Going global for a company is if not, one of the major indicators that your business is going places—literally and metaphorically. Most small and midsize enterprises' (SMEs) long-term strategies revolve around international expansion, and for a good reason. Launching yourself into the global market yields many promising and exciting opportunities from increased revenue potential, a new consumer base, and a competitive advantage to access a greater pool of talent.
But entering a foreign market can be scary and is certainly not a walk in the park for brands trying to make a name for themselves. You might find yourself in hot water if you’re not taking extra steps to safeguard your company’s future. Some of the dangers with international expansion that can lead to your company’s demise are having to comply with different labor laws and regulations, costly setup practices, managing international employees, and among other serious business matters.
Good thing offshore companies offer that and more. Weighing out your options if offshoring is the right call for your business? Here are some of the key benefits of employing a good offshore partner to assist you in building your next global remote team based in the Philippines, or any country of your choosing (but let’s be honest, you can never go wrong with offshoring in the Philippines).
Practical investment for your time and money
Many businesses nowadays flinch at the thought of shelling out resources for the fear of retrenchment. But they don’t know that when you offshore services to developing countries like the Philippines, you’re benefiting from low labor and operation costs, and it also saves you precious time. Some offshore partners also provide the required equipment such as laptops and IT support for their offshore staff, so you don’t have to worry about equipment costs as well!
Offshoring allows you massive tax grants and financial incentives. In the Philippines, there are many tax schemes and financial incentives that guarantee would make your business with offshore companies worthwhile.
Tap into a global talent pool
Many offshore companies and businesses pride themselves in having and maintaining a massive global talent pool based in their local jurisdiction. When you partner with offshore companies, you’ll be able to tap into that network and use it to your company’s advantage. With the ongoing global talent shortage, this will offer you a clear-cut edge in the industry.
Offshore companies can also advise you of the profitable locations in their country. Since you will be navigating through the native market and regional trends, this can help you find your footing as your business continues to scale up.
Hire dedicated diverse teams
In addition to the convenience of being provided access to a global marketplace at your fingertips, offshore remote teams also promote diversity and inclusivity. A team with employees coming from different countries, cultures, and work backgrounds become a great asset for an international business because of their known creativity, innovation, fresh perspective, and knowledge of the local market.
If you struggle on finding professionals with a variety of technical skills—let’s say licensed global accountants that specialize in corporate auditing, then offshore accounting partners like UpStaff can help you in finding competent accounting staff based in the Philippines.
Full legal and tax compliance
Many would argue that investing offshore is a lost cause because of their bad reputation with tax evasion and money laundering, but they don’t know that offshore companies are completely legal and are registered businesses in their respective countries so companies don’t have to manually set up their foreign entities.
Offshore companies are fully committed to providing your business full coverage in complying with the latest local corporate, labor, and tax laws. When you partner with offshore companies, you don’t have to worry about financial non-compliance and labor disputes like auditing mishaps or wrongful termination ever again.
Excellent administrative and HR support
Offshore recruitment companies specialize in the field of administration and HR management. Not only will you be able to find the right person for the job faster than traditional hiring, but offshore companies are also in charge of payroll, contracts, and employee matters.
A common misconception about offshore recruitment is that you’ll be losing control over its recruitment process. You won’t. Because your offshore team is considered an extension of your business, you’ll still have the final say on its recruitment process, so expect that your offshore partner ensures full adherence to your policies and procedures.
24/7 business operations
Still not convinced to let offshore companies take care of your global recruitment needs? Then you ought to know that with an offshore partner, your needs and your customer’s needs will be taken care of 24/7. Global offshore partners handle various businesses and corporations throughout the globe, so they must maintain 24/7 customer support to help them stay in touch with their customer base.
With that in mind, you don’t have to fret over missing business traction or losing international customers since you have a dedicated remote team that works across multiple time zones.
Offers sustainable scaling for your business
Offshore companies offer you flexibility in the way you handle your time and finances; help you scout global talent and diversify your teams, ensure that you comply with local labor, tax, and corporate laws, cover your offshore administrative and HR matters, while operating 24/7 for you and your customers.
All these translate to providing your business with a competitive yet sustainable edge in the global market. Offshoring takes care of your business while also helping you take care of it. 2023 is a season of change, so keep building up your company’s global momentum by offshoring now.
Soar to new heights with UpStaff Remote
Global expansion can be intimidating especially when you consider all the nitty gritty details of hiring and building an international remote team. Luckily, many dedicated offshore businesses are willing to carry that heavy burden for you like UpStaff Remote. UpStaff is a Philippine-based offshore company that specializes in providing high-quality remote teams for small and midsize businesses to global corporations. No need to worry about managing them, we’ll cover that too and more! Reach out to us now at info@upstaffremote.com and we’ll be in touch shortly with a thorough business plan for your offshore and global expansion needs.