Employer of Record Barbados
Skuad's Barbados Employer of Record (EOR) solution helps your business expand into Barbados without the need for an entity setup. Its unified and automated global HR platform enables you to expedite the onboarding of your remote team, manage their payroll, benefits, etc. compliantly. It helps you streamline the global expansion process with the able assistance of its international network.
Barbados at a Glance
Estimated Population: 287,025 (2019 estimate)
Currency: Barbadian Dollars
Languages frequently used: English, Bajan Creole
GDP: $5.398 billion (2019 Estimate)
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Employment In Barbados
What You Must Know Before Employing in Barbados
Employment in Barbados has started to evolve in recent times. Earlier the country was known to have a plantation economy. However, with the advancement and settlement of more people on the island, more industries evolved and are now contributing to the growth and the Gross Domestic Product of the country.
People are now traveling to these island economies to live their life peacefully. However, this does not mean that the island countries do not have any rules and regulations. Several Barbados employment laws apply to both the native residents and the foreign nationals who travel to Barbados for employment opportunities.
With Skuad, you can figure out a perfect mix of natives and foreign nations that should be employed in your company. Our experts will analyze your company and formulate a system that will work best for your company.
Some provisions under the Employment laws are as follows:
Skuad enables organization to carry out business operations in Barbados while remaining 100% compliant with the employment laws in Barbados. Book a Demo with us to know more!
Contractors vs. Full-time Employees
There are different employment contracts in Barbados based on the kind of work that the company wants an employee to take up. However, there are two most common types of employment contracts in Barbados:
- Permanent Contracts
- Fixed-Term Contracts
Both of these contracts are considered to be valid employment agreements in Barbados. All the employment contracts for contractual and full-time employees have clauses and details related to the joining date, job title, description of the job, working hours, probation period, etc.
Fixed-term contracts are generally used for employing people for a project that has a specific length. Indefinite or permanent agreements are used to hire people who are given permanent work and contribute to the business's daily operations in some way or the other.
Generally, some foreign nationals are called from different countries to build infrastructure or capabilities in the country. These people are employed under a fixed-term contract.
Skuad can help you figure out the kind of contracts that should be drafted for a specific employee. All of these contracts have special and several clauses in place. Our experts have experience in drafting employment contracts from all around the world. You can reach out to us for all your employment contract needs.
Hiring in Barbados
There are several things that you must keep in mind while you hire employees in Barbados. Barbados is an island country. Therefore, it is growing and evolving. There are several hiring companies in Barbados like Skuad that can help you figure out the recruitment plan that will suit your organization.
There are job boards and global networking sites like LinkedIn from where you can attract the best of talent from all over the world. There are other popular sites like Caribbean Jobs, etc., where you can look for the best local talent. Barbados is a hub for the tourism industry.
The mixed economy has given rise to several companies and industries in the Barbados island region. Skuad is known for assisting all companies looking forward to hiring employees both locally and internationally. Give yourself an edge with Skuad’s international network and experience in the domain.
Like every other country, employees have a standard probation period in Barbados. However, there are no statutory restrictions for the probationary period in Barbados.
In the light of no restrictions in terms of probation period, companies define a probation period based on their internal policies and discretion. However, most companies prefer a minimum of 3 months of probation. It gives the company a reasonable time frame to analyze the employees' performance and absorb the employee completely.
Termination of employment in Barbados
The employment contract can be terminated because of several reasons. In the case of a fixed-term contract, the contract gets terminated as soon as the work is delivered or the contract expires. In the case of permanent employees, the employment contract gets terminated primarily due to the following two reasons:
- Voluntary Resignation
- Termination of employment by the employer due to underperformance or budget cuts.
In case the contract gets canceled by the employer, the employee is entitled to severance pay. The information of termination can be given out verbally or by written notice. However, a buffer period is given to the employee to look for a new job or make necessary arrangements.
If the terminated employee was associated with the company for less than a year, he would have to serve a notice period of 2 weeks. He will also be paid for the two weeks of service. If the employee is in a managerial position, he will be given a month's notice period or will be paid additionally for a month. The employee might not get any severance pay if he was involved in any fraudulent practices.
Termination of employees can get a little tricky. Skuad can handle all the termination-related formalities for your company. Talk to a Skuad expert and figure out how to handle the termination or resignation of an employee who holds a solid and influential position in the country.
