Entering the Maldivian Market with Employer of Record Services

In the rapidly evolving global business landscape, companies seeking to expand into new markets face numerous challenges. One solution that has gained significant traction is the Employer of Record (EOR) service. This service conveniently allows companies to hire employees in foreign countries without needing to establish a local legal entity. Let’s explore why EOR is becoming increasingly relevant, particularly in markets like the Maldives.

Understanding Employer of Record (EOR)

An Employer of Record (EOR) is a third-party organisation that manages the employment responsibilities for a company in a foreign country. This includes handling payroll, taxes, benefits, and compliance with local labour laws. Essentially, the EOR acts as the legal employer while the client company remains in control of day-to-day operations and employee management.

Global Trends in EOR

Globally, EOR services are witnessing robust growth. As companies look to enter new markets without the complexities of setting up local operations, EOR provides a streamlined solution. This trend is driven by the increasing globalisation of business, the need for flexible workforce solutions, and the growing complexity of international labour laws.

Value Proposition of EOR

EOR services offer several advantages:

1. Simplified Management for Small Teams: For companies with smaller teams—typically ranging from 1 to 20 employees—EOR provides an efficient way to manage staff without the overhead of establishing a local office. This is particularly beneficial for startups and small businesses expanding internationally.

2. Ideal for Foreign Companies: Foreign companies can leverage EOR to navigate local regulations and compliance requirements more easily than if they were to establish a local entity. 

3. Ease of Entry into Complex Markets: EOR is especially advantageous in countries with complex labour laws or challenging registration processes, such as the Maldives. For foreign businesses looking to operate in these regions, EOR simplifies entry and compliance.

Optimal Use Cases for EOR

EOR is particularly effective in the following scenarios:

1. Complex Regulatory Environments: In countries with stringent labour laws and regulatory requirements, such as Sri Lanka, EOR can help companies comply with local laws without needing to navigate the complexities on their own.

2. Difficult Registration Processes: In markets like the Maldives, where setting up a local company can be challenging, EOR provides a viable alternative. It allows companies to employ local staff without the need for a local legal entity.

3. Advantage of Local Partnerships: Having a local partner can be beneficial, especially in new or unfamiliar markets. EOR providers offer not just employment solutions but also valuable local insights and support, which can be crucial for navigating the business landscape.

EOR to take your business to the next level

For companies eyeing expansion into the Maldives, EOR offers a strategic advantage by simplifying the employment process and ensuring compliance with local regulations. As global trends continue to favour flexible and efficient workforce solutions, EOR stands out as a practical choice for managing international operations seamlessly.

For more insights on how EOR can benefit your business in the Maldives, feel free to connect, inquire and explore the possibilities of taking your business to the next level.

Setting up operations in the Maldives

The Maldives, renowned for its pristine beaches and booming luxury tourism industry, is an increasingly attractive destination for business ventures.

Its tax-friendly environment and high quality of life offer compelling reasons for entrepreneurs to consider setting up shop in this island paradise. The Maldives offers zero income tax and no social welfare benefits,
which is advantageous for businesses with low overhead costs or high growth potential.


Additionally, the country’s relaxed lifestyle and demand for talented employees make it an ideal location for those looking to combine work and leisure seamlessly.
However, while the allure of the Maldives is undeniable, the process of registering a business there is complex and can be daunting. Here’s a detailed look at what’s involved.
To register a private limited company in the Maldives, businesses must comply with the Companies Act (Law number 10/96) and register with the Ministry of Economic Development.

The first step in this process is securing a Name Reservation.

Applications are made through an Efaas account, directing users to the oneGov homepage. Key documents required include declarations from the Managing Director and Company Secretary, information forms for tax-responsible persons, and copies of national identity cards for directors, shareholders, and authorised signatories.

If shareholders are companies, additional documents like board resolutions and notarized certificates of incorporation are needed. Foreign shareholders require Foreign Investment Approval and passport copies.


Once all documents are submitted, applicants receive notifications about the status of their application. Approval leads to payment instructions, after which registration documents such as the Certificate of Registration and Corporate Profile Sheet become available for download. Fees include a registration fee based on authorised share capital and annual fees (MVR 2,000 for private companies and MVR 10,000 for public companies).

The entire process is designed to be completed within a business day, provided all documents are in order.
Given the intricacies of this registration process, specialised resource outsourcing companies can be invaluable. These firms can take the whole Admin and HR burden off foreign companies through services such as Employer of Record (EOR).

They ensure that all legal requirements are met promptly, saving businesses time and reducing the risk of errors that could cause delays. Additionally, outsourcing companies can offer ongoing support, such as handling annual fee payments and maintaining compliance with local regulations,
allowing businesses to focus on their core activities.

