Burnout is the result of extended periods of stress. It is a debilitating condition that is identified by the World Health Organisation’s International Classification of Diseases as an occupational phenomenon. Burnout typically results in exhaustion, sapping of energy, insomnia, and irritability. These combined factors severely hamper productivity and result in poorly produced work. Burnout is… Read more »
Ready to make your expansion to Australia stress-free? Businesses looking to expand to Australia can set up a subsidiary, branch office, representative office, or joint venture. It is important to keep in mind that each option has advantages and challenges, such as taxation, liability, and compliance requirements. What’s more, foreign businesses operating in Australia may… Read more »
I am proud to announce that our company is now supporting a charity close to our hearts, Canteen. Canteen is Australia’s only organisation dedicated to providing tailored support and services to young people aged 12 to 25 who are affected by cancer. This includes providing counselling, information, and resources to help young people cope… Read more »
For a long time, a PEO was merely considered a go-to tool for companies looking to grow. Although this observation isn’t wrong, a professional employer organisation (PEO) can also be used in times of crisis, such as the relatively recent, COVID-19 pandemic. When the economy is turned on its head, hitting organisations and their workforce… Read more »
A ‘glass ceiling’ is a metaphorical invisible barrier that prevents a given demographic from rising the ranks in their workplace. There is a glass ceiling that is preventing women from reaching senior positions in the workplace, and it’s time to dismantle it. Women have made great strides towards equality; more women than ever are in… Read more »
What exactly is an inclusive workplace? An inclusive workplace is one where people feel respected, welcomed, and supported, regardless of factors like age, ethnicity, cultural background, gender, and sexual orientation. Workplaces are becoming more diverse. With new perspectives, perceptions, ideas, and experiences, companies are reaping the benefits. Inclusivity requires a conscious effort and is so… Read more »
ARECO had received a client order in Australia. The problem? They had no local entity and wanted to act fast ━ through Polyglot Group they were able to setup an entity and establish a local team quickly and efficiently.
Quiet quitting, contrary to its name, does not, in fact, involve finishing your employment. It is not the act of leaving your office in the middle of the day and never returning; rather, it is the concept of “quitting” the practise of going above and beyond for your job. You fulfil your job requirements, and… Read more »
With the globe more interconnected than ever before, businesses can say goodbye to geographical boundaries – and hello to international expansion! Businesses are now looking to expand more quickly and smoothly, and are able to grow on a much larger scale. But where do you begin? How do you even set foot in another market, where… Read more »
There will be and have already been some big HR-related changes that have come into effect in 2023. In an effort to improve workplace and employee conditions, there have been significant amendments relating to family and domestic violence leave entitlements, pay-secrecy clauses, and fixed-term contracts. To be in breach of these new changes could see… Read more »
Located in North America, the United States is the 3rd largest nation in the world.
The United States (US) comprise 50 states and 1 federal district. This includes Hawaii and Alaska, although they do not share geographical borders with the country.
The US does border separate nations Cuba, Canada and Mexico.
The US population is approximately 335 million (2020), which makes up just under 5% of the global population. High levels of immigration mean that it continues to grow, with a projected 417 million by 2060.
The nation has a density of 34 people per square kilometre and the most populated states are California, Texas and New York City.
Due to its history, the US has a very diverse and multicultural population.
The US has the world’s largest economy.
It represents about 20% of total global output. It is the world’s largest economy by nominal GDP and the second-largest by purchasing power parity (PPP).
The US is forecasted to remain at the top of the global economy and one of the world’s most powerful countries.
However, its main rival, China, is expected to surpass the US to become the world’s largest economy by 2032.
The US benefits from its trade relationships with many countries. Its main ties remain with Europe and Asia.
The United States is the world’s second-largest trading nation and is among the top three global importers and exporters.
In 2020, America’s import value is at 2.809 trillion and export value at 2.127 trillion.
Note that the recent US-China trade war continues to impact national and global trade relations.
US top imports are machinery (including computers), electrical machinery, vehicles, mineral fuels (including oil) and pharmaceuticals.
Pharmaceuticals had the fastest-growing increase in value among the top 10 import categories.
Six of the top 10 US imports also represent its top exports.
Top exports include machinery (including computers), mineral fuels including oil, electrical equipment, aircraft and spacecraft, and automotive vehicles.
As a key player in the international trade landscape, the US has free trade agreements with 20 countries
One of them is the NAFTA, The North American Free Trade Agreement. It was created in 1994 and is one of the largest trade blocs in the world.
Another agreement exists between Australia and America, by which US companies with Australian subsidiaries can trade with these countries with reduced or no tariffs (in specified industries).
Expanding to the US? Here is a breakdown of the key things to keep in mind.
Boasting the largest economy in the world, the US provides a very strategic and opportune environment to set up your business.
You don’t have to be a US citizen or to be a US resident or to have a green card to start an LLC or a corporation in America.
The first thing, as for every country, is to choose the right business setup for you. Then, you need to choose a state to register your company. Depending on your needs, some states might be more appropriate or convenient.
You must then complete the certificate of incorporation and get your Employer Identification Number. This number is necessary not just to hire workers, but to open a bank account, pay taxes, or often to get a business licence. It is free and you can apply directly with the IRS.
To simplify setup and ensure you are getting the right solutions for your business, consulting a local partner is very beneficial.
In the US, payroll tax is state-based. Every company must register for payroll tax in its state of formation.
There is no federal government standard regarding how frequently employees should get paid. Each state can implement its own law.
However, payroll regulations in the US do apply at both the state and federal level requiring employers to withhold income tax from wages.
Some of the taxes under payroll come under FICA taxes (Federal Insurance Contributions Act). These are taxes levied on both employers and employees and include Social Security and healthcare contributions.
The Fair Labor Standards Act (FLSA) provides guidelines to employers about employment and compensation. From one state to another, laws may vary.
The unemployment rate is at roughly 3.6% in 2019, forecasted to reach 3.8% by 2021.
Many employees work part-time and job opportunities have increased only in lower-paying retail and food service industries. The minimum wage is US$7.25 (2019).
Historically, the American population and society has always been shaped by immigration.
US work visas are broken into two main categories:
Popular work-related visa options include the E2, E1, L1, and H1B. For businesses wishing to set up in the US, this can be done at a low cost under the L1 intracompany transfer visa or E2 Treaty Investor Visa or E1 Treaty Trader visa scheme. Permanent residency comes at a higher cost.
Income tax is charged at both federal and state levels. At the federal level, rates range from 10% to 37% depending on earnings. At the state level, income tax is charged on employee earnings at rates set by individual state legislatures.