Many employers often incorrectly assume that they would need to establish a foreign entity in order to initiate business operations in another country. INS Global offers a PEO solution that allows your company to enter a new market and begin operations right away. If you are thinking of taking your business to the Vietnamese market, this may be the solution for you.
A Simple Solution for Doing Business in Vietnam
Vietnam is steadily becoming a more attractive market to enter. Its rapid and stable growth over the past few years serve as a positive indication of the potential the market possesses. Although there are various ways to enter the market, using a Professional Employment Organization (PEO) is one of the easiest methods and it provides a great deal of flexibility.
Why enter the Vietnam market?
Due to how fast the economy in Vietnam has grown over the past few decades, many companies can see the opportunities Vietnam has to offer. The government of Vietnam is also committed to attracting more foreign investment by reforming various administrative procedures and institutions, thus simplifying the process of doing business in Vietnam. With a growing middle class, strong economic growth rates and regulations that encourage foreign investment; starting a business in Vietnam is becoming an increasingly attractive prospect.
What is a PEO?
A Professional Employment Organization is an outsourced human resource solution that provides a range of services; such as setting up payroll and managing compliance with labor laws, among other human resource functions. A PEO or Employer of Record (EOR) can hire staff on behalf of your company; and while you will still maintain full control of your team, they will appear on the PEO’s books for compliance and tax purposes. Using a PEO is advantageous for an employer in many ways and is becoming an increasingly popular means to expand a business into a new territory.
Attract and Retain Talented Employees
As one of the leading HR consultancies in Asia, we have the resources to ensure you have the right personnel to allow your business to achieve its goals. Whether you want to recruit representatives locally or attract top global talent, our human resource team is well equipped to meet the needs of your business. The INS Global HR team has vast experience in finding candidates across multiple industries.
Once you have the right team to get your business started, our Payroll & Tax solution can further assist your business, by ensuring you remain complaint with local labor laws in Vietnam. Our payroll services not only ensure compliance but allow you to concentrate on your core business, while we take care of the administrative matters.
Advantages of using a PEO in Vietnam
There are numerous advantages to using a PEO to start business operations in Vietnam, such as:
- It allows you test the market in Vietnam without making a large capital investment or long term commitment;
- It allows flexible and easy market entry;
- It mitigates the need to set up a legal entity to begin operations or hire staff;
- It ensures that you remain complaint with the laws and regulations in Vietnam;
- It limits the liability and risk of an employer; as the PEO assumes responsibility for the staff, payroll and tax compliance; and
- It provides you with access to experts who have experience in dealing with legal, tax and human resource queries in Vietnam.
Why use INS as your PEO in Vietnam
With over 10 years of experience across Asian markets, INS Global is well equipped to assist a company of all sizes to enter the Vietnam market. Using our services would enable you to start operations and hire employees immediately. Furthermore, our experts offer ongoing support to you and your employee and will ensure that all your practices are up to date with HR and tax law.
As a full service human resource consultancy, we offer a full range of services including employment solutions, invoicing, payroll and tax solutions. Our team is fully dedicated to providing high quality, efficient services to our clients. Partner with INS Global today and allow us to simplify your business operations in Vietnam.