Local staff recruitment services
Many jurisdictions, e.g., Singapore, especially those that provide special tax planning benefits, require foreign companies to recruit local staff in order to receive above-mentioned benefits. Besides that, jurisdictions like Latvian list the low-cost skilled labor force as one of the main advantages of registering a company there, making hiring local staff an inherent part of the incorporation strategy. These are the primary reasons why local staff recruitment services are essential for any business planning in order to relocate to a foreign jurisdiction.
Recruitment of highly-skilled managers
Sometimes local directors and shareholders are required by the law in order to establish companies with additional tax benefits, or just to register a business in a jurisdiction with a favorable tax regime. Usually, to qualify as a local resident for the purposes of becoming a senior manager in a newly-incorporated company, a person must be either a citizen of that jurisdiction or hold a residence permit: temporary, permanent or a special one, like the Singapore EntrePass. Additionally, the person in question might not be eligible to hold the position of a director if he/she has a criminal record or is bankrupt at the time of registering a company.
Appointment of a company secretary
Another management employee, who is often required to establish a business and needs to be a local resident, is a company secretary. There are two most widespread situations in this regard: the secretary can or cannot be the sole director of the company. If he/she can, then business needs only one local manager, which will act as both the director and the secretary. If he/she cannot act in this way, then the company has the possibility of either hiring two local employees or hiring one local employee to act as a director and the secretary and then hiring another director (resident or non-resident).
The requirements for the managing officers of a newly incorporated business can be vastly different between jurisdictions, and at the same time a company cannot be registered without them. We highly advice to contact Confidus Solutions for local staff recruitment services and consultation, as our international network of partners allows meeting the requirements of the most popular jurisdictions.
Employees
Local staff recruitment is relevant not only for hiring managers as prescribed by law, but also for employing local labor force. Depending on the jurisdiction, local employees may bring the following advantages:
- better knowledge of the local market and business culture
- better average education level compared to the company's original jurisdiction
- lower human resource management costs
Apart from these benefits arising directly from the quality of the human resources itself, there also may be indirect advantages depending on the jurisdiction. Recruiting local staff may be used as part of Residence permit investment programs, requiring foreign investors creating new jobs on the local market.
Labor force availability
Labor force availability heavily correlates with the total population of a country. As of now, the top 10 countries with the largest labor force are:
This, however, should be adjusted for labor force participation rates, as well as the quality of the labor force and human resources, which may limit the availability of well-qualified workers with certain skills demanded by a certain industry.
Confidus Solutions
Confidus Solutions will help you to evaluate all possible options and choose the most efficient and unique solution to achieve your personal goals! We have many years of expertise in this industry and experienced agents and lawyers that can incorporate in any jurisdiction worldwide! If you require more information – check our offered solutions or contact us to get a unique offer!