A company has to focus on several aspects of the business while entering any new market or a country. Therefore, it is essential to maximize resources that can directly or indirectly contribute to the main business. Managing human resources and the activities that come along with it is a cumbersome task. Once you decide to take the recruitment process into your own hands, you will have to devote resources to onboarding, legal requirements, payroll, taxation, etc.
An EOR Solution is a must for companies that want to focus on growth and other important aspects of the business. An employer of the record service provider will help you out with end-to-end HR solutions saving up some time and effort. Also, it will allow you to allocate resources to core business activities.
Skuad’s EOR solution is top-tier when it comes to managing all your activities related to EOR. Its unified employment solution can help your company with tailor-made contracts and all compliances related to employment and employment contracts. You can reach out to an expert today to relieve yourself from the burden of managing the day-to-day functioning of employees.
Types Of Visas in Barbados
There are several types of visas in Barbados, depending upon your need to travel to the country. A Barbados work visa is a must if you want to work in Barbados. Some popular types of visas in Barbados are as follows:
Skuad can help your employees in obtaining work visas. Also, we will help you out with all the documentation that goes into getting a work visa. To know more, talk to Skuad experts today!
You need a work permit in Barbados to work here. Getting a Barbados work permit without a job offer is extremely difficult or near to impossible.
There are two kinds of Barbados work permit for foreigners:
- Short-Term Permits: These permits are valid for about 11 months. Employees can opt-in for this work permit in case they have signed a fixed-term contract.
- Long-term Permits: These work permits are valid for three years. These work permits are for people looking forward to working in Barbados for a long time.
To get a long-term work permit, the employer needs to convince the immigration department that the work cannot be effectively done by a Barbadian national. Once the department gets convinced, the work permit is issued to the employee.
Acquiring work permits for foreign national employees can be a tricky business. A company cannot afford to put resources into getting work permits. Skuad is known for handling work permits pretty well. Reach out to us to learn more about work permits.
Payroll & Taxes in Barbados
Payroll Outsourcing in Barbados can be through an employer of record service provider. Written employment agreements are a prerequisite for a company to being considered for payroll processing. Listed below are some of the significant considerations for payroll in Barbados:
- The minimum wage specified for household workers and shop assistants is BBD 6.25 per hour.
- Employers must register with the director of National Insurance.
- All employees and employers must contribute to a social security fund created to safeguard employees from any risks.
Barbados employer payroll taxes
Barbados uses a PAYE system when it comes to tax collection. PAYE stands for Pay as you earn.
Barbados' payroll tax rates are pretty simple to understand. Listed below are the two-income slabs based on which the tax amount or the tax percentage is decided.
Skuad can help you with calculations of the tax amount. It also collects the amount and pays the authority responsible for the collection of taxes. Talk to Skuad experts to know more.
You can set up your business in Barbados with the help of a good employer or record service provider. You must decide what kind of company you want to set up in Barbados before registering your company. If your company is a corporate giant, you can opt-in for incorporating a holding company in Barbados.
There are several business opportunities in Barbados. You need to figure out what you are expecting from this island economy. Get in touch with Skuad to understand the types of business organizations in Barbados.
Professional Employer Organization (PEO)
There are several professional employer organizations in Barbados. A professional employer organization (PEO) collaborates with medium-and small-sized organizations to provide HR services. A PEO handles various HR services such as recruitment, payroll, training, and other HR tasks. An EOR also provides similar HR services; however, the difference lies in the arrangement or association between the outsourcing company and the business.
A PEO acts as your co-employer, whereas an EOR service acts as the legal employer of your employees. The latter assumes all the responsibilities and liabilities of your remote team. You can outsource a specific HR function or end-to-end activities.
Further, an EOR service allows you to expand your workforce without setting up a business entity. It handles payroll funding, worker’s compensation, and unemployment claims and reports. It files taxes under its file ID number.
Skuad offers organizations EOR services. Its unified employment platform handles all HR-related services with efficiency and dedication. It helps with payroll management, tax and employment compliance and every other activity that enables you to expand your business. Our bespoke services will save you precious time and money. Book a demo with Skuad experts to know more about our EOR solution.
From finding the best talent to getting all the documentation done for the foreign nationals, you can get solutions for all your HR-related concerns. With Skuad, you can carry out your business operations in Barbados without requiring to set up an entity. Talk to Skuad experts to know more.