Contract Options for Individuals
Independent Contractors working in foreign countries can choose the most appropriate contractual structure, depending on the nature of the job, responsibilities, time and who they are working for. Whilst each of them has their set of advantages and disadvantages, high skilled contractors have a lot to benefit by way of flexibility and freedom that
Contractual assignments have in offer.
The three available options include (i) Employed option, (ii) Self employed option, (iii) Personal Service company option.
Accutor is a management company that provide its services to contractors, recruiters or corporations. Before availing our services, we provide a non-binding consultation to the parties detailing the options that provide a win-win situation for both.
Employed option - How it works
Individual contractor/freelancer will be employed under the most appropriate Accutor Management Company, thereby confirming to the labour leasing regulations.
Work permits, business visas and sponsorship are arranged for, whilst our legal team manages contracts/ensures compliance.
Contractor’s time is leased out to the respective client by Accutor.
Contractor forwards the approved timesheets and expenses to Accutor, whilst Accutor:
- Confirms expenses and timesheets, and invoices the client;
- Calculates taxes, social security and pension contributions, focusing on maximum legal retention/tax management and regulatory compliances;
- Processes paperwork for taxes, makes necessary deductions to ensure that the contractor is legally compliant;
- Transfers the net retention amount to the Contractor’s nominated bank account;
- Sends the pay slips detailing the payroll as a part of Accutor’s payroll service.
Self Employed option
Where the Contractor is inclined to be self-employed, they can engage the services of Accutor and enjoy the benefits of maximum retention of income and for legal and regulatory compliances. This is how it works:
after the Contractor signs Consultancy services agreement with Accutor, we take care of all the processes and formalities involved, including necessary paperwork, visa, work permits etc.
Our legal team ensures that all the Contracts and agreements are legally compliant, and our tax experts give a low down on insurance and tax matters. Our core competence lies in the fact that we ensure compliances along with helping you get the required sponsorship of companies.
Contractor sends approved timesheets and expenses to Accutor, whilst Accutor:
- Processes all the paperwork pertaining to taxes, VAT; compiles all the entitlements and deductions and ensures that the Contractor’s earnings are optimum and tax management is at its fullest as permissible under law.
- Transfers the maximized retention amount to the nominated bank within 24 hours of receipt of funds, with full disclosure and breakdown of contributions.
- Liaise with Financial consultant, who will make payments towards pension, social security to respective authorities.
Personal Service Company Option
Where the Contractor prefers to work, or continues to work via a PSC/LLC/Limited Company, or thinks that it is a financially viable option to work for PSC/LLC/Limited company, the Contractor can engage the services of Accutor for legal and tax compliances as well as benefit from maximized legal retention of income. This is how it works:
- The Contractor working on behalf of their LLC/PSC/Limited Company sign consultancy service agreement.
- Accutor completes all the formalities for the setting up process, registration as well as arrange visas, work permits for the PSC/LLC, thereby ensuring that necessary legal and tax formalities are complied with.
- Our Legal team ensures that all the Contracts and agreements are legally compliant.
- Accutor processes all the paperwork and calculations pertaining to local taxes such as GST, VAT, after taking into consideration all the entitlements, deductions and claims; thus, ensuring that it is legally compliant and tax management is to the fullest.
- Accutor transfers funds to the bank account of the PSC/LLC/Limited Company, making full disclosure of the breakdown of the contribution on monthly basis.
- The PSC/LLC/Limited Company will make payments for pension, social security as per the guidance provided by Accutor.