Contracting in Bangladesh can be an administrative nightmare without the help of an umbrella company. The time taken to determine your expenses, calculate your tax and submit the various forms can eat into your working day and take time away from your clients. We can help software developers, IT project managers, business analysts, gas and oil workers and other contractors find good umbrella companies to handle their admin and payments. Some companies can even sponsor the contractor’s work permit.
What is an Umbrella Company?
Umbrella companies handle your admin and payments for you so you have more time to focus on work. Although the umbrella company would technically become your employer, you still function as an independent contractor. The main difference is that your payments will be filtered through the company, and they will handle your taxes and any other fees before processing the payments to you. They protect you from the persistent rain of administration, taxes and legal compliance. If you don’t understand the system of tax for contractors in Bangladesh, an umbrella company can save you a lot of time and effort.
The Benefits of Using an Umbrella Company
By using an umbrella company, you will guarantee yourself the highest possible earnings through the tax system in Bangladesh. Umbrella companies understand the local tax system and help you keep more of your hard-earned money. They do all this while complying with all rules and regulations for contractors in Bangladesh. The amount of admin work you have is drastically reduced because the company will handle all payments and calculations for you. All you have to do is present them with your time sheets and expense claims and you will be paid the day they receive the funds. They also usually collect payments from your clients for you, saving you time chasing up your earnings.
Umbrella companies are suitable for any contractors who don’t want to waste time collecting payments or calculating and paying their taxes. Whether you are completing long or short contracts, and no matter what your salary range is, different companies have different solutions available to you. The biggest benefit of an umbrella company for most contractors in Bangladesh is that a high proportion of your income comes back to you. With a team of professionals handling your payments, you keep more of your earnings and have no problems with the local tax authorities. You’ll also be given pay slips and tax receipts for your personal files.
Another big benefit of umbrella companies is that some can sponsor you for a work permit. Most countries require you to have a work permit if you intend to be paid for any work completed in the country. The best way to get these is through a local company, and this can make the process especially difficult for independent contractors. Established umbrella companies can often sponsor your work permit and therefore make it easier to become a contractor in Bangladesh.
Helping You Choose an Umbrella Company
We can help you choose an umbrella company. There are so many options available that even selecting the best company for your needs can take up a lot of your precious time. You can choose between companies with varying payment structures, diverse specializations and different services.
Our company gives you solid, reliable and well-informed advice in easily understandable language. We aim to help you find the best umbrella company for your specific needs. The main benefit of our service is that we have a detailed knowledge of the various service providers available. We know about their services and their offerings and which ones can help you specifically. You can ask us any questions you might have about the companies, or about umbrella companies in general.
The biggest selling point is that we do all of this at no cost to you whatsoever. If you’re thinking about becoming a contractor in Bangladesh, get in touch with us! We can give you an overview of the options available to you and help you find the perfect umbrella company for your needs. Then, after you’ve signed up with one, you can forget about tax calculations, payments, collecting your fees and finding a sponsor. You’ll be able to spend more of your time on the most important thing, your work.