Seychelles is an archipelago of 115 islands in the Indian Ocean off the east coast of Africa. While many of the islands are designated as nature preserves, the country still boasts a population of close to 100,000. If you’re looking for a more remote location for your expansion, Seychelles is a beautiful country and can help you form ties to other African countries.
One of the first steps of your expansion will be setting up your Seychelles payroll. You should consider your different Seychelles payroll options and learn the country’s employment laws to ensure total compliance. Fortunately, Globalization Partners can help make your payroll process a little easier. We’ll use our Employer of Record solution to hire employees on your behalf, add them to our payroll, and take on all matters of compliance.
Taxation Rules for Seychelles Payroll
Both employers and employees have to pay taxes in Seychelles. Two of the most important funds are the pension fund and social security. Employers and employees each contribute 2% of wages to the pension fund. Employers must contribute 20% of salaries to social security while employees give 2.5% of their own salary.
Seychelles Payroll Options
Your company has four different Seychelles payroll options to choose from:
- Remote: If your parent company already runs its own payroll, you can choose to add your employees to that payroll and pay them remotely. However, they’ll have separate regulations and laws compared to your parent company’s employees.
- Internal: Larger companies ready to operate in Seychelles for a long time can consider instituting an internal payroll. Just keep in mind that with this option, you’ll need more HR staff members and a bigger budget.
- Seychelles payroll processing company: Many companies choose to outsource their payroll to make the process easier. You can work with a Seychelles payroll processing company, but you’ll still be held compliant.
- Globalization Partners: Globalization Partners is the only Seychelles payroll outsourcing option that will deal with both your payroll and compliance. You can trust us to take the stress of compliance off your shoulders and onto our own.
What Do You Need to Set up Payroll?
Before you can set up your Seychelles payroll, you have to incorporate in the country if you’re choosing the traditional model of expansion. It may take weeks or even months before you’re ready to handle your payroll and hire employees. Globalization Partners can help cut this time down to a few days. As a global PEO, we can use our existing subsidiary to help you start working fast without the worry of compliance.
Include These Entitlement and Termination Terms
Entitlement and termination terms vary by country, and you should outline these terms in your employment contracts before choosing a Seychelles payroll option. Employers must give employees notice of termination for just case with the amount of time depending on the type of worker. Employees should get severance pay depending on the method of termination.
Contact Globalization Partners Now
If you’re ready to open a new company location in Seychelles, Globalization Partners can help with the process. Contact us today to learn more about Seychelles payroll outsourcing.