Why To (Do) Payroll Outsourcing in Malaysia Like A Professional

Why would you hire an organization for payroll outsourcing in Malaysia? As a company, you may have a department for making salaries and distributing them accordingly. Also, outsourcing reduces corporate stress and saves time and money.

So, have not you wondering what payroll outsourcing in Malaysia is? Of course, you could find blogs and articles explaining in detail each aspect of hiring a company to do your employee tasks. But the main features of payroll services stand with two terms: regulatory compliance and reporting capability. 

Payroll outsourcing is, in general, taking over the responsibility or control of business’ money for the sole purpose of paying the employees each month. Also, with the latest technology updates, service providers making it better for corporations to opt for these services at affordable prices. 

Moreover, if you hire a local payroll provider, you will engage with a professional provider with strong local knowledge about statutory legislation, regulations, and rules. Also, expect no language barrier and fast results with security compliances. 

And when you choose a single payroll provider, it is cheaper and consistent in results. Indeed, there are other advantages to make someone else in charge of your employees’ records, and those are:

Focus on Valuable Projects

Outsourcing provides you the focus you need for other valuable projects. Productively think this. Each month your HR department spends considerable time on payroll processing, and it consumes time and energy, which can make other projects wait. 

Avoid Delayed Paychecks

One of the demotivational factors of employees is a delayed paycheck. An employee expects to get paid on a certain date each month, without reminders or other consequences. When a person receives a paycheck late, the burden of monthly payments increases and causes a negative effect. Hence, your employee would start looking for a new job, where the salary is on time. 

Calculated Accuracy

It’s easy to calculate the fixed salaries of permanent employees. But, in the digital age, most companies hire freelances and contract employees. 

That’s where payroll calculations can mess up! With payroll outsourcing in Malaysia service, you’ll have calculated accuracy for each paycheck you will clear. Thus, contact Great Pyramid, a specialized business process outsourcing firm.  

Procedure for the WRT License in Malaysia for Foreign Participation in Business

It is tedious to get the WRT license in Malaysia because of the restrictions in foreign participation and the types of activities you can add to your business. When you apply for a work permit, the Immigration Department will go through these activities. It involves many other government departments such as the local town council. For this reason, it is better to choose a proper company with relevant experience to represent your business participation.

It is important while registering the company to specify the nature of the company such as Consultancy, Textile, Garments, Exports, Import, Trading, and so on.

Purpose of issuing the license

The Ministry of Domestic Trade and Consumerism issues this WRT license for purposes such as:

●       Ensure fair development in the industry.

●       Regulate foreign participation.

●       Encourage modernism.

●       Improve local business development.

●       Enhance the distribution efficiency of the trade sector.

This license is needed to get the license of business from the local authorities.

Different kinds of WRT licenses

There are four types of WRT Licenses that belong to four categories. These businesses can apply and operate in Malaysia:

1. Wholesale/Retail Restaurant Trade.
2. Import and Export Trading, Retail, and Distributive Trade.
3. Consultancy and Services.
4. Franchise Business.

The WRTLicense approval is needed before one gets the work permit (DP 10). There is a requirement for the company to have a paid-up capital of RM 1million minimum along with the phone line and a valid agreement for tenancy.

Time for processing the applications

The processing time for the approval is 1-2 months. If there is a need for the inspection of the office, it may take longer. If the company is newly set-up, it is better to submit the investment and business plan in advance in Malaysia. This will save you time and you will get the license faster.

Employment Pass: An Entry Ticket for the Quality Expatriates

The trend of migrating from one country to the other is rapidly growing in the current global scenario. A large number of people migrate from one country to the other every year in the search of better employment opportunities and economic growth. Malaysia draws a large number of immigrants every year due to its exciting, lively, and vibrant work environment. One can see a high concentration of expatriates in the major cities of Malaysia such as Kuala Lumpur, the capital city of Malaysia can be rated high on the scale of luring expatriates. Are you also planning to fly to Malaysia? If yes, then you will be curious to acquaint yourself about the formalities of employment pass in Malaysia.

Different employment passes that are issued to Expatriates:

 
Malaysia’s economy is expected to show a fueling growth rate in the coming years. The flexible and highly competitive work environment of Malaysia draws a large number of immigrants every year. So, here, in this blog, you will get to know about different types of employment passes:

Employment pass: This pass is issued to the expatriates who possess some professional managerial and technical skills. The minimum period for which any expatriate can obtain employment pass is two years.
Temporary employment pass:It is usually issued for a period of less than two years. Moreover, through this pass one can expect a monthly salary of less than 5000 RM that is Ringgit Malaysia.

Professional visitor pass: This is usually issued to the candidates whose services are required by the Malaysian companies for a short tenure but they remain employed in their home country.

Eligibility criteria for expatriates to get an employment pass application:

• The expatriates or skilled workers can file the application for getting employment pass in case:
• They possess a degree and three years’ experience in the relevant field for which they are applying for an employment pass.
• Expatriates having diploma coupled with 5 years of experience in the relevant field.
• Technical certificate with 7 years of experience in the relevant field.

If you are an expatriate and wish to apply for employment pass in Malaysia then there are so many agencies that can assist you in this regard. Great Pyramid is your one-stop destinations that can handle employment pass formalities properly.

Few Facts to Know about Payroll Outsourcing in Malaysia

Processing a payroll is a complicated task. It is an error-prone, time-consuming, and complicated part of any business. So, the companies prefer to have an outsourced payroll that saves from all the risks and causes of stress. The payroll service providers provide solutions to all of the complications. So, if a business is struggling in performing the payroll process, it is the best idea to hire a payroll service provider company. These companies have experts in payroll activities like distributing funds to employee’s accounts, calculating employee’s taxes, job cost reporting and so forth. 

Payroll Outsourcing Malaysia

Benefits of Payroll Outsourcing 

Payroll outsourcing is a very important aspect of a business because it has many advantages. Some of them are discussed below: 

1. Payroll outsourcing greatly reduces the overall cost of a business. 

2. It saves time that can be used in other aspects of the running business. 

3. It makes you stress-free and gain peace of mind. 

4. Payroll Outsourcing makes you feel to have someone who handles the whole process well and you have to pay one set of fee for their service. Having a payroll outsourcing, you simply need to send your reports only and feel free from the rest of the process. 

Thus, as a business owner, you have to take the decisions for your business. There are many companies that are willing to take care of your payroll processing aspect. For instance “Great Pyramid” is one of the best payroll outsourcing in Malaysia which provides the high-quality payroll outsourcing services at affordable rates.