Employer Of Record In Bermuda
Skuad's Bermuda Employer of Record (EOR) solution helps your business expand into Bermuda 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. It helps you streamline the global expansion process with the able assistance of our international network.
Bermuda At A Glance
Bermuda is a United Kingdom Overseas territory situated in the North Atlantic Ocean. The country is a conglomeration of islands, the majority being the main island.
Currency - Bermudian Dollar (BMD)
GDP - $7. 484 Billion
What You Must Know Before Employing in Bermuda
The Bermuda Employment Act, 2000, and Employment and Labour Code are two sources of employment law in the country. There is no distinction drawn between foreign nationals and nationals. Provisions apply to all employees employed under a contract. Let us discuss some of the vital entitlements and other aspects of employment laws in Bermuda.
To set up a local entity in Bermuda, a company should be aware of all aspects of Bermuda’s employment laws and regulations. Though they might look complex, they are similar to those of other countries. To mitigate the challenges of setting up an office or adhering to compliance matters in the country, partnering with a local payroll provider who is well aware of Bermuda laws for local and foreign citizens can help make the process easier.
To set up a local entity in Bermuda, a company should be aware of all aspects of Bermuda’s employment laws and regulations. Though they might look complex, they are similar to those of other countries. To mitigate the challenges that you might face in setting up an office or dealing with compliance matters in the country, partner with a local payroll expert who is well aware of Bermuda laws for local and foreign citizens.
Talk to Skuad Experts to know more about its customized business offerings for your needs.
Contractors vs. Full-time Employees
The main differences between Contractors and full-time employees are as follows:
- Contractors get hired for some time or specific tasks and as per payment terms agreed under the contract. In contrast, full-time employees are permanent employees paid based on hours per week. The latter is entitled to all legal and government benefits, unlike contractors.
- Individuals under contract employment are not considered employees of the organization. Therefore, the organization owes no responsibility toward contractors as it does for full-time employees. For example, for independent contractors, the organization does not take any responsibility for payroll taxes. Whereas for permanent employee's it can withhold and pay such taxes. The same applies to social security measures.
The choice of employment type depends on the size, resources, work, and requirements of your organization. Both can be employed where independent contractors are limited to specific or technical tasks and permanent employees for regular work. It is one of the vital decisions that gets taken.
Managing employment is an extra responsibility that requires half of the resources and strength of a company.
Book a demo to understand how Skuad takes up the responsibility and helps you recruit employees under appropriate employment contracts.
Hiring in Bermuda
There are various platforms available online through which you can recruit employees. Some of them are as follows:
The main advantage of these platforms is that they are easy to access, facilitate mass recruitment, and have a mass reach. Employers can directly contact employees and vice versa. However, quality assessment of candidates is hard work requiring resources that completely understand compliance and management of a remote team. Professional hiring companies in Bermuda, or even better, employers of record companies can act as your messiah and save you the extra labor.
Connect with Skuad, one of the best in the business for a smooth hiring experience.
Probation & Termination
The probationary period in Bermuda is six months from the date of employment. As prescribed under Section 19 of the Employment Act, the employer can extend the probationary period in Bermuda for up to three (3) months before the expiration of the six (6) months probationary period.
Termination Of Service
The probation period and termination are crucial and should be managed with due care as disputes or conflicts arise between business and employee during this time.
Skuad’s EOR solution ensures organizations remain compliant with the employment laws and regulations in Bermuda. Contact Skuad to learn more.
EOR Solution In Bermuda
Business expansion is a long-drawn process that calls for extensive planning, especially when expanding to a foreign country. It is complicated and can take up to several months to complete but by choosing the EOR route for hiring employees in Bermuda, you can fast-track the expansion process.
Employer of Record Togo (Bermuda EOR) solutions by Skuad can make expansion to Bermuda much simpler and a lot quicker for business. Our global outreach and a tech-enriched HR platform ensure compliance with local labor laws by managing employment responsibilities such as monthly payroll, work permits, employment contracts as well as taxation for your employees in Bermuda. Book a demo now.
Outsourcing Employment Through An Employer of Record
Employers of Record can hire and manage your local employees, handle all local issues, take care of mandatory compliances, and eliminate all your employment-related risks.
Besides, EOR service providers can arrange work permits and business visas for your expatriate personnel. Skuad's integrated HR platform, a global network in more than 150 countries. Their industry experts can provide bespoke EOR solutions for your expansion efforts in Bermuda. Book a demo to know more.
