Myanmar is a Southeast Asian country with a population of over 53 million. The country includes more than 100 ethnic groups and borders other powerhouses such as India and China. Although much of the population lives in rural areas, Yangon, the country’s largest city, features many busy markets, parks and lakes.
Globalization Partners will ensure that you expand to Myanmar without having to worry about your payroll, hiring, or providing benefits and compensation. Our existing subsidiary will give you an infrastructure to work with in the country, so you can simply add your employees to our payroll.
Taxation Rules in Myanmar
Myanmar’s standard corporate tax rate is 25 percent. As an employer, you’re also responsible for taking taxes straight out of employees’ paychecks through the Pay As You Earn (PAYE) system. The country has a progressive income tax rate from 0 to 25 percent, so employees owe more as they earn more.
Myanmar Payroll Options for Companies
You can choose between four different Myanmar payroll options to find the best structure for your company:
- Internal: Many companies immediately jump to establishing an internal payroll during an expansion. However, the option only works with a large staff and budget to run the infrastructure.
- Remote: If you don’t want to set up your own internal payroll, you can add your employees to your parent company’s existing payroll. Make sure you follow the right laws per country, however, so that you stay compliant.
- Myanmar payroll processing company: Some companies don’t have the time to establish payroll and instead decide to outsource. You can work with a Myanmar payroll processing company, but you’ll still need to worry about compliance.
- Myanmar payroll outsourcing: The only way to outsource both your payroll and your compliance is by working with a global PEO. Globalization Partners will allow you to use our existing payroll, and we can handle compliance as the Employer of Record.
How to Set Up a Payroll in Myanmar
The biggest requirement for setting up payroll in Burma is the incorporation process. You must establish a subsidiary in the country before you can set up your payroll and compensate employees, which can take weeks, months, or as long as a year. Fortunately, you can avoid this lengthy requirement by working with Globalization Partners.
Instead of waiting to work until you set up a subsidiary, you can get started in a day or two using our existing entity. We offer Myanmar payroll outsourcing, so you can use our payroll instead of wasting time and energy.
Employment contracts must include information about entitlement and termination terms in Myanmar. We recommend writing this in an employment contract before you set up your Myanmar payroll. Employers and employees have to give 30 days of advance notice with sound reason. If you terminate an employee, you must pay severance based on their last salary.
Payroll Processing Company in Myanmar
Globalization Partners wants to give you the opportunity to work in Myanmar fast. Contact us today to learn more about Myanmar payroll outsourcing and our comprehensive solution.