PEO & Employer of Record in Bulgaria
Even before COVID 19, the digitalization of businesses seemed to be the natural evolution of organizations around the globe.
The pandemic closed the physical borders, but opened the virtual ones as never before, as companies realized the opportunity to hire Bulgarian professionals in different fields.
An Employer of Record (EOR) is a third-party agency that hires and pays an employee on behalf of another company while taking full responsibility for all formal and administrative employment tasks. The EOR actually becomes the official employer of your employees in front of the all national institutions. For many small to mid-size businesses experiencing growth, outsourcing can help you focus on your core business during your business expansion, especially if you’re planning to establish representative office in a foreign country.
Companies choose to hire EORs to avoid all possible complications related to human resources operations, market understanding, market shares, search and selection process, managing payroll for employees in accordance with all the regulations and laws of the country concerned.
When you decide to use EOR, they become the official employer of your own employees. This valuable outsourcing service keeps a business in compliance with labor law and all related legal requirements and regulations which significantly assists the company during its business expansion abroad.
Established more than 21 years ago and one of the founders of Outsourcing services on Bulgarian market, Toro Group has become a trusted Professional Employer Organization (PEO) and Employer of Record (EOR) for its local and international partners.
Bulgaria is the perfect talent sourcing destination for its:
- Highly qualified workforce (half the population has university degree)
- High number of qualified professionals
- Rich variety of language skills
- Most favorable Tax Regime within the EU
- Lowest Social Security Contributions in EU
As PEO /EOR Toro Group hires and pays an employee on behalf of your company while taking full responsibility for all formal and administrative employment tasks.
Toro Group actually becomes the official employer of your employees in front of the all Bulgarian institutions.
For many small to mid-size businesses experiencing growth, outsourcing can help focus on your core business during your business expansion, especially if you’re planning to establish representative office in Bulgaria.
Using Toro Groups as Employer of Record/Professional Employer Organization has the following main benefits:
- Rapid entry of Bulgarian market and its talent pool
- Time and budget optimization
- Expertise in Bulgarian payroll
- Increased regulatory compliance for national and international scenarios
- Risk sharing, as the risks of being an employer fall almost completely on the Employer of Record/ Professional Employer Organization
Selecting the right provider is crucial for your success. What shall we consider when choosing an EOR/PEO provider?
- Reputation of the EOR/PEO provider – the feedback of the market and customer’s references are the most reliable source of information.
- Current clients base – clients and their scope of business speaks clearly about the supplier.
- Experience – years of experience in providing the service is a reliable indicator that the supplier has faced all kinds of cases and manages to find flexible solutions.
How can Toro Group S help you explore the Bulgarian market? Just get in touch with us to discuss our EOR services and other outsourcing opportunities!
