Global payroll in Hong Kong

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Rivermate's global payroll solution helps companies hire remote employees in Hong Kong . We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business. Our global payroll solution is beneficial to companies that want to hire remote employees in a breeze. On this page you will find employment information for Hong Kong.

1. Grow your team in Hong Kong with Rivermate as your global payroll provider

Payroll, benefits, taxes, and compliance can be difficult to manage in , particularly if you don't have established local relationships. You can hire employees in effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

2. Introduction to global payroll in Hong Kong

If you are interested in hiring a remote team in Hong Kong, or even just individual remote employees in Hong Kong, then you have come to the right place!

Rivermate is an Employer of Record (EOR) that offers Hong Kong payroll solutions. As a Hong Kong payroll provider, we will cover everything from salary, benefits, employer-to-employee contributions, and especially payroll compliance in Hong Kong. We are confident Rivermate’s payroll solutions Hong Kong will help you grow as a business—because now, you won’t have to worry about your payroll solutions Hong Kong. We take care of everything payroll!

With Rivermate, you can run Hong Kong payroll services in just one click—regardless of currency, benefits, insurance, and your local labor laws. Everything is automated. Our priority is for you to focus on your company’s strategy and growth.

Our Rivermate Global Payroll services are made especially for startups and scaleups. We know that startups try to be extra prudent when it comes to choosing a payroll provider, so it is our mission at Rivermate to be your most reliable and cheapest payroll provider option. So if you’re looking for global payroll providers for small businesses, look no further and book a call with us now!

3. How to set up global payroll in Hong Kong

To begin, you must register your business with the IRD within one month of its official start date. The IRD will administer your tax regulations, collect taxes, and ensure that you are in compliance. You must also file an annual employer's return and the following forms:

1. IR566: This form is required to report all new hires and must be submitted within three months of hiring someone.

2. IR56F: This form is required to report any employee terminations and must be filed within one month of the employee's last day of employment.

3. IR56G: Any employee who leaves Hong Kong for an extended period of time must be reported.

You must also set up your MPF scheme, which is similar to setting up a 401(k) in the United States. Any new employees must be enrolled in your company's specific scheme under Hong Kong payroll regulations. The employee can then select from a variety of investment options.

4. Taxation rules for global payroll in Hong Kong

Most employees and employers are required to make retirement contributions to the Mandatory Provident Fund (MPF). Contributions vary according to salary and length of service with the company, but the minimum required amount is typically 5%. After 60 days of employment, employees are automatically enrolled in your company's MPF scheme.

For any business conducted in Hong Kong, the corporate income tax rate is 16.5%. You do not have to withhold income tax from your employees all year. Employees instead file their own tax returns and pay Hong Kong's Inland Revenue Department (IRD) at the end of each year.

5. Payroll options for companies in Hong Kong

Companies that wish to expand their operations globally have four different payroll options in Hong Kong. These payroll options are:

1. Internal Payroll. This payroll option is applicable for already established companies in Hong Kong. It includes devoting an entire Human Resources staff to running the company's payroll procedures.

2. Remote Payroll. Smaller firms may lack the capacity to handle their own payroll, but they may add their workers to the parent company's payroll. This action, on the other hand, requires considerable thinking. You must guarantee that you follow the rules and laws of each nation.

Working with a local outsourcing firm is one method to retain money in the local economy, but you'll still need to study all of the local rules and regulations, since you'll be held responsible.

3. Hong Kong payroll outsourcing: Outsourcing your payroll to an Employer of Record in Hong Kong, such as Rivermate, is another alternative for Andorra payroll outsourcing. We can manage all aspects of your payroll, including compliance. Send us a note and we'll get back to you as soon as possible!

6. Payroll compliance Hong Kong

It is the obligation of the employer to ensure that all payroll-related transactions are properly documented and recorded. All salaries and compensation payments must adhere to the local minimum wage as well as other applicable laws and regulations.

Rivermate's payroll services in Hong Kong can assist you in staying in compliance with the country's ever-changing payroll rules. We provide an all-inclusive solution that covers everything from compliance and reporting to salary payments.)

7. How to manage payroll in Hong Kong

Companies that have a business presence in Hong Kong have different ways of managing payroll. However, most of the options you have for running payroll in Hong Kong are either expensive or require establishing a subsidiary in Hong Kong. The cheapest, most efficient, and most reliable payroll processing system in Hong Kong is by outsourcing payroll to Employers of Record (EOR) in Hong Kong. Rivermate is one of those Employers of Record.

At Rivermate, we offer you the most efficient, most compliant, and cheapest HR and Payroll Management services in Hong Kong. We do this by taking care of your payroll-related needs, such as keeping track of your employees’ financial records, including incentives, gross and net salary, and payslips, all the while staying compliant with the labor laws in Hong Kong. Because we do your online payroll management for you, you can have absolute focus on your business’ strategy and growth.

Rivermate is all about growth through collaboration and we achieve this by offering the most reliable yet cheapest services for managing payroll for small businesses in Hong Kong.

8. Entitlement and termination terms in Hong Kong

Employers or employees may terminate an employment contract by providing the other party with reasonable notice or money in lieu of notice.

Employers are not permitted to discharge an employee for the following reasons: maternity protection, paid sick leave, providing evidence or information to authorities, trade union activity, workplace injury, or employment protection.

Unreasonable dismissal, unreasonable change of the terms of the employment contract, and unreasonable and unlawful dismissal are all scenarios in which an employee may seek redress against an employer.

9. Compensation in Hong Kong

The minimum wage in Hong Kong is set at 37.50 Hong Kong Dollars per hour.

10. Working hours and overtime in Hong Kong

In Hong Kong, there are no set working hours, and the number of hours worked by an employee varies according to position and industry. Employees, on the other hand, frequently work 44 hours per week. The employment contract should specify the number of working hours and days, as well as rest periods and overtime.

A continuous contract employee is entitled to at least one rest day every seven days. Employers and employees must agree on whether or not to pay for rest days. In general, Hong Kong pays for rest days.

There are no special restrictions on shift workers' working hours or rest breaks.

Regardless of their work hours, all employees covered by the Employment Ordinance are entitled to basic protection under the Ordinance. Employees who work for the same employer on a continuous contract for four weeks or more and work at least 18 hours per week are also entitled to additional benefits.

11. Employee benefits in Hong Kong

Hong Kong's health-care system is a mix of public and private providers. All Hong Kong residents have access to the public health-care system, and neither insurance nor payroll deductions are required. The public system offers excellent coverage at a low cost, but there are frequently long waits and few English-speaking providers.

Employees are frequently provided with health and life insurance as a supplemental benefit. Most executives request additional health and life insurance; smaller businesses may provide a stipend in lieu of arranging insurance.

12. Why choose Rivermate as your global payroll provider in Hong Kong

Establishing an entity in to hire a team takes time, money, and effort. The labor law in has strong worker employment protection, requiring great attention to details and a thorough awareness of local best practices. Rivermate makes expanding into simple and effortless. We can assist you with hiring your preferred talent, managing HR and payroll, and ensuring compliance with local legislation without the hassle of establishing a foreign branch office or subsidiary. Our PEO and Global Employer of Record (EOR) solutions in give you peace of mind so you can focus on running your business. Please contact us if you'd like to learn more about how Rivermate can help you hire employees in via our Employer of Record (EOR) / PEO solution.

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