Guinea is a West African country along the Atlantic Ocean with borders to Sierra Leone, Guinea-Bissau, and other countries. The nation is diverse, and although the official language is French, the population speaks 24 other languages as well. If you’re planning an expansion to Guinea, you have a lot to look forward to, but you also need to prepare for several challenges.
One of those difficulties is setting up your Guinea payroll. You need to establish a subsidiary before you can run your payroll, and you also have to make sure you’re staying compliant. Globalization Partners will make it easier through Guinea payroll outsourcing. We’ll add your employees to our compliant payroll through our existing subsidiary, and we’ll shoulder all compliance on your behalf.
Payroll Taxation Rules
Employers have various payroll taxation rules to follow in Guinea. First, you need to contribute 6% of your payroll to social security. If you have more than 10 employees, you have to contribute 1.5% for training. Employers also need to contribute 1% of each employee’s gross salary to the work protection fund.
Your Different Guinea Payroll Options
Since every company is different, there are different Guinea payroll options to fit each company’s needs. You can choose:
- Remote: If your parent company has its own payroll, you can pay your Guinea employees remotely by adding them to that payroll. However, if your parent company has several subsidiaries, employees from every country will have distinct regulations.
- Internal: An internal payroll can help your larger subsidiary streamline its processes, but you’ll need a big HR staff as well as an expert who will make sure you’re compliant.
- Guinea payroll processing company: A Guinea payroll processing company will ensure you don’t have to worry about paying employees. You’ll still have to worry about compliance, however.
- Guinea payroll outsourcing: Your final option is Guinea payroll outsourcing with Globalization Partners. We’ll make sure you don’t need to pay employees, and we’ll also act as the Employer of Record to take on compliance.
Requirements for Setting up Your Payroll
The biggest requirement for setting up your Guinea payroll is first establishing a subsidiary in the country. Your Guinea subsidiary will be the hub of your activity in the country. Without it, you can’t hire employees, add them to a payroll, or give out compensation and benefits. One of the advantages of working with Globalization Partners is that you won’t have to set up a subsidiary. You can use our existing Guinea subsidiary to start working in as little as a day or two.
Entitlement and Termination Terms to Know
Terminating an employee is difficult in foreign countries such as Guinea, so we recommend drafting entitlement and termination terms before choosing a Guinea payroll option. You’re allowed to terminate employees for personal reasons, but you have to interview the employee with at least five days notified through registered letter and let the employee know why you’re dismissing them. Employers then have to wait two days after the interview before dismissing the employee.
Work With Globalization Partners
Globalization Partners is ready to start working with you to help your expansion succeed. Contact us today to learn more about Guinea payroll outsourcing.