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When your business is changing, you need to consider how that change will affect the global workforce you employ. - How will the change in ownership be handled, and how can it affect employment aspects? - Will you need to transfer individuals to other departments or other countries? - What happens if there are employees currently working remotely in foreign countries? - Is there a need for a centralized global payroll location? - Are there multiple work locations or subsidiaries that will continue to operate after the transition? These situations may require a Global Employer of Record (EOR) as part of your business transitioning strategy. While closing down a business is never easy, circumstances may sometimes require it. Remember that when you're closing down, you'll want to consider each employee's situation along with other vital tasks like how best to pay out severance packages. The best way to minimize the stress associated with this type of transition is to find an experienced global employment service provider who can help make the process as seamless as possible for employers and employees across all locations. A Global Employer of Record can support your business during all transitions, including mergers, acquisitions, or close-downs. They'll provide streamlined hiring services for your pre-selected local and international candidates, helping you meet all legal and compliance requirements. They'll also seamlessly coordinate any necessary changes in the candidate's employment terms—such as tax withholding or social security payments—and keep track of all payroll information. The transformative role of a Global EOR is to enable businesses to hire and manage employees in foreign countries with ease, efficiency, and compliance to move their business and personnel into new markets. Providing a single point of contact and a streamlined process for global expansion, a Global EOR can help businesses achieve their international growth objectives more effectively.