End-to-end Outsourcing Solutions in Maldives, Outsource to Asia

The archipelagic Republic of the Maldives is the smallest Asian country, forming an archipelago of
almost 1,000 islands, but the small island country is located on the busy international sea routes and is a
major tourist destination, yet remains dependent on imported goods.
However, expanding a business in Maldives can be a tricky and drawn-out process given the complicated
bureaucratic procedures, cultural differences, and unique regulations.

At ExroAsia, we offer a comprehensive range of outsourcing services to accelerate an organization’s
successful expansion into Maldives. We provide professional employer organization (PEO), payroll, and
employ of record (EOR) services that cover all the administrative tasks and legal compliance work, so
that you can focus on your rapid and successful expansion.

There are a bunch of different ways we can partner on recruitment. We can acquire and onboard new
recruits on your behalf, freeing you up to focus on other business priorities. Additionally, you can
leverage our Maldivian entity to act as your employer of record, saving you the hassle of setting up a
local entity.

If you are expanding your business globally, using an EOR in Maldives can save you a considerable
amount of time and resources. You will not need to set up an entity in Maldives, which can take months,
and you will not need to pay your employees in Asia during that time, you can use EOR services of
ExroAsia and outsource to Asia. This can help you avoid significant delays in your global expansion plans.
We prepare and certify all local employment contracts, making the induction process for you and your
employees more streamlined—all you need to do is provide the necessary information and review and
confirm the employment agreement.

We source talent from Asia, the most skilled and competent workforce required to empower your
business. Talent in Asia is diverse, multi-lingual, multi-cultural and skilled with global exposure. ExroAsia
has a team of experts in the region who work with multiple partners to cater to your requirement within
a short span of time.

Expand to Maldives with ExroAsia

ExroAsia can help you get started in Maldives in a matter of hours which can be financially beneficial if
you don’t have a legal entity in the country yet. Understanding that employees are your most biggest
asset, we provide services with utmost care and decades of collective experience in supporting our
partners expand across the globe.

We manage the payroll, benefits, and expenses in the Maldives for organizations of all sizes, while
offering HR, recruitment, and accounting-related services. We are the one stop shop for all your
outsourced HR needs. PEO services in Maldives and Employer of Record will be cost effective and you
can focus on strategy while we support you with everything you need for your expansion in Maldives.
Our experts can setup operations for you in a matter of days and save you over 80% of expansion costs
even without having an entity in Maldives. We source talent from the most skilled and competent
workforce required to grow your business. Our professional staff in the region is diverse, multi-lingual,
and multi-cultural, with strong professional backgrounds in leading companies from around the world.

We have a team of regional experts working around the clock to link talented professionals to your
organization.
Our dedicated workforce and partnerships guarantee that you will receive customized, consistent and
reliable, enterprise solutions to drive your business needs. From recruitment, hiring and training, to
staffing, payroll, and benefits, to organizational development and employee engagement, we have you
covered! Many businesses look for the right partner to expand their operations, a solution which can
mitigate the risks and lets the company expand with confidence. ExroAsia has many years of experience
with a team of experts on board who can support your growth journey. Drop a message if you would like
to have a chat.

Hire & Onboard Remote Teams Fast with ExroAsia

Companies look at different ways of structuring their business when faced with international expansion. Most companies either send their employees to manage operations in the new country, or set up an independent agency through which to experience growth (e.g. affiliates, agencies, etc.). For specialized and high-end services, some companies look at acquiring a local company or establishing a joint venture to share profits and control.

With economic recession, companies are closing down their overseas branches and offices. They are doing this in order to save money and cut costs. However, instead of closing, these companies are choosing to transfer their foreign branch to a global PEO. Transferring to a PEO will be a lot cheaper, faster and easier than maintaining multiple subsidiary. Global PEOs like ExroAsia offers their low cost services to companies so that they can transfer their foreign company to a PEO.

We recruit, hire, and onboard your team in your chosen market of expansion, and act as your Employer of Record to manage all aspects of their employment, including: – recruiting, hiring, and onboarding – creating and managing their employment contract(s) – managing their payroll, tax, and benefits – answering all types of work-related questions – ensuring regulatory compliance, including through international labor law, immigration and visa requirements.

A global PEO such as ExroAsia can manage your entire business from recruitment to taxation. By outsourcing your HRM, you can cut down on your operational costs and focus more on growing your business. Further, by engaging a PEO, you do not have to worry about complying with complex labor laws or tax regulations.

Our global PEO & EOR solution has helped many entities from different industries who expanded their operations in Asia.

