How an International PEO Company Can Help You to Expand in Sri Lanka
Expanding an existing business to an overseas country is often a dream come true for businessmen. If you’ve been looking for an international PEO company to establish your presence in Sri Lanka, look no further.
When it comes to Asian countries, Sri Lanka is one of the most welcoming countries for foreign investment. The government is happy to welcome businesses from other parts of the world due to high demand for a depleted foreign currency reserve owing to the COVID 19 pandemic.
The employee statutory requirements in Sri Lanka are also quite easy to comply with. So, as a business owner, you should definitely think about Sri Lanka as one of your prime choices.
The role of an international PEO company is to provide you with both global and local support to establish your presence in a foreign country. For most businesses, the initial setting up of office in a foreign country is a costly and time consuming process and could be quite daunting without the local expertise and know-how.
However, when you opt for an international PEO company like ours, you can start your operations in Sri Lanka in a couple of weeks and depending on the nature of the operation, you don’t even need to form/register a company in Sri Lanka. We can employ your staff under our company and even source suitable office space and other facilities. You can fully concentrate on your business, while we provide all the necessary resources. Our solutions can be up to 60% more cost-effective for small and medium size operations. Our team of experts have vast experience in the process and can get you up and running within weeks!
So, here are a few reasons to work with us to expand your business to Sri Lanka.
- Free from Statutory Obligations
In Sri lanka the labour laws are inherently protective of the employees and the labour department and its affiliate labourtribunals have a tendency to be sympathetic towards employees cause. Therefore, entities directly employing staff under their payroll have to be mindful about this factor.
The statutory obligations /payments are mandatory and are enforced very seriously by the authorities. The liability statutory obligations go beyond the limited liability of the entity. The directors of the entity are personally liable and will be held accountable if found non-compliant. An entity that opts for a PEO company is totally free of this liability.
- Free from Compliance Risks
When you set up business operations in a new country, it’s mandatory that you comply with all relevant rules and regulations of the host country. However, establishing and maintaining compliance is a challenging task for an entity that is not familiar with local regulations. With us, you don’t have to worry about these things. We are fully compliant with all the local laws and regulations and even goes beyond local requirements to comply with international standards such as GDPR.
- Free from labour and employee issues
The PEO company is the official employer of the employees and as such will take care of all external issues relating to labour as well as internal staff issues that may occur from time to time. Having local knowledge, the PEO company is in a better position compared to the a foreign entity to deal with such matters, amicably and efficiently.
- Lower Costs
This is one of the biggest benefits of working with us. We can facilitate your overseas business expansion at a cost you won’t think is possible. We can save you up to 60% of the cost of launching and maintaining your company in Sri Lanka.
- Easy Getting in and out
In most cases, both launching and dissolving a business entity is a time-consuming and costly process. But when working through us, you can launch your operations and when required wind-up your operation within days without any hassle. It gives you the strategic flexibility to shift between overseas countries for business purposes.
We know about many businesses that suffer from scalability issues when they expand to other countries. In Sri Lanka, we’ve created a platform as an international PEO company where you have the freedom to scale your business as you want. We have a very diverse and committed team that knows how to manage all kinds of business expansions.
Why Sri Lanka?
- Availabilityof highly skilled professionals (ie IT, Accountancy…etc)
- Much lower salaries compared to developed counties
- Flexible working hour policy
- Flexible pay cycle
- Favourable tax regime
Ready to Expand Your Business?
Expanding a small or medium business to a foreign country is often a challenge for business owners. It’s quite intimidating at times as well. But when you have an international PEO company like us by your side, there’s no need to worry.