India and Germany share a history of almost 500 years of trade and economic relations. In addition to the growth in bilateral commerce, German and Indian businesses have found new avenues for investment and business in India. The first German ships to reach Goa were financed by Augsburg trader and banker Jakob Fugger in the 16th century, paving the way for trade between Germany and India. Several German companies were founded in the 16th and 18th centuries to engage in
trade with India and other East Asian nations. The German business Siemens constructed the first telegraph line between Kolkata and London, via Berlin in the 19th century.
The success story has continued recently as both nations deepen their commercial ties. India, one of the economies with the quickest rate of growth in the world, thus presents several prospects for German businesses. Approximately 400.000 direct and indirect employment are currently being produced in India by more than 1700 German businesses. Germany ranks among India’s top 10 worldwide trading partners and is the country’s largest trading partner in Europe. In 2016, the amount of bilateral commerce between Germany and India exceeded EUR 17.4 billion. Since January 2000, Germany has been India’s 7th largest investor in foreign direct investment.
Relations between the Indian workforce and German businesses
Indian IT specialists are well-known across the globe for their inventiveness and technical mastery. They assist with IT consulting, system integration, and software development for German companies. Indian IT companies and German businesses frequently work together to provide innovative solutions, streamline operations, and advance digital transformation projects.
India has advanced significantly in the field of renewable energy, especially in the areas of solar and wind power. This industry benefits from the experience of Indian specialists in planning, executing, and overseeing renewable energy projects. Their services aid German companies in their shift to sustainable energy by providing them with information about market trends, technological developments, and legal frameworks.
Indian teachers and trainers are essential to Germany’s educational system, especially in the fields of higher learning and vocational training. Their expertise spans a wide range of disciplines, including business, engineering, science, and the humanities. To promote cross-cultural learning and knowledge sharing, Indian academic institutions also work with German universities on joint degree initiatives, research alliances, and student exchange programs.
Indian architects infuse German architectural projects with a unique blend of inventiveness, sustainability, and cultural awareness. They bring creative thinking and practical design solutions to the fields of urban planning, building design, and construction management. Indian and German architecture firms work together on projects that emphasize aesthetic appeal, energy efficiency, and sustainability, adding a variety of viewpoints to the built environment.
Transportation, urban development, and utility projects in Germany benefit from the experience of Indian engineers and infrastructure specialists. Their expertise in engineering design, construction supervision, and project management facilitates the deployment of cost-effective and environmentally friendly infrastructure solutions. To execute infrastructure projects that satisfy international standards and manage changing urban difficulties, Indian corporations also take part in joint ventures and consortiums with German companies.
Why do German businesses prefer India for EOR?
Our all-inclusive services for German business ventures
Access to Talent
A significant advantage of working with us is getting access to a vast talent pool since we hire from resources from different locations. The most important advantage of associating with is eliminating the need of you to establish a legal entity.
Timely and Accurate Payroll Processing
We have a team of specialists who ensure to streamline the payroll process accurately and on time. The team is responsible for calculating employee wages, deductions, taxes, and other withholdings according to local regulations and company policies.
Cost Savings
Handing over the employment-related tasks to us will result in cost savings. Your cost will be decreased due to the elimination of the need to establish legal entities, hire local HR staff, and invest in infrastructure for payroll and compliance management in new locations.
Employee Support Services
To improve the entire work experience and boost employee retention, we also provide additional employee support services such as flexible work schedules, access to healthcare and retirement benefits, and assistance with employee questions and issues.
What Makes Remunance The Ideal EOR Partner For German Companies?
- Experience and expertise: We are experts in HR, employment law, and compliance, providing expert guidance to help you effectively manage your staff.
- Focus on Specialized Industries: Working with us will provide you with solutions that are specifically designed to meet the HR and compliance needs of specific industries, such as manufacturing, healthcare, or technology.
- Demands for Project-Based Staffing: We can accommodate short-term projects, seasonal employment, or temporary staffing with flexibility. We also manage workforce demands quickly, guarantee compliance, and expedite onboarding.
- Support for International Expansion: We are experts in managing payroll, taxes, employment regulations, remote hiring, and cross-border compliance.
- Strategic Support and HR Consulting: We provide specialized workforce planning, talent acquisition, employee engagement, and HR consulting services.
Our Success Stories
Remunance X Medtigo, the success story of building a remote team
Building a team can be a tedious task, especially if you have to build one that is an expert in the medical domain! In this video we present you with a fantastic story highlighting the complete journey from discovery to delivery as to how this fantastic team came into existence.
Best PEO (Professional Employer Organization) in India - Formaliti
PEO offered more flexibility & reliability while building a team in India. Formaliti got the exact talent they were looking for in India to start with, Remunance PEO helped Formaliti saved time as well as proved to be more cost-effective than outsourcing.
Success Story | PEO to Forming a subsidiary in India | IntervalZero
Jeff from IntervalZero describes the journey of American startup with Remunance, how they set up their base in India which later turned into a wholly-owned subsidiary of IntevalZero saved time as well as proved to be more cost-effective than outsourcing.
FAQs
What is Employer of Record (EOR) service, and why should my German company consider it for expansion into India?
In India, choosing a reliable EOR provider, agreeing to a service agreement, supplying the required company and personnel data, and then allowing the EOR to handle everything else are the steps in the EOR process. The setup period usually lasts between a few weeks and a few months, though it might vary based on things like your company’s complexity and local regulatory requirements.
What types of support and services do EOR providers offer beyond payroll and compliance?
To support business expansion and guarantee worker success, EOR providers in India may also give HR support, employee benefits administration, onboarding aid, termination services, and ongoing advice services in addition to payroll processing and compliance management.
How does the EOR process work in India, and what is the typical timeline for setting it up?
In India, choosing a reliable EOR provider, agreeing to a service agreement, supplying the required company and personnel data, and then allowing the EOR to handle everything else are the steps in the EOR process. The setup period usually lasts between a few weeks and a few months, though it might vary based on things like your company’s complexity and local regulatory requirements.
Can my German company maintain control over hiring and managing employees in India while using an EOR service?
Yes, your German business still maintains control over recruiting choices, staff supervision, and day-to-day operations in India while using an EOR service. For administrative purposes, the EOR serves as the employer legally, but you still have managerial authority over your employees.
Explore the potential of your India chapter!
Our experts can help you navigate through the Indian talent market while providing the best and the most viable solutions for your business, grow your team smoothly with Remunance.
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