When setting up in the US, recruitment firms can benefit from partnering with service providers that support their operational requirements. These include organizations that help with insurance, compliance, tax and administrative tasks to name a few.
Our previous blog covers 5 essential partners you should work with to ensure your US expansion into the recruitment markets goes as smoothly as possible.
Here are four more you should partner up with:
Legal Partner
A legal partner helps ensure that the recruitment firm complies with US federal, state, and local employment laws, including labor standards, anti-discrimination laws, and data privacy regulations. They can assist in drafting and reviewing employment contracts, service agreements, and non-disclosure agreements to protect the firm’s interests.
For firms looking to bring staff from abroad, legal partners can provide guidance on visa and immigration processes.
Additionally, should a legal dispute arise with clients such as backdoors or employees, a legal partner will be able to help mitigate risks and avoid litigation. It’s best to use a legal partner that specializes in employment matters, or works exclusively with staffing firms, as they will be able to address your specific needs.
Neobank
As mentioned in one of our previous blogs, there are a few unspoken rules that can help secure more US business for your company. One of those rules is that some US businesses may prefer to work with vendors who have a USD account. Even if it’s not a preference, having USD account simplifies payments significantly. You have a few options to consider:
- Open an account with a US-based bank.
- Open a new USD account with your current bank.
- Work with a neobank.
Neobanks provide modern, tech-savvy solution that streamlines financial management with features such as real-time transaction monitoring, automated accounting integrations, and expense tracking.
Often, neobanks have lower fees compared to traditional banks, which can help save on banking costs, an important consideration for businesses new to the market. With 24/7 online access, neobanks make it convenient to manage finances from anywhere, which is particularly useful for international firms.
They offer a range of financial products tailored to the needs of businesses, including business accounts, credit lines, and payment solutions that support international transactions. A few examples of neobanks are Revolut, Mercury Banking and Wise, which all allow you to open an international account in a few clicks.
Accountant
Whether you prefer to work with an accounting firm, or with a freelance accountant, doing so will ensure accurate financial reporting and compliance with US accounting standards (GAAP).
They can assist with tax planning and compliance, helping to navigate the complexities of federal, state, and local tax laws, and ensuring timely filing of tax returns.
Real Estate Agent
If you plan to open a physical office in the US, a good real estate agent can do your location scouting for you, ensuring that the office space meets the firm’s needs in terms of size, budget and strategic positioning.
They can negotiate lease terms and conditions on behalf of the firm, ensuring favorable terms and avoiding common pitfalls.
Real estate agents possess deep knowledge of the local real estate market, including trends and pricing, which is invaluable for making informed decisions.
Some agents also offer additional services such as assistance with office setup, furnishing, and connecting with local service providers, which can simplify the process of establishing a physical presence.
By collaborating with these types of service providers, recruitment firms from outside the US can effectively manage their operational, financial, and legal requirements, thereby facilitating a smoother and more successful expansion into the US market.