As a business owner, you're already familiar with payroll processing and distributing employee paychecks. When you expand abroad, you'll handle these processes under new employment laws. At Globalization Partners, our payroll outsourcing...
Read MoreAs a business owner, you're already familiar with payroll processing and distributing employee paychecks. When you expand abroad, you'll handle these processes under new employment laws. At Globalization Partners, our payroll outsourcing makes it possible to stay organized and compliant in Saint Vincent and the Grenadines.
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As a business owner, you’re already familiar with payroll processing and distributing employee paychecks. When you expand abroad, you’ll handle these processes under new employment laws. At Globalization Partners, our payroll outsourcing makes it possible to stay organized and compliant in Saint Vincent and the Grenadines.
This Caribbean nation operates on a progressive income tax system with a Pay As You Earn (PAYE) model. As an employer, you must deduct taxes from your employees’ paychecks. The tax levels are as follows:
Employers are also responsible for making contributions to the National Insurance Services (NIS). Employers and workers make a set contribution for every paycheck. Employees owe 4.5 percent, and employers owe 5.5 percent.
When you establish payroll for your international company, you have a few options for managing it. You need to consider your company’s resources and the amount of legal risk you’re willing to take on. Your options include:
If you want to set up an internal department for managing payroll, you need to apply for incorporation through the Commerce and Intellectual Property Office. The actual registration process may only take a few days, but you will need to work with a lawyer to create your company bylaws, which may take much longer.
Regardless of whether you have an entity in-country, you’ll need tax and NIS information. When you hire your employees, make sure to request your workers’ Tax Identification Numbers (TINs) and NIS registration numbers.
Your payroll practices will remain crucial during termination as much as any other time. Severance pay is required for termination due to redundancy, illness, or any other reason that isn’t classified as good cause. Good cause for termination includes:
Severance pay calculation is as follows:
Globalization Partners offers payroll outsourcing to simplify your employee payment processes. Our team of lawyers and HR experts ensures every paycheck is compliant while you offload the legal risks to us. Get in touch with us today to learn more about our services.
If you’re ready to grow your business, or you have questions about a specific country, complete the form. One of our experts will be in touch shortly.
