The potential is obvious – but not so obvious are the issues facing companies planning to make their first move into the economy. Payroll is one of the issues, and companies must decide whether to open a subsidiary to hire staff and manage all their tax and social security obligations.
Foreign companies must tread carefully as they consider moving into one of Europe’s leading business and commercial centres, with a world-class infrastructure underpinning its role as a ‘gateway to Europe’. Belgium’s nominal Gross Domestic Product was €507.2 billion, 25th globally and 11th among fellow European Union members. Belgium is a wealthy nation, with its world ranking jumping to 18th with a per capita GDP of US$50,413. Belgium’s international status is underlined by Brussels being considered the ‘capital’ of the EU and the headquarters of NATO. Other memberships include the United Nations, the World Trade Organisation and the Organisation for Economic Cooperation and Development. Belgium’s place among Europe’s significant economies attracts numerous multinationals with their headquarters in its major cities.
These attractions for foreign companies come with risks. However, there is a no-risk alternative to accessing Belgium’s rewarding market. Bradford Jacobs’ Professional Employer Organisation (PEO) and Employer of Record (EOR) platforms and networks answer every question your company will encounter, especially regarding operating payroll. Bradford Jacobs will be at your side every step of the way with expert advice and guidance. Our specialists become your employees’ effective EOR while your Belgian staff remain under your daily operational control.