What is an employer of record and is it right for your business?

An 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.

Registering a company abroad entails a lot of local laws you must comply with, If you want to recruit in Bulgaria or expand your business here. However, there is an alternative to hiring employees globally, without the need for a subsidiary – EOR. Hiring people through Toro Groups means you don’t have to have a company locally. Instead, your Bulgarian employees are hired on our behalf which is sometimes exactly what your business needs.

What services will Toro Groups provide for you as Employer of record?

• Takes care of all administrative tasks regarding employment locally
• Register employee contract according the Bulgarian employment laws
• Manage the payroll and payroll taxes
• Supplies local benefits administration
• Handles the recruitment of new employees
• Terminates contracts and dismisses employees

Pros of hiring through Toro Groups EOR services

• 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
• 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

Cons of using EOR

• It may feel like you have less control, but good communication with your EOR provider might change that
• Atrophy of internal HR department
• Mixture of company cultures(which in not necessarily a bad thing)

Get in touch with us to discuss the most suitable EOR service for your business!