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So you want to hire someone in Barbados. Problem is, your company is located somewhere else.
If you’ve done some research, you’ve probably been told you should be using an Employer-of-Record (EOR). Why? Well, if your company isn’t located in Barbados, using an EOR can help you bypass the traditional obstacles to hiring full-time employees.
But there’s a catch: EOR solutions in Barbados are expensive—usually at least $500 per month per employee—and can take time to set up. And because you’re complying with a different set of labor laws, logistics and benefits can end up costing you lots of time and money. While they will save you time from setting up your own Barbadian entity, they’re rarely cheap or fast.
The good news? There’s another way to hire remote workers in Barbados, and it doesn’t involve forking out huge amounts of money for an EOR.
The solution: Hire your teammates in Barbados as contractors. If you’re hiring remotely and your teammates have autonomy, there’s a good chance you can make compliant contractor hires. You still have to use locally-compliant contracts, but the process is a lot easier, more affordable, and faster.
We built Thera to help you make contractor hires, in 150+ countries (like Barbados). So you can hire the people you want on your team, without paying thousands for an EOR. You can get set up in a couple of clicks—and you’ll only pay $49 per contractor per month.
It’s just as easy as it sounds. No catch. Here’s what Thera looks like vs. an EOR in Barbados:
Are you considering hiring independent contractors abroad? If so, you may want to consider using an Employer of Record (EOR) in Barbados instead. An EOR can help you navigate the complex legal and regulatory landscape of Barbados, making it easier for you to hire and manage employees in the country. In this post, we'll explore everything you need to know about using an EOR in Barbados, including any legal or regulatory conditions specific to the country.
An EOR is a third-party service provider that acts as the legal employer of your employees in a foreign country. This means that the EOR takes care of all the administrative tasks associated with hiring and managing employees, including payroll, taxes, benefits, and compliance with local labor laws. As the client, you retain control over the day-to-day activities of your employees, while the EOR takes care of the administrative details.
Barbados has a complex legal and regulatory environment that can be difficult for foreign employers to navigate. For example, employers must register with the National Insurance Scheme (NIS) and pay contributions for their employees. Employers must also comply with the Employment Rights Act, which sets out the minimum standards for employment in Barbados. Failure to comply with these regulations can result in fines and legal action.
Using an EOR in Barbados can help you navigate these regulations and ensure that you are in compliance with local labor laws. The EOR will take care of all the administrative tasks associated with hiring and managing employees, including registering with the NIS and ensuring compliance with the Employment Rights Act.
While using an EOR in Barbados can help you navigate the complex legal and regulatory environment, it may not be the best option for every employer. If you only need to hire a few employees in Barbados, it may be more cost-effective to hire independent contractors instead. Independent contractors are not subject to the same regulations as employees, and you do not need to walk through the same legal steps an employ might. However, it's important to ensure that your independent contractors are properly classified and that you are not misclassifying them as employees.
We’ve got two pieces of good news for you. For one, if you’re hiring remotely, it’s unlikely you’ll misclassify your contractors. Many of the things that qualify people as employees, such as company equipment and set working hours, don’t typically apply to remote work.
Still, it’s helpful to have the comfort of knowing you’re not at risk for misclassification. That’s why, at Thera, we’ve launched Misclassification Assurance: so you can hire contractors abroad, worry-free. Learn more about hiring with Thera below.
If you’re hiring contractors, you’re probably spending too much time on their payroll, contracts, and tax documents. Which is why we built Thera, which saves you 90% the time you spend on contractor paperwork each month.
With Thera, you can compliantly hire your contractors in 150+ countries, onboard them in minutes, and pay them all at once (in a click). It’s global contractor payroll, finally simplified.
Sound interesting? Click here to book a demo and see the platform firsthand
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