Bahamas Employer of Record (EOR) Services
Expanding your business to the Bahamas has never been easier with Employer of Record (EOR) services. Whether you’re looking to hire employees in the Bahamas without establishing a legal entity or need assistance managing international payroll and compliance, EOR services provide a seamless solution for outsourcing employment.
Why Use Employer of Record Services in the Bahamas?
Expanding your business into the Bahamas comes with a range of challenges, including navigating local employment laws, payroll systems, and tax regulations. Employer of Record (EOR) services simplify this process, enabling companies to hire employees in the Bahamas without establishing a legal entity. By partnering with an EOR, businesses can save time and resources, ensuring a faster and more cost-effective market entry.
EOR services also provide tailored International PEO solutions, managing critical aspects such as payroll, employee benefits, and compliance with Bahamian labor laws. This approach allows companies to focus on their core operations while delegating HR and administrative tasks. Additionally, remote hiring becomes seamless as EOR providers handle onboarding and ensure full compliance with local regulations.
How EOR Services Work in the Bahamas
- Legal Employer Role
- The EOR provider becomes the official employer on record while you maintain control over daily operations.
- Streamlined Onboarding
- Handle contracts, benefits, and legal documentation in compliance with Bahamian labor laws.
- Payroll Processing
- Ensure timely salary disbursement, tax compliance, and social security contributions.
- Termination Support
- Assist in lawful terminations to mitigate risks.
Employment Contracts in the Bahamas
- Types of Contracts
- Permanent Contracts: For full-time employees.
- Fixed-Term Contracts: Typically used for temporary positions.
- Mandatory Inclusions
- Job description, salary details, working hours, leave entitlements, and termination clauses.
- Compliance
- Contracts must comply with the Bahamian Employment Act and relevant labor laws.
Working Hours in the Bahamas
- Standard Workweek: 40 hours (8 hours per day).
- Overtime: Paid at 150% of the regular rate after 40 hours per week.
- Flexible Work Arrangements: Available based on employer and employee agreements.
Employee Leave in the Bahamas
- Annual Leave
- Employees are entitled to two weeks of paid annual leave after one year of service.
- Sick Leave
- Employees can take up to seven days of paid sick leave annually.
- Maternity Leave
- Female employees are entitled to 12 weeks of maternity leave, with a portion covered by social insurance.
- Public Holidays
- The Bahamas observes 10 public holidays each year.
Employee Benefits in the Bahamas
- Mandatory Benefits
- National Insurance Contributions: Covers sickness, maternity, retirement, and unemployment benefits.
- Severance Pay: Applicable in cases of redundancy or termination without cause.
- Optional Benefits
- Private health insurance, retirement plans, and performance bonuses are common additional benefits.
Advantages of Using Global EOR Services in the Bahamas
Additional Information
- Taxation in the Bahamas
- The Bahamas has no income tax, making it an attractive destination for employers and employees.
- Work Permits
- Non-Bahamian workers require a valid work permit, which can be facilitated by the EOR provider.
- Social Insurance
- Contributions to the National Insurance Board (NIB) are mandatory for both employers and employees.