Best Employer of Record (EOR) Services in India [2024]

Choosing an Employer of Record is a strategic move for businesses aiming for growth without the intricacies of employment management.

Hiring in India has always been attractive for U.S. companies—thanks to the rich talent pool.

Approximately 55% of the worldwide IT outsourcing services are provided by India's IT industry, renowned for its growing contribution to the global tech workforce. With India's booming IT industry and a pool of highly skilled professionals, it's no surprise that U.S.-based companies are keen on tapping into this talent. 

Navigating the complexities of Indian labor laws or dealing with foreign taxes can be overwhelming. That's why partnering with a reliable EOR service in India is not just a smart move; it's practically a necessity. This article aims to provide you with all the information you need to make an informed decision when choosing the right EOR. We'll compare the top EOR service providers in India so you can choose the best fit for your company and do what you do the best - run your business.

Learn more about Employer of Record (EOR)

Top 10 EOR Service Providers in India

Wisemonk

Wisemonk is the most value-focused strategic partner for your company in global talent acquisition and management. It offers a more affordable solution compared to other options, including setting up your entity. Their transparent pricing starting at just $150 per employee per month makes them accessible for even small to medium-sized businesses while providing a range of features usually reserved for high-ticket EORs. 

Key Features:

Here are a few features that make Wisemonk the most sought-after EOR Service Provider in India:

Cost Effective

• Wisemonk is highly optimized as it allows for unlimited international payments to contractors at the Industry's lowest FX markup (<0.6%)
• Example- Let’s say you have a team size of 2 employees in India and the average salary per employee is 30,000 USD. 

Total amount of salary to be disbursed- 2 x 3,0000 = 60,000 USD

If your chosen EOR provides a 3% markup on foreign exchange, that amount will be 1800 USD; whereas, with Wismonk’s FX markup of 0.6%, the additional amount the company has to pay will just be 360 USD.

In this way, Wisemonk provides value to the company by saving almost 150 USD per month for a company with a team size of 2 in India.

• Provides unlimited expense reimbursements or bonus payouts with no additional cost.
• Zero interest lease (3 years) for new equipment procurement and also assists in retrieving equipment at the time of exit and wiping devices before re-allocation.
• Wisemonk is also a backend partner to some of the leading payroll service providers, directly connecting the company to the best available services at the lowest costs.

Native to India

• Besides cost-effectiveness, Wisemonk also excels in providing localized expertise. Being native to India, the founders understand the Indian market intricately, allowing them to offer tailor-made solutions that can be a huge asset for U.S.-based companies looking to hire in India
• Supports employees with health insurance, benefits, and bank loans along with 24/7 support to both employers and employees.
• Wisemonk can also take the reins of your talent acquisition, assisting global managers looking to expand into the Indian market in identifying and hiring top-tier talent.

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Limitations

• Wisemonk excels in localized expertise. However, for companies looking to expand globally beyond India, this could be a limitation.
• Limitation in customized plans for companies that may have special requirements.

Wisemonk is designed to cater to businesses of all sizes, whether you are looking to onboard a single employee in India or set up a team across multiple countries. So if you're looking for an EOR that combines cost-effectiveness with local expertise, robust features, and high-quality 24/7 support, Wisemonk should be at the top of your list.

Deel

Deel is a California-based company through the use of its locally owned entities and internal back office, businesses can facilitate global payroll. The cutting-edge self-serve interface of Deel allows employees, supervisors, and leaders to update withdrawal details, view team composition, monitor payroll expenditures, and perform a host of other functions. 

Key Features

• Deel offers useful immigration support, it has an in-house team of immigration experts who handle everything, making the visa process easier than ever for global teams.
• Deel has over 200 local HR and legal experts globally along with their local entities, ensuring that you never fall foul of regional employment laws.
• Deel is by far the most popular and helps over 20,000 clients, ranging from small and medium-sized businesses to publicly traded corporations, helping over 120,000 workers get paid from anywhere.
• Deel has its entities in 100+ countries and operates via partners for 50+ countries.
• Users benefit from 24/7 in-app assistance and a swift onboarding process, typically taking only 2-3 days with a self-service approach that empowers users to quickly dive into its features.

