Hiring via an employer-of-record (EOR), in Honduras, could be a viable option for those who are interested in entering the Honduran labor market temporarily or need to hire a limited number of executives.
An EOR in Honduras can hire employees on your behalf. This means that you have full control of their work schedules and duties while also avoiding company formation.
The employer of record will manage the employees’ payroll, ensuring compliance with local laws. They will also assist in recruiting and hiring.
Employer of record is sometimes also called a Professional Employer Organization (PEO). One of the most commonly provided services by them is payroll outsourcing.
Outsourcing Payroll in Honduras entails the EOR managing staff payroll, removing a burden on your core operations.
Learn more about why the Honduran market is attractive to investment and what the benefits are related to hiring through an Employer of Record in Honduras.
You can also go for it contact us nowLet’s talk about how we can help your company.
Honduras has many investment options
The Honduran market might not be one of the most popular investment destinations in Latin America. However, it does offer opportunities for direct foreign investment. leapt 60% in the first half of 2021There are many good reasons to enter Honduras or hire staff through an employer in record.
Honduras’s gross domestic product has experienced almost constant growth in recent years. hitting $25.1 billion in 2019All figures are in USD
Recent analysis by the World Bank shows that the COVID-19 epidemic caused the Honduran economy to suffer its first serious decline in GDP since early 1990s. suggests that it will bounce backWith 4.7% growth for 2021
The country has experienced a rise in GDP and prosperity, as well as a growth in gross national income (GNI). hitting an all time high of $2,390 per capitaBefore similarly decreasing in 2020, in 2019,
Many factors come together to produce Honduras an attractive destination for investmentA strong historical growth, a young, competitive workforce, improved security, geographical and logistical resources, as well as being close to the United States. Also, Central America is home to Central America’s largest and most extensive port.
It is also a party to a number of free trade agreementsThe FTAs offer preferential access in key global markets, such as Canada and Mexico.
Honduras is known for its agriculture output. The country’s main export products are bananas and coffee. Honduras has an extensive industrial base. This includes manufactured goods, such as garments and electrical equipment.
What can an Honduran employer of record do to help you?
A local entity registered as an employer of record will employ staff for you on behalf of the Honduran employer. Although they are employees of EOR, these workers will be directly reporting to you and will follow your instructions. These workers will become your employees.
That arrangement will allow you to have local staff within the time required to find them. While your exit can take as long as it takes for the statutory termination period.
An employer of record in Honduras will also have an established recruitment network, meaning that they will be ideally placed to lead the hiring process, and offer valuable advice about the strengths of different candidates’ profiles.
As part of payroll outsourcing in Honduras — which could be the entire service you contract them for or a part of it — the EOR will also guarantee the timely payment of salaries and oversee deductions from salaries and employer contributions, guaranteeing compliance with the law and maintaining your good standing in the market.
The Honduran employer of record will usually provide services at a cost per employee basis. This can often be much cheaper than setting up and running your local entity.
There are many benefits to hiring through an EOR in Honduras
An EOR is an electronic hiring agency in Honduras that offers the following benefits:
Reduction in commitmentEmployers of record in Honduras will allow you to hire quickly and at a reduced cost.
Connections to the local area:EORs in Honduras have local connections and knowledge that will be of benefit to your company, both during recruitment and when it comes time to identify new providers and partners.
High cost efficiencyAlthough there is a cost to work with an employer-of-record, it will usually be less than what it costs for company formation, liquidation and the handling of compliance and payroll in-house.
You can save time:It is possible to hire through an Honduran employer of record. This allows you to quickly get staff. Depending on who is being hired, it could take weeks or days to get staff.
There are many service options. An EOR can provide a wide range of services. They offer payroll outsourcing in Honduras as well as support for recruitment and the offboarding process.
You should choose a provider with a wider range of services to support your market engagement.
Biz Latin Hub could be your Honduran employment record
Biz Latin Hub has a multilingual staff of corporate support experts that can assist with your Honduran business entry and operation.
We can serve as your sole point of contact, and help you with all aspects of your business including being your employer in record Honduras.
Our teams are present in 16 Latin American and Caribbean countries, with trusted partners that expand our coverage to nearly every corner.
Contact us todayFind out how to be an EOR in Honduras. We also offer a variety of services.
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