avoid any surprises, it is crucial to understand how payroll calculations work in your new country. In some cases, you may be responsible for paying your employees for the entire contract duration even if they are not performing as expected or you want to end their employment early. This can be a financial shock to foreign employers who are not used to this practice.
For this reason, it is essential to ensure that you partner with a Global Employer of Record in Serbia.
Global Payroll Calculator: Accurate Global Employment Cost Estimation
When hiring employees and contractors across the globe, you may not be choosing the most cost-effective and business-friendly country.
- Do you know which country is the most cost-effective place to hire employees?
- What are the costs of entity establishment and legal representation?
- What are the payroll costs and management fees?
- What are your ongoing annual tax compliance costs?
- Are you fully aware of banking implications?
- Did you know that labor laws and hidden costs could make your company less efficient when choosing a country to run your business?
- Did you know that there could be a more cost-effective country to hire employees in and save up to 50%?
This is because countries have different labor laws, compliance, and tax regulations. What if, instead of limiting your company’s international expansion by cutting through the jungle of local regulatory compliance, tax, labor, and immigration requirements, you could have all the information of 190 countries at your fingertips?
Acumen International offers the Global Payroll Calculator to help businesses understand the compliance requirements for conducting business in a new country. Acumen’s research team tracks developments in 190 countries around the globe. It provides up-to-date data on local regulations related to tax, payroll regulations, benefits, hiring practices, compliance requirements, and other labor-related factors that impact an employer’s bottom line. This valuable information makes the Global Payroll Calculator an invaluable tool for businesses looking to expand internationally.
Global Payroll Calculator helps companies reduce labor costs by providing up-to-date information on hiring, compensation, and tax requirements. It is also an ideal tool for quickly locating employees in any country.
What Services Does a Global Employer of Record (EOR) Provide?
- Global payroll management;
- Compliance with local tax rules (file & deposit) of the country where the EOR company is located;
- Handling compliant employment contracts:
- Background, education, and other checks;
- Compliant onboarding and termination processes, as well as employee’s compensation;
- Arranging visas and work permits for employees;
- Ensuring the working process is organized under local labor laws;
- Processing workers’ medical insurance and other benefits (day-offs, bonuses, and more);
- Global employment process maps, matter maps, employment guides, and other documentation.
Spotlight on Serbia
Serbia, officially the Republic of Serbia, is a country in Southeastern and Central Europe. Serbia has a transitional economy largely dominated by market forces, but the state sector remains significant in certain areas. The economy relies on manufacturing and exports, primarily driven by foreign investment.
- Location: Serbia shares land borders with Hungary, Romania, Bulgaria, North Macedonia, Croatia, Bosnia and Herzegovina, and Montenegro, and claims a border with Albania through the disputed territory of Kosovo.
- Capital: Belgrade.
- Currency: Serbian Dinar (RSD). The salary is paid in local currency but can be denominated in other currencies with an exchange rate date set in the employment contract.
- Official language: Serbian.
- Population: 6,739,471.
- Labor force: 3 million.
- Most developing industries: Automobiles, base metals, furniture, food processing, machinery, chemicals, sugar, tires, clothes, pharmaceuticals. Serbia has very favorable natural conditions for varied agricultural production. The energy sector is one of the largest and most important sectors to the country’s economy.
- Main trading partners: Germany, Italy, Bosnia and Herzegovina, Romania, Hungary, China, Turkey.
- Minimum statutory salary: The government-mandated minimum wage in Serbia is 201.22 RSD net per hour.
- Thirteenth salary and other additional remunerations: There is no legal requirement for 13-month payments. Employers may issue bonuses following the contract or employer’s decisions, with the salary, or separately.
Employ Your Selected Workforce via Acumen Employer of Record (EOR) in Serbia
Acumen’s Employer of Record solution in Serbia offers an efficient and inexpensive alternative to an own company setup and direct hiring to meet your global employment needs. Our solution allows companies to operate in Serbia and in 190 international markets where we serve our clients without registering as a local business entity.
As an Employer of Record services provider, Acumen International helps businesses to legally engage and pay their selected highly skilled professionals in Serbia. Businesses that want to attract top local talent should plan on offering competitive salaries and benefits.
Acumen International’s EOR in Serbia helps employers and service companies representing international clients to hire and compensate local employees in Serbia. We offer professional assistance to meet our clients’ global HR needs, such as:
- Global talent acquisition and retention
- Global expansion, to help you quickly enter new global markets without legal and HR compliance risks
- Local support for international clients and their expat employees.
A Comprehensive Global Employment Solution & a Single Point of Contact
Managing the employment side of your business can be a full-time job in and of itself. There are many options to consider when it comes to finding help, from payroll companies and tax and immigration advisors to employee benefits brokers to human resource consultants.
One alternative to working with numerous vendors is partnering with a Professional Employer Organization (PEO). International PEOs can manage all aspects of your business’s human resources, from benefits and payroll to unemployment management and safety training. This can free up your time to focus on running your business.
A global PEOs can provide a full suite of services to help you replace the following multiple vendors.
- Payroll Company
- Employee Benefits Broker
- HR Consultants
- Background Checks Vendors
- IP Attorney
- Tax Advisor
- Translation service
- Legal Advisor
- Immigration Advisor
- HR Compliance Advisor.
Let Acumen Global EOR Handle the Employment, Tax, and Compliance Aspects in Serbia
As you can see, Global EOR is an option for business owners who want to expand their operations internationally, including in Serbia. It’s a revolutionary way to internationalize your business without setting up a new entity, hiring local employees in each country where you have operations, or worrying about the legal and regulatory complexities of operating in multiple jurisdictions.
Acumen Global EOR can help you by removing some of the burdens of your busy schedule and the risks involved. Rest easy knowing that everything is taken care of. Global hiring is no more a hassle! With Acumen Global Employer of Record in Serbia, you can employ, manage, and pay your employees in over 190 countries. No entity is needed, start international operations with no delay.
To find out more about how Global Employer of Record can help your organization grow into new markets, contact Acumen International today to discuss how we can help you achieve your goals.
Partner with Acumen International as your #1 global Employer of Record services provider, and let us help you manage your overseas employment and HR needs. With Acumen, you can rest assured that all legal requirements are met for compliant hiring and compensating your local and expatriate employees in Serbia and 190 countries worldwide where we serve our international clients.