Limitations

• Deel provides elevated FX markups, which can quickly add up and affect your bottom line, especially if you're making multiple international transactions.
• The system has been known to generate errors during the financial reconciliation process, requiring additional time and resources to correct and align financial records.
• Due to its expensive pricing model, this solution is best suited for large enterprises or companies looking to hire from countries with complex labor laws and regulations.
• Deel imposes a $5 fee per payout, which can accumulate over time and impact cost-effectiveness, particularly for businesses handling frequent payouts. Also, certain advanced features cost extra, including onboarding automation

Price structure

Employee: Starting at $599 per month per employee

Contractor: Starting at $49 per month per employee

While the platform is well-suited for larger enterprises, especially those navigating complicated international labor laws, it might not be the best fit for smaller businesses or those mindful of additional costs. Nevertheless, for organizations that require an all-in-one solution with around-the-clock support and extensive integration capabilities, Deel certainly merits strong consideration.

Papaya Global

HQ based in New York, Papaya Global provides EOR services in more than 160 nations, it also provides workforce management, hiring, onboarding, multi-currency payments, and benefits administration solutions. Papaya Global can handle payroll and HR functions for your whole business, including independent contractors and employees, and currently helps over 500 clients.

Key Features: 

• Papaya Global offers a range of payment options, including multi-currency payments and even cryptocurrency. This feature gives you flexibility in how you compensate your international team.
• Those purchasing EOR and Payroll solutions will have dedicated experts working in country-specific time zones to provide local expertise regarding employment and payroll.
• Papaya Global works via multiple partners rather than having their entities in each country.
• Papaya Global has one of the best global expertise which goes from top to bottom: from its CEO's industry expertise, in-house Center of Excellence, and global-local partners. 

Limitations

• Papaya Global’s EOR service is suited for large enterprise companies rather than small businesses (or bootstrapped startups)-  as the price starts from $770 a month per employee.
• Papaya provides elevated FX markups, which can quickly add up and affect your bottom line, especially if you're making multiple international transactions.
• Massive update of employees' personal data gets cumbersome as users need to request a specific file to make the update.
• Lacking local entities for which some businesses may find the platform less cost-effective, as its BI analytics reports and immigration services require extra fees.

Pricing Structure

Employees: Starting at $599 per month per employee

Contractor: Starting at $15 per month per employee

Papaya Global stands out as a comprehensive EOR and HR solution, especially well-suited for large enterprises operating on a global scale. With an expansive footprint in over 160 countries and the ability to integrate seamlessly with various business systems, it offers a versatile platform for international workforce management. The prospective clients should weigh the above factors carefully when considering Papaya Global as their EOR partner.

Oyster

Oyster makes international hiring as simple as it should be. Operating in over 180 countries, Oyster has eliminated the need for multiple service providers, making it a one-stop shop for your international employment needs. Oyster is a global employment platform designed to enable visionary HR leaders to find, engage, pay, manage, develop, and take care of a thriving distributed workforce.

Key Features 

• Oyster's Employee Cost Calculator quickly estimates the cost of hiring in different countries, saving you hours of research and potentially thousands of dollars in miscalculations.
• Non-profits get to hire their first full-time team member for free for a year. You can hire refugees in countries where Oyster has direct entities at no or discounted cost.
• Offers a free plan that includes Oyster Academy and distributed HR tools (cost calculator, contractor assessment, legal starter pack, etc.).
• Smooth onboarding and offboarding with helpful guidance from lawyers and accountants regarding the labor laws in your hiring countries and Doesn’t charge extra fees for setup or cancellation.

Limitations

• There is currently no phone support for immediate communication and dedicated account managers are also limited to the highest-tier plans.
• You must pay for local benefit plans as add-ons, which cost $80 per month or more. Also, payments in local currencies are often delayed.
• Oyster isn't as integration-friendly as some other EOR solutions, so you may struggle to incorporate it into your existing tech stack for managing your global workforce.
• There’s a refundable security deposit required to initiate the engagement.

Price structure

Employee: Starting from $499 per employee per month
Contractor: Starting from $29 per contractor per month

Rippling

Based out of California, Rippling EOR Software allows you to hire anywhere in the world by serving as the legal employer of your new hires—so you don’t have to establish your own legal entity in every country where you do business. Rippling EOR is built on top of our native HRIS, so when you're ready to scale up and establish your local entity, transitioning your employees to your own entity takes just minutes.

Key features:

• Instead of outsourcing payroll to global vendors, Rippling’s payroll engine processes it natively, leading to faster processing times and more flexibility.
• Best suited for small and medium-sized businesses looking for a comprehensive solution and are willing to commit to an all-inclusive HRIS system not just an EOR.
• Local HR advisors for topics like immigration, performance improvement plans, termination, complaints, and several kinds of leave (parental, sick, unpaid, etc.). 
• Manage human resources, IT, and finance in one unified system for global employment with the Integration of over 500 third-party apps like Slack, Office 365, T Sheets, and Quickbooks.

