Testimonial
Manuel Ramos
TERAO ASIA
Managing Director
We think INS Global is a good solution about starting business in new and complex markets. Understanding the market doesn’t mean you need to set up a company immediately.
5/5
INS Global is an international provider of HR outsourcing services that offers PEO (Professional Employer Organization) and Employer of Record (EOR) solutions to companies that want to expand to Slovakia without establishing a separate legal entity in a foreign market.
Like an international EOR, a PEO (Professional Employer Organization) provides companies with a way to simply and securely expand their operations overseas by outsourcing critical HR services to a third-party provider like INS Global. With a PEO in Slovakia, companies can office compliance assurance to employees worldwide in less than 72 hours.
When businesses need support throughout the global expansion process, an Employer of Record (EOR) in Slovakia offers cost-effective utility by taking care of employer responsibilities. Hire or transfer employees in markets worldwide in a fraction of the time of traditional methods with INS Global’s innovative employment outsourcing solution.
A PEO, or global EOR, can hire and manage HR functions for your staff abroad, allowing you to save time and costs. You can also operate confidently and in assurance of being completely compliant with local labor laws.
A PEO provides access to a team of legal experts who are on call at all times to provide legal guidance and advice in the face of unexpected challenges
Rather than the months it can take to establish a new company overseas , a PEO allows you to begin operations in just a few days.
The fees and costs of setting up operations in a new country can be especially problematic for a company during periods of growth. A PEO allows you to begin abroad in the best and quickest way possible
PEOs have teams of global expansion specialists on board to offer advice and show you the most efficient way to succeed in your target market
You can expand in the most cost-efficient way possible by minimizing your staff and structure in the new market
By partnering with a PEO or EOR service provider in Slovakia, companies can avoid many of the more complex or costly steps associated with international expansion.
A PEO allows you to set up operations overseas without a separate legal presence in that country, meaning you can immediately focus on your growth and success goals in that market.
A PEO…
Manuel Ramos
TERAO ASIA
Managing Director
We think INS Global is a good solution about starting business in new and complex markets. Understanding the market doesn’t mean you need to set up a company immediately.
While researching PEOs, you will likely see they discussed alongside or with EORs. The two types of services offer many of the same functions but operate differently in the way they relate to the client.
A PEO is a third party that offers HR services to employees of other companies. In a PEO agreement, the contract is made between the two companies.
An EOR officially hires and takes charge of all elements of EOR for employees of other companies on their behalf. An employment contract is made between the employee and the EOR in this case.
To read about these two services in further detail, you can read our article here.
INS Global offers both PEO and EOR outsourcing services in Slovakia, meaning we can formulate a strategy to meet your specific requirements.
Employment agreements must be made in writing and lay out the main conditions and benefits of the job.
Fixed-term contracts can be made for up to a maximum of 2 years.
Probation periods are no longer than 3 months.
Standard working hours cannot exceed 40 hours per week, and overtime may not exceed 52 hours per week (except in the event of seasonal work).
Overtime salary is paid as 125% standard rate. Employees are also eligible for special rates of 150% on a Saturday and 200% during a public holiday or Sunday.
There are 15 national holidays in Slovakia. Employers are expected to provide an additional day off if these holidays fall on a typical workday.
Employees in Slovakia are also eligible for a minimum of 4 weeks of annual leave per year (5 weeks for employees over 33, or 8 weeks for employees in special industries).
Annual paid sick leave in Slovakia amounts to 10 days, compensated at 25% standard salary for days 1-3 and 55% for days 4-10. Sick leave beyond 10 days is paid at 55% salary via social security.
Female employees are eligible for up to 34 weeks of paid maternity leave (with more in specific circumstances). Maternity leave is paid for via social security at 75% standard salary.
While there is no specific paternity leave mandated in Slovak labor law, parents may take parental leave until a child’s third birthday. Parental leave may be paid for by social security via a parental allowance.
Tax residents in Slovakia are taxed on worldwide income.
Income amounts up to a specific amount based on subsistence levels are taxed at 19%. Income above this level is taxed at 25%.
Employers should expect to contribute around 15% of an employee’s standard salary rate towards their social security payments. Employee amounts are 9.4%.
No, it is necessary to use a local entity abroad to comply with each country labor law.
Foreign companies can either set up a local entity in each country or use the services a local PEO (Professional Employment Organization) to hire the staff on-site directly.
The employer of record is the legal entity liable for the staff employed in a specific country. In practice, a foreign company can either open a subsidiary to become the employer of record of its abroad employees or use a PEO to act as the employer of record.
In general, 1-month is necessary to have an employee based out abroad using an existing PEO as the employe of record. When incorporating a new subsidiary to be the employer of record, the delay varies from 4-12 months.
Level 39, Marina Bay
Financial Centre Tower 2,
10 Marina Boulevard
Singapore 018983
