Doing business with a Hong Kong PEO / Employer of Record
Hong Kong is widely regarded as the financial capital of Asia, and there is no wonder with its low rates of taxation and its highly educated workforce. With around 7.5 million people, Hong Kong has a thriving economy and encouraging growth in a number of industries that are ripe for foreign investment, including manufacturing, real estate, and financial products. For businesses looking to expand into Hong Kong, it is prudent to consider the benefits of a professional employer organization (PEO) or employer of record (EOR), which can not only ensure compliant operations in country, but can also prove a convenient means of testing markets.
Read on to discover the benefits of using a PEO in Hong Kong, and get rankings of the best Hong Kong PEOs/EORs.
Why Use a PEO in Hong Kong?
Although Hong Kong has a relatively friendly regulatory environment, it can still represent a huge cost to organizations for them to set up their own entities, build a full administrative staff, and hire lawyers, accountants, and other professionals to oversee the company’s compliance with local laws. In this regard, starting a business in Hong Kong with a PEO/EOR can be beneficial. PEOs/EORs take on all the responsibility of hiring, onboarding, managing, and paying employees, and can even assist with contract renewals, terminations, or any disputes that arise. The main benefit is being able to outsource all administration and compliance matters, which allows executives to focus on higher value business activities.
Best Hong Kong PEOs / Employer of Record
New Horizons Global Partners
With a leading reputation in Asia, foreign companies should seriously consider New Horizons Global Partners to serve as their PEO/EOR in Hong Kong. NHGP has helped numerous clients to expand into Asia, and the fact that they are trusted by Fortune 500 companies speaks volumes about the quality of the service and the professionalism of their team. NHGP prides itself on its range of business services, and can assist in everything from setting up contracts in local languages to processing payroll and tax.
Global PEO offers a comprehensive suite of services for businesses looking to do business in Hong Kong. With in-country entities and a support team to provide guidance through the ins and outs of international expansion, Global PEO’s Hong Kong PEO is a great option for businesses of all sizes looking to expand overseas.
In addition, the company is well-known for maintaining strong relations to the Hong Kong government and prioritizes compliance during the expansion process.
3 – HROne
HROne serves its clients as an employment agency in Hong Kong, and it manages on their behalf a range of employment and HR related matters including contract signatures, taxes set up, and expenses management. A potential downside of HROne, however, is that they use what they call a ‘localized network’ to implement services, so it may be the case that foreign executives end up working with several different companies rather than one with a local presence for all services.
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If your business is interested in expanding your operations into Hong Kong, GlobalizationPedia can connect you with a PEO that best fits your needs at a cost-effective price. Fill out the form today and we’ll use our extensive database of strategic partnerships to provide you with a full rundown of the best potential PEO matches for your company.