Types of Visas in Bermuda
Visas in Bermuda are granted under two categories. They are non-immigrant visas and immigrant visas. The non-immigration visas are Transit, Tourist, Study, employment, and crewmember visas. Diversity, Fiance, Returning resident, family, and employment Visas fall under the category of Immigration Visas.
Foreign workers are not allowed to work in Bermuda without a work permit. A local partner can do all the essential work to obtain a work permit. Skuad local partners can sponsor work permits in Bermuda. They take care of all requirements. The tech-enriched HR platform enables client companies to manage their workforce activities.
Things You Must Know To Set Up Payroll in Bermuda
Management of Payrolls is a crucial task in HR and should be complied with Bermuda’s policies on Taxes and Social security funds. Only a registered employer should provide payroll in most countries, including Bermuda. However, Skuad’s EOR solution enables payroll management for organizations with its unified employment platform. Book a demo today.
How to set up payroll in Bermuda?
The first step would be to set up a local subsidiary that will help the company hiring, setting up payrolls, work legally in the country and provide benefits and compensation to the employees. It requires time and effort to set up a subsidiary in Bermuda while complying with their laws. Skuad’s platform can help you set up subsidiaries in the country and run payroll while completely complying with all regulations.
Taxes in Bermuda
Skuad takes care of onboarding and management of remote teams. It also handles taxes, social security contributions, and payroll of all employees recruited. Through this, businesses can ease the processes at the time of expansions to save time and resources.
Learn more about Skuad.
Incorporation: How to Set Up a Subsidiary In Bermuda
In Bermuda, a company can incorporate a subsidiary in various forms, such as partnerships, limited companies, LLC, and Sole proprietorship. Any company type is adopted based on the nature and size of the business. For business forms of LLC, Limited companies, and partnerships, consent from the Ministry of Finance is not required that makes the setting up process within a day. Usually, the LLC is the most preferred business form vowing to its flexibility. LLC’s are established under the Limited Liability Company Act, 2016 of Bermuda. The procedure to incorporate an LLC in Bermuda is as follows:
- The first step that needs to get carried out is name reservation. A unique name for the subsidiary needs to be reserved.
- Incorporation Documents- Incorporation documents like Memorandum, Articles of Association, LLC Agreement need to be prepared and attested. Due declarations from members of LLC should also be made.
- Setting up a registered office in Bermuda.
- Registration of Company - All the documents should be submitted to the Registrar of Companies with details of the company and contact information. A prescribed government fee gets paid.
- After verification, the Registrar approves and issues a certification of incorporation.
- The licenses and permits from specified sectors to be taken based on business activity in addition to Tax licenses.
The process is quick and easy in Bermuda that takes only one day to obtain permission. All these processes get executed through a local notary or partner.
Skuad, which has a global network across 120 countries, facilitates your subsidiary incorporation in Bermuda. It also provides an EOR solution to manage remote teams and hire employees without setting up a subsidiary.
A professional employer organization (PEO) is an organization that provides services such as HR consulting, employee payroll management, insurance liabilities, and others with a joint partnership with businesses. If you hire a PEO, it acts as your co-employer, and all business liabilities (tax and more) and responsibilities remain with your (principal) company. An EOR also provides similar services; however, the difference lies in the arrangement or association between the EOR company and the business. A PEO acts as a co-employer that shares equal control of employees with the company; however, this has its risks and expected challenges. Whereas in EOR, no such arrangement is required as they take full responsibility for employee recruitments, taxes, training, and all other HR services without the client losing administrative control. Foreign workers get recruited at ease in compliance with all regulatory requirements.
A company can choose either a PEO or an EOR based on its requirements and expansion strategy. However, EOR comes with a better package of services where the company does not have to set up an entity that aids expansion.
Skuad is an EOR solutionprovides both EOR and PEO services to businesses. With a global network across 150 countries, the local partners take care of work permits in every country. Employee hiring, taxes, and other benefits get managed through its tech-enriched HR platforms.
Learn more about Skuad solutions.
Business is becoming increasingly global and competitive, forcing companies to scout for opportunities in different countries. With its natural resources and economic reforms, Bermuda is emerging as an attractive investment destination.
With Skuad as your partner, you can easily and quickly expand your business in Bermuda. Our EOR solution will help minimize the complexity and cost of doing business in Bermuda.
Connect with Skuad experts to know more about tailor-made solutions designed to cater to your business requirements.