A Professional Employer Organization (PEO), in simpler terms, is a company that provides employee management solutions and takes on the legal responsibilities of being an employer. It does this for another company, which then contracts its services. The services that PEOs offer their clients depend on the provider, but they typically include managing payroll and onboarding processes, recruitment, administering benefits programs, and offering HR solutions.
A PEO can be beneficial to many types of organizations and people, such as large enterprises, SMEs, start-ups, educational institutions, individual contractors and freelancers.
This article is a useful guide for small business owners to consider working with a professional PEO like FastLane to help them hire employees and expand to a new market.
What you’ll learn:
2. How FastLane can Help you Hire Employees and Expand to New Markets?
2.2 Employees hiring in 48 hours
2.4 Hire employees without an entity
2.5 Support your global expansion
What does a PEO do?
PEOs differ from traditional businesses as they handle the employment process directly. This means that they are in charge of payroll, employee benefits, and taxes. The client business still has control over the employees but not all of the tedious paperwork involved in hiring them. The PEO will act as the “Employer of Record” for insurance and tax purposes while also being responsible for a host of administrative tasks and complying with various regulations. Although this may be the case, all employees still receive their work assignments and instructions from the client company.
PEOs are sometimes called ‘co-employers’ in certain markets. You can find more information on the co-employment model below. PEOs are sometimes called ‘co-employers’ in certain markets. You can find more information on the co-employment model below. By partnering with a PEO, client companies can drastically lower employment costs. A PEO typically provides services more effectively than the client company alone, resulting in cost savings.
How FastLane can Help you Hire Employees and Expand to New Markets?
With a team of specialists handling corporate affairs, FastLane provides a more comprehensive set of services than other PEOs in order to better support expanding businesses. Through partnering with us, you can take advantage of the following 5 major features to capitalize on the opportunities to expand to new markets efficiently:
1. Build a global team
Working with PEOs allows you to expand your hiring pools in almost every part of the world and fast-track your market entries before establishing your own company in different international markets.
2. Employees hiring in days not months
Tired of waiting weeks or even months to complete the hiring process for your foreign entity? We can help you do it in as little as 48 hours.
3. Simplify your payroll
Assist your business by using online payroll tools to automate HR and payroll-related tasks. Automate and handle payroll-related tasks to improve the efficiency of the payroll process including getting your employees paid.
4. Hire employees without an entity
With a team of HR, legal, tax, client services, and accounting professionals, we help you cut down the costs of administering benefits, streamline payroll processes, and successfully expand into international markets without having to create your own business.
5. Support your Hong Kong expansion
Many companies find that they need a range of different services to help them expand internationally, depending on the country and its laws. Thus, we offer a comprehensive suite of professional corporate services, including:
We want to be your go-to audit firm in Hong Kong, which is why we have a team of qualified and experienced auditors. We are speedy and professional while still ensuring accuracy in order to help your company meet all Hong Kong regulatory requirements.
Fastlane embrace technology to run all your accounting work through our cloud-based accounting platform. As a Xero Platinum partner, we have extensive experience in helping companies to handle accounting work through the Xero accounting platforms.
The Hong Kong immigration department has various requirements for foreign skilled professionals looking to move here, making the recruitment process difficult. Save time and become more efficient in processing employment visa applications with the help of PEO.
Whether you have a small or large company, FastLane can help with all your international business goals. Our incorporation specialists will use their experience and expertise to eliminate the burden of paperwork from your shoulders, so you can focus on developing your business.
With our extensive experience in corporate services, you can trust that FastLane will help get your business a foothold in the global market. Relax and focus on your business goals, and we will make sure the expansion process is executed smoothly without any legal issues. Let us help you with employee hire and company growth! Contact us today!