Doing business in Bangladesh with a PEO / Employer of Record
As one of the world’s fastest-growing economies, Bangladesh incites a great deal of interest from foreign businesses. The country’s focus on export-oriented industrialization has resulted in a steady GDP growth curve and steadily rising per capita income. Industries such as telecommunications, natural gas production, and shipping are key commodity players for new companies.
Strategic ties with China and India are also appealing to certain sectors. Both countries pour money into the Bangladesh economy, and strive to maintain positive relations. Exports of items such as soft consumer goods, however, favor Western countries, The U.S, Germany, and the U.K. are top recipients. With the government openly encouraging foreign investment, new companies find advantages in working with Professional Employer Organizations (PEOs) and Employer of Record (EOR) services. Here, we’ll discuss the benefits of PEOs/EORs in Bangladesh and go over the top choices in Bangladesh.
Why Use a PEO in Bangladesh?
Bangladesh PEOs can offer the type of hiring expertise that foreign business owners need, letting them avoid the hassle of setting up a legal entity. The country has a good pool of workers, but the navigation of their labor laws can prove to be challenging. The benefits of a PEO working as your legal Employer of Record are numerous, as they can handle everything from staffing to payroll and human resources issues.
Best Bangladesh PEOs & Employer of Record
1. New Horizons Global Partners
New Horizons Global Partners are leaders in providing comprehensive support services – extending to staffing, recruitment, entity setup, and more. For new Bangladesh business expansions, the Shanghai-based NHGP offers highly competent coverage of the Asian market, elevated by a local presence Bangladesh. NHGP offers tailored workforce solutions and human resources management for a diverse worldwide portfolio.
For businesses that are exploring the Bangladesh market, NHGP offers a full suite of PEO/EOR solutions. They partner for quick and simple business opening, covering everything from finding locations to acquiring talent.
2. Velocity Global
An established PEO in Asia, Velocity offers “end-to-end” PEO/EOR solutions in Asia since 2014. They offer help with a number of Human Resources aspects, such as recruitment, payroll, and tax administration.
A worldwide presence over 185 countries helps broaden their perspective on effective business practices, and their general employment solutions can help with quick openings.
3. Globalization Partners
Serving 170 countries around the world, Globalization Partners is diverse and experienced in foreign market entry for countries like Bangladesh. Their platform can provide payroll and human resources management from a central cloud location.
It’s possible that a PEO/EOR with local consultants can provide a more tailored solution for new businesses, as GP is quite a large group, relying on a centralized suite of services.
Request a Bangladesh PEO Proposal
If your company is looking to expand your operations into Bangladesh, GlobalizationPedia can connect you with a PEO that best fits your needs at a cost-effective price. Fill out the form below and we’ll leverage our extensive database of strategic partnerships to provide you with a full rundown of the best potential PEO matches for your company.