Employer of Record (EOR) Services in Panama

Using our Employer of Record (EOR) services in Panama allows you to access the opportunities of the Panama market within days while we take care of the paperwork for hiring your workforce compliantly.

Employer of Record (EOR)

Expanding to Panama – characterised by a small, open, highly diversified, dollar driven and highly competitive economy – can bring excitement to the possibilities and significant stress to ensure the entity with the country’s structure and structure laws.

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Ensuring compliance without sufficient knowledge of the country’s laws also adds stress to getting your new entity off the ground and ready to test new markets. Going at it without the proper support can increase the costs, time and risks involved.

Each new market brings new challenges. These can be worked through more efficiently and cost-effectively with the support of an International Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework.

This can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.

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What is an Employer of Record (EOR)?

As an EOR we conclude an agreement with both you and the employee who will be working for your company. We become the legal employer of your new workforce and are responsible for taxes, labor laws, and other local regulations that might be unfamiliar to you now. Your company maintains control over the working relationship, work ethics, tasks, and daily responsibilities of your employee.

Our EOR services in Panama offer our global entity network to companies considering expansion. We become your international employees’ Employer of Record, meaning that we take full responsibility for your employees’:

  • Labour contracts
  • Compliance with Panama laws
  • Tax contributions (if applicable)
  • Payroll

As an Employer Of Record, we conclude an agreement with you and the employee who will be working for your company. We become the legal employer of your new workforce. Your company maintains control over your employees’ working relationships, work ethics, tasks, and daily responsibilities.

The greatest benefit of using an EOR is probably that there is no necessity for you to set-up an entity in Panama. This process can take months and during this period, it is unlikely that you have legal resources to pay your employees in Panama resulting in a considerable delay in your global expansion plans.

Global expansion is an exciting step that often leads to a growing and successful business, but the red tape in a new country can be demotivating and frustrating. Imagine a way to globally expand your business without red tape and at low costs: that is what working with an EOR can do for you.

By letting us take care of the hard part, you can focus on the great part: expand your business into Panama. These are the aspects we can take away from you:

  • Registering with the tax and social security office.
  • Immerse yourself in the local laws, customs, and regulations.
  • Get familiar with local labour benefits and other contract-related customs.
  • Approach potential employees and make them an offer.
  • Setting up the payroll system compliantly.
  • Submitting wage tax returns and national insurance forms.
  • Staying up-to-date and compliant with changes in local regulations.
  • Worrying about whether or not you are working compliantly with all laws, restrictions, and regulations.

Benefits of Using EOR Services in Panama

For Employers

As an employer, you are usually responsible for all legal aspects regarding your employees’ employment. In a new country, this process will probably take some more effort, but it does not have to. We have extensive experience with Panama payroll, taxes, and other local laws and regulations at Bradford Jacobs.

We can help you with the following:

  • A tailored solution that fits your company’s needs and plans.

  • Local experts inform you about all you want to know about the Panama market.

  • Providing EOR best practices on tax, treaties, expenses, and social security.
  • Fast-paces and efficient hiring.
  • Easy withdrawal from the market without worrying about labour contracts.

  • A hassle-free start of your Panama journey within days.

Benefits of PEO services for employers

Offering You
Expert Guidance

Benefits of PEO services for employees

Keeping Your
Employees Happy

For Employees

Employees are the central core of your business. They keep the engine running; therefore, creating a stable agreement that satisfies both employer and employee is essential. As a legal employer, the EOR is responsible for keeping employees happy with the work agreement. Due to our broad network and experts, we can offer employees great benefits and a reliable, compliant employment contract.

We will make sure they enjoy the following:

  • Rapid and transparent onboarding.

  • An employment contract compliant with Panama regulations.

  • A monthly agreed salary paid on time.
  • Excellent benefits such as pensions and insurance.
  • A regular point of contact.

  • Up-to-date information and consultation about changes in Panama regulations.

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