Our experienced staff assists our clients by utilizing online payroll tools to handle their businesses process-driven activities. We move the tedious payroll and administrative work of our clients to an online platform to automate and handle various aspects of the traditional payroll and HR process. The result is a clean and efficient payroll process that improves productivity, lowers expenses, and allows our clients to focus on the key business activities that make their business profitable.
FastLane offers a wide range of comprehensive payroll and HR outsourcing services.
Talenox is a cloud-based HR software that is designed to manage tasks related to payroll and leave and was nominated as Best Payroll Software by HRM Asia. Being able to fully integrate with platforms such as Xero and coming with an easy set-up process, Talenox is an efficient way for companies to streamline their HR processes.
Gpayroll is a simple, easy to use online payroll tool. Its automated system allows its users to handle all aspects of their payroll and can assist companies in their regulatory compliance. The platform is fantastic for small businesses as it can be easily integrated into other online tools commonly utilized by start-ups and SME’s such as Xero.
Outsourcing payroll processes lets professional service providers handle all your payroll, and even possibly HR related tasks. Doing so frees up resources for more strategic tasks that can ultimately affect a company’s bottom line as repetitive tasks will no longer require hours of attention from a company’s key management.
When considering outsourcing a payroll process, companies should examine their internal resources. What is my in-house capability? Is my HR staff familiar with local tax and labour laws? Does my payroll contain confidential information that I’d rather my internal teammates in HR not be privy to? If any of these questions make you consider outsourcing your payroll, then perhaps it is time to do so!
Cloud-based / online payroll software offers a diverse range of benefits not commonly found in traditional payroll systems. Very simply, users of a cloud-based payroll software can enjoy cost advantages, increased efficiency, improved financial control and can devote more time and resources to business driving activities.
FastLane charges a setup and monthly processing fee in accordance with our clients headcount. Employees will only be counted towards the headcount when they are onboarded. Payroll, MPF calculations, tax administration and related off-boarding / termination filing services are included in our monthly fee. Other advisory fees are based on fixed fee quotations on a case by case basis.
Under Hong Kong’s Employees’ Compensation Ordinance (“ECO”), no employer shall employ any employee unless the company has an insurance policy in place to cover any potential injuries or liabilities incurred in respect of all their employees. Employers who fail to comply with the ECO to secure an insurance cover are liable to a maximum fine of HKD 100,000 and imprisonment for two years.
According to the Hong Kong Labour Department, employers should follow the minimum insurance cover when taking out employees’ compensation insurance:
|
No. of Employees |
Amount of Insurance Cover per event |
| Not more than 200 | not less than HKD100 million |
| More than 200 | not less than HKD200 million |
As it is the employer’s responsibility to ensure that adequate coverage is available for their employees’, it is recommended to notify an insurer when developments or issues arise.
According to the MPFA, both full-time and part-time employees are covered by the MPF system and it is the employer’s responsibility to enroll their employees in an MPF scheme within the first 60 days of their employment. To do so, employers should consult the MPFA’s List of MPF Approved Trustees for qualified MPF schemes. The employer, upon selecting one or more of the MPF schemes available on the market, should offer them to their employees.
Self-employed individuals must also enroll themselves into an MPF scheme within 60 days after becoming self-employed. However, exempted persons are not required to do so.
Unlike ECI which is mandatory in Hong Kong, health insurance is not. The decision on whether or not to provide employees with health insurance lies with the employer. Despite not being mandatory, the vast majority of Hong Kong businesses provide health insurance to their employees, though the level and extent of the coverage varies greatly. Health insurance plans can be purchased for a group of individuals from providers.
Hong Kong health insurance schemes generally provide coverage for the following categories:
When building and managing a team, Hong Kong employers must take into consideration the various regulations surrounding employment. We recognize that staying up to date with Hong Kong’s continuously developing statutory employment requirements is a time consuming and tedious task. FastLane can provide updates on any regulatory developments and can advise on how best to navigate and adhere to your business’ employer responsibilities.
The FastLane Group can assist clients in applying to the various visa schemes offered by the Hong Kong Government. We have obtained extensive experience assisting entrepreneurs, start-ups and SMEs in the visa application process. If you require assistance navigating the complex visa process, FastLane can offer guidance to improve your chance of a successful application.
