Kyrgyzstan, officially known as the Kyrgyz Republic, is a small, landlocked country in central Asia known for its mountainous terrain and history as a stop on the trade route. Today, the country...
Read MoreKyrgyzstan, officially known as the Kyrgyz Republic, is a small, landlocked country in central Asia known for its mountainous terrain and history as a stop on the trade route. Today, the country is home to more than 6 million people who speak Kyrgyz and Russian. If your company is considering an expansion to the country, you have many factors to consider, including your payroll.
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Kyrgyzstan, officially known as the Kyrgyz Republic, is a small, landlocked country in central Asia known for its mountainous terrain and history as a stop on the trade route. Today, the country is home to more than 6 million people who speak Kyrgyz and Russian. If your company is considering an expansion to the country, you have many factors to consider, including your payroll.
Countries usually cannot set up their Kyrgyz Republic payroll until they have a registered entity in the country. After months of working on your expansion and officially incorporating, you can start to consider your different Kyrgyz Republic payroll options. However, Globalization Partners offers the one option that will outsource both your payroll and your compliance, save you stress, and help you start working faster.
Both employers and employees contribute 10% of their wages to social security, but employers have additional requirements to meet. As an employer, you must contribute a total of 17.25% of wages to the following funds:
The Kyrgyz Republic has several different payroll options for companies who want to expand, including:
Before setting up your Kyrgyz Republic payroll, you’ll have to create a subsidiary in the country. Unfortunately, doing so can set you back anywhere from a few weeks to a few months and keep you from hiring employees and giving out benefits and compensation.
Choosing Globalization Partners will help you start working faster. You can use our established Kyrgyz Republic PEO to hire employees and add them to payroll. We’ll shoulder all compliance and manage the risk so that you can exclusively manage your business.
One of the most difficult aspects of employment compliance in a new country is terminating an employment contract. Locking in entitlement and termination terms as part of an employment contract can help prevent misunderstandings between you and the employee. In the Kyrgyz Republic, you can use probationary periods up to three months for regular employees and up to six months for managerial positions. Written notice depends on the cause for termination, and employees are generally entitled to severance pay.
If you’re ready to grow your company across the globe, we can help. Contact us today to learn more about Kyrgyz Republic payroll outsourcing.
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