Expanding your business globally? How to speed the time to global markets

 UK businesses of all shapes and sizes are currently looking to expand overseas in a bid to capitalise on increased revenue opportunities in new marketplaces. In fact, since the seismic Brexit vote and US election results, 42% of UK businesses are now more inclined to expand their operations overseas, with emerging markets becoming increasingly attractive to 63% of businesses according to Dubai Multi Commodities Centre (DMCC).

Businesses deciding to follow traditional processes when expanding into a new market though – especially in countries that have significant cultural differences to the UK – face a complex set of challenges. But help is at hand in the form of an Employer of Record (EOR) service provider.

What is an EOR though? In short, an EOR takes legal responsibility for employees in foreign markets, as well as taking all of the time-consuming administrative tasks involved in managing workers away from businesses, many of which often don’t have the knowledge or experience to handle them.

By streamlining risk management, HR, benefits, payroll, tax and labour law compliance, EORs provide resources which many businesses find difficult to gain access to on their own when setting up a new operation overseas.