How to Return to Work Safely – Guide to Employers

While many companies have welcomed remote working with open arms facilitating employees to work
from anywhere they like, many multinationals are looking at returning to work for so many reasons.
When many giants focus on returning, small companies tend to follow the trend. Before returning, there
are so many things that have to take place, such as introducing new work policies and bridging gaps in
the existing rules and regulations to accommodate the “new normal” working environment.

Returning to work has to be carefully planned as it is not a simple switch from earlier operating
procedure to the new, where a decision is made and employees are expecting to adhere to it. It is a
complete lifestyle change to employees and unlike the pre-pandemic state, employee well-being and
mental health are given much high priority in workplaces. Driving business needs through flexibility
especially to cater to employee needs is key and allowing hybrid work modes for employees is also
necessary based on job and location.

Providing a safe work environment becomes a mandate, on how employees can be vaccinated, isolated
and given allowance to work from home if exposed to a Covid patient. Using precautionary measures
such as masks, adequate ventilation, spaces and cleaning becomes another area that has to be
addressed with caution. Restating the hybrid work policy, getting in technology to support hybrid work
stations, equipment and tools are also necessary.

If the company decides to opt for a hybrid work mode, where employees divide their time at office and
remote to work which is a favoured option among employees now : both needs have to be balanced
equally. Allowing best of the both worlds, allowing them the freedom to collaborate and commute as
they wish. Employee engagement, basic needs and wellbeing has to be looked into for both options
equally.
Bringing your staff back to the office gradually via a gradual return program can help to reduce the
overall strain on your business, both from a financial and operational perspective, as well as reduce your
employees’ anxiety.

At ExroAsia, we understand the different modes of working available as well as the challenges in
maintaining employees’ health and well-being throughout their working lives. We can help to support
companies returning to the office, those continuing to work remotely, and those developing a deliberate
hybrid model.

Co-Employment and How it can Help Expansion

Co-employment is an employment relationship between two organizations. Often, a client business and a Professional Employer Organization (PEO) share employer responsibilities between them. For many business owners, the beginning of the year is a great time to review the overall financial health of the business. One area that they are often left to ponder is their payroll. Many owners think about outsourcing the payroll, but do not know what exactly outsourcing entails.

In co-employment there are defined tasks that the company manages by themselves. Day-to-day business operations and daily HR tasks which also include employee performance activities are managed by the company. Job targets and KPI’s are also monitored by the company itself in most scenarios. Management of the employee however is taken over by the PEO. Recruitment, placement of employees at different locations on requests, managing payroll, benefits and deducting tax, complying with local tax and regulatory laws and even performing employee surveys and exit interviews become a part of the PEO’s role.

There are many benefits of co-employment for a company that is expanding globally. One of the key benefits is that PEO takes responsibility for the legal and administrative side of employees allowing the company to focus on its core business.

The HR can be agile and managed seamlessly with a PEO onboard in terms of quality, international standards and guidelines. PEO with their expertise in the region can guide a company plus provide additional benefits to the employees such as pension, insurance, medical benefits etc

Payroll planning and management can be done efficiently while PEO would handle paychecks and taxes on behalf of the company, allowing them to focus on strategic expansion. Not just compensation, PEO manages benefits including leave, retirement and entitlements.

Co-employment with a PEO also entails that they support the company have a robust HR strategy to support the expansion strategically. PEO allows the company to take decisions while they focus on growing the human capital and supporting with HR policies and statutes.  

There’s lots of paperwork involved in the complex HR responsibilities of a company. Working with a PEO can simplify the HR responsibilities, by taking over the administrative and labor-related tasks of a company and becoming its co-employer.

Outsource to Sri Lanka: Add a Skilled and Resilient Remote Workforce to your Organisation

Sri Lanka is an island country in the Indian Ocean, located in Southern Asia. The country has a rich history dating back over 2,000 years, and is a renowned tourist destination. Sri Lanka is a great place to outsource resources, as it offers a variety of benefits. These benefits include low costs, skilled labor, and a business-friendly environment. Sri Lanka is an ideal destination for businesses looking to reduce costs and increase efficiency. Sri Lanka produces skilled workers for ICT, BPO and management sectors annually where these skilled employees work remotely for many outsourced companies outside Sri Lanka. Technologically savvy with fluency in English and high adaptability and resilience is what Sri Lankans bring into the global work arena, at a cost that is comparatively low to Asian context.

The island is transforming to take reins to become a global IT hub in Asia with resources that is skilled and competent to take over the world. The industry is looking at expanding into IT products, services, software development and BPO centres within the country and working towards exponential growth for the next three years. 

