When you expand your business internationally, the process comes with a series of steps. Once you recruit and hire a qualified team, you need to consider payroll practices and how you'll ensure...
Read MoreWhen you expand your business internationally, the process comes with a series of steps. Once you recruit and hire a qualified team, you need to consider payroll practices and how you'll ensure your employees get the payment they deserve.
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When you expand your business internationally, the process comes with a series of steps. Once you recruit and hire a qualified team, you need to consider payroll practices and how you’ll ensure your employees get the payment they deserve.
Payroll also involves various legal regulations, such as tax and entitlement laws. If you’re not familiar with Brunei’s labor regulations, you may find compliant practices challenging. At Globalization Partners, we relieve you of payment responsibilities by adding your employees to our payroll. We’ll handle all the legal aspects of your expansion, so you can focus on growing your business.
Brunei doesn’t impose any income tax — or any other type of tax, such as value-added or social security — on citizens. However, employees can contribute to a pension fund under the Tabung Amanah Pekerja (TAP) Act. Workers can invest a minimum of 5% of their paycheck, and you must match that amount.
Taxation regulations primarily fall on companies. When you are running your business, you should be mindful of the income tax and various other taxes imposed on your operation.
When you expand your business, you need to find a way to manage payroll. This process involves releasing paychecks on time and following through with any necessary regulations. Your payroll options are:
The steps to set up payroll depend on the method you choose. While remote payroll involves adding your international employees to your current system, local and internal methods rely on creating an in-country subsidiary.
Forming a subsidiary involves a series of steps, such as verifying your company name, registering your business with the right authorities, and opening a bank account. This process requires various documents and plenty of time before you’re ready to conduct business.
The most crucial aspect of payroll is enrolling with TAP and filing your employees’ information online. This registration ensures your workers receive their federal pension plan. Once you complete the process, you’ll be responsible for submitting monthly payments.
There are no entitlement or termination packages guaranteed to employees. If an employee provides proper notice for termination of service, you’re required to give them their final paycheck on their last day of work. If the employee does not provide proper notice or leaves before their last day, you have seven days after the last shift to deliver the final paycheck.
Globalization Partners has all the knowledge and resources you need for successful payroll management. Once your employees are on our payroll, all you need to do is confirm the paychecks and send us the funds monthly. Contact us today to learn more about our payroll outsourcing and global PEO 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.