Limitations

• Rippling as an EOR or Global Payroll suite is only available as part of a comprehensive package, and cannot be purchased separately i.e. businesses interested in using the Rippling system will need to commit to the entire Rippling HRIS.
• The cost and complexity of the platform may outweigh the benefits. Rippling also provides elevated FX markups, which can quickly add up and affect your bottom line, especially if you're making multiple international transactions.
• Dedicated support isn’t available 24/7.
• Premium features aren't available worldwide.

Rippling offers a robust and comprehensive EOR solution integrated with its native HRIS, making it a one-stop shop for all your HR needs. However, the platform's all-or-nothing approach can be limiting for some businesses, particularly smaller ones that might find the cost and complexity overwhelming. If you're looking for a comprehensive solution and are willing to commit to an all-inclusive HRIS system, Rippling is a compelling option that streamlines multiple aspects of global employment.

Remote.com

Remote stands out for its robust platform that simplifies the process of hiring, paying, and managing remote employees in India. Known for its transparent pricing and strong focus on ensuring compliance with local laws, Remote provides a seamless solution for businesses aiming to tap into India's vast talent pool without navigating the complex legal landscape on their own.

Key Features

• Remote offers HRIS for managing employees and a Remote API to organize data. Remote can be leveraged to find and hire global talent apart from payroll services. It is an end-to-end solution meant to streamline the entire employment lifecycle.
• Their true strength lies in their payroll capabilities. Remote offers a seamless, transparent payroll process where employers can pay all their international employees without ever opening a spreadsheet.
• Remote boasts of a very short onboarding period. The onboarding process irrespective of the job role, probation periods, salary, benefits, etc., is known to be quick and effective.
• Employment, payment, and reimbursements are extremely easy to manage. The product is easy to use. If you are moving from a different product, Remote will be smooth to transition to.
• As an employer, Remote commits to ensuring timely payment of employees, a promise that has been consistently fulfilled, maintaining the trust and integrity of its clientele.

Limitations

• Remote has not been very transparent with its clients. Customers have often questioned their frequent overcharging and inaccurate documentation. Customers are also left in the dark about the breakup of their payment between service fees and payroll charges. They have encountered hidden, unexpected costs after onboarding.
• The customer service is described as ‘terrible’ by many customers. Customers have observed that customer service executives do not have the required product knowledge and have not been able to either resolve problems or redirect the issue to the appropriate party even after tens of tickets were sent.
• Employees on the payroll have experienced more serious issues like not extending an overwhelming fraction of the employee’s salary, not buying the insurance on time or getting the documentation in the local language wrong.

It looks like Remote has some great capabilities and yet it has a long way to go. Remote can be better leveraged as an HR partner instead of an EOR Provider. In the quest to do a lot, Remote fails at optimizing even one-true star capability for its customers.

Pricing Structure: 

For Employees: Starts at $599.00 per employee per month
For Contractors: Free Trial

Remote is a great platform meant for mid-sized companies. Payroll Services can be extremely hard to manage as it requires a strong understanding of local laws. Remote.com is more suitable and capable as an HR platform than an Employer of Record. 

RemoFirst

RemoFirst offers tailored EOR services designed to help companies quickly and efficiently onboard and manage employees in India. With a strong emphasis on compliance and operational efficiency, RemoFirst is an excellent option for businesses looking for a hassle-free way to expand their team in India.

Key Features

• RemoFirst enjoys massive popularity because it is one of the cheapest products in the market. They offer competitive pricing across different countries.
• The Customer Service takes the cake. Remofirst offers the best-in-class customer service where the staff knows what they are saying.
• The RemoFirst platform stands out for its user-friendly interface and ease of use. Additionally, it simplifies the onboarding process, offering a fast and efficient experience with minimal and straightforward paperwork.

Limitations

• While RemoFirst enjoys popularity among its clients, the perspective from employees on its payroll tells a different tale. There have been instances of delayed payments and reports of employees being undercharged. This affects the integrity of the customers.
• RemoFirst uses three platforms for its payments: Precision, Payworks and Remofirst. Customers have experienced difficulty in staying on top of things. A consolidated platform can help overcome this shortfall. 
• Even though the pricing of this EOR is competitive, the capabilities are not. Customers have not shied away from calling RemoFirst a directly inferior product to its competitors like Deel, Wisemonk, and Multiplier.

While RemoFirst offers EOR Services at a great price point, they still have a lot to figure out in terms of operations. 

