Also still known as Burma, Myanmar is an emerging economy, with strong potential for new businesses. The recent policy reforms that have embraced anti-corruption laws, currency exchange rate regulation, and foreign investment laws and taxation rates have been highly desirable for foreign companies, who increased their investments by more than 6500% just after the changes were enacted. With the United States and other countries now encouraging business entries into Myanmar, the nation is poised for even more growth. Even so, the advantages of setting up a business presence in Myanmar can offer challenges.
Balancing expatriate and local hires can slow business launches as contracts and compensations are negotiated. Criticism of the country’s human rights records should encourage careful consideration of hiring practices and employee benefits. At the same time, current access to Myanmar’s abundant mineral and renewable energy resources and labor market encourage swift decisive action on new business launches.
Professional Employer Organizations (PEOs) and Employer of Record (EOR) services allow new Burmese businesses to hit the ground running. These simplify the recruitment and hiring of employees in Myanmar as they expedite staffing and company openings. Overseas owners can expand while focusing on company growth and strategy in this growing economy.
Read on as we explore the benefits and ratings of Myanmar’s top PEOs/EORs for your needs.
Speeding up employee hires, smoothing payroll services, and staying abreast of changing labor laws are just a few things that a competent PEO/EOR offers. The experience and local expertise of a local PEO allows businesses to hire employees in Myanmar efficiently and quickly while remaining compliant with Burmese worker protection legislation.
Best Myanmar PEOs & Employer of Record Velocity
Velocity Global has worked with companies in Myanmar since 2015, providing hiring, human resources administration, and payroll assistance. They provide information on global expansion, the general ins-and-outs of PEO, and suggestions on how to handle onboarding through their information center. Priding themselves on their knowledge base and fast hiring and employee onboarding, United States-based Velocity is currently expanding its cloud-based platform offerings for payroll and other services.
New Horizons Global Partners
New Horizons Global Partners has both a local presence in Myanmar and experience that includes work with Fortune 500 companies. They can secure and administer contracts in Burmese, guarantee legal and tax compliance, and deliver turnkey solutions for new businesses, including site assistance and employee procurement. For simplified launches and expert local guidance, New Horizons is a one-stop solution for PEO/EOR solutions.
With a worldwide client list and automated payroll services, Papaya is a simplified PEO solution for many industries. They offer competent, unified workforce support for over 100 countries, including Myanmar.
Using their cloud-based SaaS system, Papaya is able to operate largely online. Their localized insights and centralized management are efficient for new companies already partnering with local Burmese advisors. By shifting a portion of their human resources administration to the web, established businesses in Myanmar can outsource and simplify areas such as payroll.