The low cost of living in Sri Lanka also makes it an attractive destination for businesses. Colombo is an appealing destination for businesses looking to expand their operations due to its rapidly growing workforce. This workforce is low cost, highly adaptable, English speaking, and loyal, making it an ideal choice for companies looking to tap into new markets Sri Lanka is replete with recreational facilities that are situated no more than a 2-3 hour drive away from Colombo. Exquisite beaches, wild life sanctuaries, cultural heritage sites and tea plantations are just some of the places that can be visited.

There are many reasons to outsource resources to Sri Lanka, but the most important one is the cost savings. With the right provider, you can save a significant amount of money on labor, overhead, and other associated costs. Additionally, Sri Lanka has a highly skilled workforce that can provide quality services and results. If you’re looking to outsource resources for your business, Sri Lanka should be at the top of your list.

Why do you Need an Outsourced Architect to gain Competitive Advantage?

Post pandemic, businesses are suffering with many financial and economic issues which affects a dynamic business. Outsourcing many services is a great way to reduce risks and costs on an operational level, organisations are now open to the concept of outsourcing not just professional services but skilled labor related areas such as architecture.

Outsourcing architectural tasks like design, drafting and 3D modeling, can help free up your time to focus on other tasks in-house. By completed these steps remotely, you can streamline your operation and get more done efficiently.

Here are few ways why outsourcing architect related jobs can gain you competitive advantage.

Architects and Interior designers  

 Designers can help you make your dream space, whether it is a new construction or a renovation come true. All design related activities such as concept development, drawings and 3D visualization could be provided to the satisfaction of the client. 

Skilled draftsmenship

Using skilled draftsmen to draw up high-quality working drawings is time saving.   Floor plans, sections, elevational drawings as well as door and window detail drawings could be drawn according to the required specifications using AutoCAD and Revit.

3D modeling and animations

3D models make it easy for the client to visualize the building at the initial stages of design. This gives them a clear understanding of what the final product will look like, and helps to ensure that any changes or adjustments can be made early on in the design process.

Benefits of architectural outsourcing

When it comes to outsourcing architectural solutions, Sri Lanka can be a great option. By working with a team based in Sri Lanka, who are well qualified, you can save valuable time and resources. Plus, you can enjoy peace of mind knowing that your project is in good hands

ExroAsia can provide a range of services if you are looking at outsourcing to Asia, with their wide experience in different sectors they will provide a solution on your specific requirement.

All About Managing a Diverse Workforce

A more diverse workforce brings together a greater number of competent employees from a wider range of backgrounds. This includes employees from different races, genders, social groups, physical abilities, communication styles, and ages. By harnessing the talents and skills of this broader range of employees, organizations can improve their performance and better meet the needs of their customers or clients.

There are few types of diversity, demographic diversity covers race, gender, sexual orientation and age while experiential diversity is where past work experiences, hobbies, interests, cultures and innate abilities are taken into consideration. Interestingly cognitive diversity includes problem solving approach, neuro divergence and social attitudes.

Benefits of having a diverse workforce

Investing in workforce diversity can have numerous potential advantages for your business, from increasing revenue and productivity to improving employee engagement and successful team problem-solving. Making diversity a priority can help you attract top talent, nurture a positive company culture, and stay ahead of the competition.

Diversity is essential for preventing stagnation of corporate culture and maintaining an organization’s vision. By encouraging different perspectives and ideas, diversity helps reduce negative manifestations of groupthink and keeps the corporate culture open to new ways of doing things. This, in turn, helps the organization to stay agile and responsive to change.

Recruiting a diverse workforce

To attract top talent from diverse backgrounds, it’s important to carefully craft job descriptions and advertising materials. Make sure your advertising reaches a wide audience, and that your company is perceived as a fair and reputable employer. When reviewing candidates, be aware of your own personal biases and strive to make objective hiring decisions.

Beyond the job ad, potential applicants will probably take a look at your company’s public image. If the job description mentions commitment to diversity but published data and imagery show that almost all employees share the same characteristics, applicants may be turned off by this inconsistency

Managing a diverse workforce

Although recruitment is an important part of building a diverse workforce, it is only the first step. To truly benefit from diversity in the workplace, employees must have equal employment opportunities and be able to participate on a level playing field.

An organization’s ability to manage a diverse workforce is essential and requires the commitment of senior leaders as well as managers throughout the organization. Leaders should be willing to review and improve organizational structure as necessary, including along the following lines.

ExroAsia is a PEO and EOR company which takes care of your operational HR when companies expand globally. Diverse workforce generation is key and ExroAsia is committed to recruit and manage diverse workforce for your company on request. Please message us for a chat, we will get back to you soon.