Whitmill now provide offshore employment and payroll services
10 March 2015
Not only can outsourcing your payroll and related HR activities save time, but it is often more cost effective than keeping it within your business. Such services can be applied to contracted employees or consultants involved in a variety of disciplines, such as engineering services, the oil and gas industry and maritime crew.
Whitmill has found that the trend of globalization has caused an increase in the number of senior expatriate executives who work outside their home country.
There are a number of remuneration issues that are likely to be of concern to such executives, some of which are:
- The wish to minimise tax payments which they have to make in their host country, while simultaneously reducing, if possible, the tax payable in their home country thus avoiding a scenario of their income being fully taxed in both countries
- Analysing the benefit of contributing to either the 'host' or 'home' countries social security system - if the benefits are clearly weighted in their favour
- Deciding the best method and, possibly, country in which to have their salary paid - particularly if there are exchange controls considerations
- Arranging for remuneration to be paid in a 'hard' currency, only converting to a 'soft' currency such part of their remuneration as may be required for their immediate living expenses in their host country
- One way in which these remuneration issues and concerns can be addressed is through the engagement in Jersey of an offshore employment company, and Whitmill can provide a bespoke solution using this structure, tailored to meet each client's individual requirements.
- Whitmill will work together with professional advisers to help to devise the most appropriate type of contracts for the client's particular needs
- Whitmill Contractors Limited directly employs the executives concerned and sub-contracts their services to the target company
- Once the documentation is in place Whitmill will make timely and prompt payment of salary, pension and other entitlements as they fall due to the nominated bank accounts of the contracted party.
To find about more about the offshore employment and payroll services that Whitmill offer please contact David Singleton