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First things First: What is the difference between EOR and Contractors?
Well, we are here to make sure you have the answers in the palm of your hands. Buckle up and let’s get started.
What is EOR?
In a mainstream company, you would have to pass through a lot of difficulties in the search to hire an international employee. It can be difficult and time-consuming because you'll need to set up contracts, deal with different legal systems, and provide benefits like health care or vacation days and many other factors.
But all this hassle is a thing of the past if you use EOR services, which enable companies to hire amazing international talent without having to open a legal entity in every country. It's easy breezy for your company because everything happens online.
Hopefully, our explanation was clear. Continuing our EOR tour, or Employer of Record, we can also say that it’s a third-party organization that hires and pays an employee to render services to another company and takes responsibility for all formal employment tasks, allowing you to have a global team and expand internationally without having to worry about legal entities. Sounds nice, huh?
If you would like your company to have the best global talent while saving money, stay tuned
Ontop is an internationally recognized company that takes hiring overseas talent to the next level.
We work with companies and contractors in 150+ countries, so we know a thing or two about what works and what doesn’t. Let’s learn more about the hiring process and what the Employer of Record (EOR) service stands for.
An Employer of Record serves as the legal employer of a worker in a certain country. The EOR takes care of the compliance side of employment, including payroll, taxes, statutory benefits and employment contracts. Ontop does not offer EOR: it works as a contractor of record, the option described below.
Now let’s take a closer look at the Contractor Option
A contractor is basically a super-fast setup to hire and integrate new talent into your team in a matter of minutes through our easy-to-use platform. The entire process is automated so you don't have to move a finger. By having Ontop by your side you can scale your team quickly and easily with our smart contracts. We also got you legally covered, our team of lawyers reviews our contracts and practices frequently in order to protect your business.
Do you want to know how to save 40% - 50% of your hiring budget? You can scale your team quickly and easily with our smart contracts while saving tons of time and money. We hire and integrate new talent into your team in a matter of minutes through our easy-to-use platform. The entire process is automated so you don't have to move a finger.
We are so proud that we can offer amazing perks in the search to engage and retain Contractors around the world through our competitive perks that are tailored to their preferences and needs.
Also, Ontop is fully compliant with applicable laws. Unlike other companies, our expert lawyers reviews our contracts and practices frequently to protect your business. Why are we so careful when it comes to keeping compliance with the applicable laws? Because that can bring you a lot of headaches and consequently loss of money.
We always recommend avoiding problems when hiring abroad. Don’t worry, we surely have your back. We will guide you with the right documentation all the while helping you reduce legal and operational expenses. With our expert legal team, you will know exactly what to expect when hiring rockstars all over the globe.
Save time and effort. We've got the know-how. Focus on your core business needs while we help you expand. Relying on our applicant background check and making sure that everything is set up for your success.
Let’s talk price
First of all, as you could see both hiring methods offer different things and are better fits depending on your company’s needs. Here is what each option means if you work with Ontop.
EOR (employees): Ontop does not offer EOR. Most global teams start with contractors and do not need employment at all, which is the idea behind our EOR alternative for contractors.
Contractors: Hire & pay international remote contractors or freelancers through our platform, with Ontop as contractor of record, from $49 per contractor per month.
Startup for Managing Remote Teams
Ontop is a platform that may seem complex to understand. Put simply, it is used for hiring and managing remote teams. The focus is on building qualified, international teams while making payments easily. Companies use Ontop to engage and pay international contractors compliantly, with Ontop acting as contractor of record.
Traditional companies usually take weeks or even months to hire local teams. Can you imagine the time it must take for them to hire internationally? The good news is that with a contractor of record, companies can work with qualified contractors in 150+ countries without opening a local entity.
Ontop is ahead of the competition. Our team is composed of over 150 nationalities and features over 90 local experts working to make these processes easier. By not having to spend all of their time and budget on hiring, companies actually save money using Ontop.
Ontop does not offer EOR. Its contractor of record model covers compliant agreements and payments for contractors.
We adapt to your needs
With Ontop’s expertise and technology, we offer everything your team could need, all with humanized contact. Ontop makes sure you are covered and supported in terms of gathering all the tax, legal, and licensing documents you need for your contractors to work remotely from wherever they live. We also help you maintain compliance with all regulations.
EOR is the best fit for your company in the following situations:
• Company commits to a new market.
• Looking for long-term working agreements.
• Don't have an extensive global expansion budget.
• Are waiting to open a legal entity.
• Full-time employees will give you more freedom to manage.
Efficient
Compared with opening your own entity, both EOR and contractor of record save a large chunk of your budget from the very beginning. For example, entity registration and setup would generally cost you up to $10,000 and six months of commitment. With a contractor of record like Ontop, you can start working with contractors without that setup.
Setting up on your own costs:
• Setting up employment contracts/registrations: $10k - $50k
• Opening a foreign bank account: $5k or more
• Contract with a foreign payroll provider: a minimum of $2k.
The list keeps on going.
Retain legal & financial advisors cost your company $3k - $15k per occurrence
Ongoing annual tax/audit/regulatory costs $3k - $10k per year
With Ontop, contractor of record and global contractor payroll start at $49 per contractor per month.
Cost-Efficient: Take a good look at the business model we talked about
Hiring global talent might seem daunting. For teams that work with contractors, Ontop removes much of that bureaucracy: you engage talent in other countries without opening a local entity.
Hiring local entities costs a lot of money, and forces you to have a permanent administration team. Not to mention having to consult local benefits, payments, taxes, and legal concepts. In addition, your company can get into trouble if it does not comply with local laws.
As contractor of record, Ontop handles contractor agreements, classification responsibility and payments, so contractors are onboarded without the paperwork landing on your team. Ontop has more than 150 employees of different nationalities spread all over the world.
