Africa presents an increasing number of opportunities for businesses of all sizes. Between now and 2020, the continent will become the second fastest developing region after Asia. This economic potential is underpinned by a surge in mobile technology, connecting communities, cities and countries with each other and the wider world.
The advent of online marketplaces, e-commerce, mobile money, remote working and cloud accounting, as provided by Xero, means that any company can establish a presence in places that were previously inaccessible. Technology has essentially connected Africa to the ‘global village’, opening up new terrain for small business owners who want to expand into lucrative foreign markets.
Of course, no rewards are achieved without some risk. Your expansion plans need to consider your payroll needs as you move into unfamiliar territories – and pay attention to local legislation in each country you operate in. Or, your fledgling business could unknowingly transgress laws and face crippling penalties.
Here are five tips to help you avoid any payroll issues as you embark on new business opportunities in Africa.