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So you want to hire someone in Bangladesh. 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 Bangladesh, using an EOR can help you bypass the traditional obstacles to hiring full-time employees.
But there’s a catch: EOR solutions in Bangladesh 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 Bangladeshi entity, they’re rarely cheap or fast.
The good news? There’s another way to hire remote workers in Bangladesh, and it doesn’t involve forking out huge amounts of money for an EOR.
The solution: Hire your teammates in Bangladesh 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 Bangladesh). 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 Bangladesh:
Are you a business owner or manager considering hiring independent contractors abroad? If you're thinking about expanding your business to Bangladesh, you may be wondering about the best way to manage your workforce. In this post, we'll explore the benefits and challenges of using an Employer of Record (EOR) in Bangladesh, and provide some practical tips for making the most of this arrangement.
An Employer of Record (EOR) is a third-party company that acts as the official employer of your workers in a foreign country. The EOR takes care of all the administrative tasks associated with hiring and managing employees, including payroll, benefits, taxes, and compliance with local labor laws. This allows you to focus on your core business activities, while still having a local presence in the country.
There are several reasons why you might choose to use an EOR in Bangladesh. First, it can be difficult to navigate the complex legal and regulatory environment in the country. Bangladesh has strict labor laws that require employers to provide certain benefits and protections to their workers, such as paid leave, overtime pay, and social security contributions. An EOR can help ensure that you are in compliance with these laws, and can help you avoid costly fines and penalties.
Second, an EOR can help you save time and money by handling all the administrative tasks associated with managing your workforce. This includes processing payroll, managing benefits, and handling tax filings. By outsourcing these tasks to an EOR, you can focus on growing your business and expanding your operations in Bangladesh.
While there are many benefits to using an EOR in Bangladesh, there are also some challenges to consider. One of the biggest challenges is finding a reputable and reliable EOR provider. There are many companies that offer EOR services in Bangladesh, but not all of them are created equal. It's important to do your research and choose a provider that has a proven track record of success in the country.
While using an EOR can be a great option for managing your workforce in Bangladesh, it's not the only option. Another option is to hire independent contractors directly. This lets you get talent onboarded faster, cheaper, and on more flexible agreements. At Thera, we find that many top-performing remote teams opt to hire contractors over using EORs, which are notoriously slow and expensive.
However, it's important to note that there are legal and regulatory conditions specific to hiring independent contractors in Bangladesh. The country has strict labor laws that define the relationship between employers and workers, and it's important to ensure that you are in compliance with these laws if you choose to hire independent contractors.
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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