Pricing Structure: 

For Employees: Starting at $199 per month per employee

For Contractors: Starting at $25 per month per employee

RemoFirst can work well for small to medium-sized businesses. Enterprises or Large organizations prefer not to use it due to its delay in payments that can cause severe damage to reputation. The platform can also be used well for contractors.

Skuad

Skuad is recognized for its unified employment platform that enables companies to hire, onboard, and manage global teams with ease. In India, Skuad's expertise in local employment regulations and its comprehensive HR solutions make it a popular choice for companies aiming for smooth international expansion.

Key Features

• Skuad is a reasonably-priced platform with almost all capabilities essential for employers.
• Skuad simplifies onboarding, payments, and compliance for its customers. The platform is easy to navigate.
• Skuad is based in India and therefore, has honed local expertise in the region. As an India EOR, Skuad is accustomed to all Indian employment regulations making it a credible EOR Partner.

Limitations

• Customers have experienced delayed responses and slow problem resolution from the Customer Service team.
• The platform is still very much a work in progress. Many preliminary onboarding functions are missing from the platform. This could be done to simplify the process but it has caused customers a lot of manual work. The app is not mobile-friendly either.
• It lacks the human touch in problem resolution. The customers who interacted with the Skuad team had a very ‘robotic’ experience.
• Customers have also experienced delayed payments and inconsistent timelines.

Pricing Structure

For Employees: Starting at $199 per month per employee

For Contractors: Starting at $19 per month per employee

Skuad positions itself as a scalable product for emerging startups to large businesses. However, its capabilities and features are suitable to serve small to mid-sized businesses.

Velocity Global

Velocity Global is known for its extensive global footprint and its ability to provide fast and reliable EOR services in India and beyond. Its platform offers end-to-end workforce management solutions, from payroll and benefits administration to compliance and risk management, supporting businesses in their global operations. Velocity Global operates in over 185 countries and all 50 United States.

Key Features

• Velocity Global is easy to set up. Customers can quickly navigate the onboarding process. In case of any confusion, there is all necessary support.
• They have a great understanding of labor laws. It is applaudable that they have managed to expand to so many regions and also build local expertise.
• Once onboarding is done and the service is up, there is little to no admin work to be done.  

Limitations

• Even though VG is an experienced player in the market, its services are not automated. Every process is manual and this costs customers a lot of time. The timelines are also tracked manually and the account managers have not been truly efficient in communicating this.
• The pricing is expensive for the automation and the quality of services they offer.

Pricing Structure

On Request

Multiplier

Multiplier is extremely sought-after and has a global presence. Multiplier's EOR services are designed to simplify international employment, offering companies a straightforward way to hire and manage employees in India. With a focus on compliance, scalability, and employee experience, Multiplier aids companies in navigating the complexities of the Indian market while ensuring a positive experience for their workforce.

Key Features

• Multiplier equips the customers with a great platform with many advanced features. Distributed teams can be managed through a simple dashboard while compliance is looked after by Multiplier. The onboarding process is simple and quick. 
• The customers could quickly understand the next steps because of the platform’s clean UI/UX.
• Multiplier’s truly global presence has built trust among customers.
• The customers can add/remove clauses in agreements instead of sending a standard template to everyone.

Limitations

• While the platform boasts of a fast onboarding process, the offboarding process takes longer and payment is delayed.
• Even though Multiplier is an EOR with a global presence, it seems they may not be local experts. Many customers pointed out Multiplier’s lack of attention to detail when it comes to employment regulations.
• Scope for improvement in terms of communication of timelines is required.
• Even though the platform has many capabilities, there is a need for a human touch to ease communication and understanding. This will also help resolve problems faster.

Pricing Structure

For Employees: Starting at $400 per month per employee

For Contractors: Starting at $40 per month per employee

How to find the Best Employer of Record Service for you in India

Choosing the right Employer of Record (EOR) service provider can be a game-changing decision for your company, especially if you're planning to expand your workforce into India. The key lies in assessing your unique needs and finding a provider who can best address those while offering value for money.

Key Points to Consider:

• Cost: Make sure to compare pricing plans, setup fees, and any other hidden costs. EOR in India can be extremely economical. However, you must ensure that you are not neglecting any legal and administrative requirements to cut small costs here and there. There are high penalty fees that can halt business operations in case of a dispute.
• Coverage: Ensure the EOR has a solid footing in the country where you plan to hire. While prioritizing different factors, local expertise outranks any fancy product. Your EOR India can also help you determine the minimum wage or basic compensation for your Indian employees. Buying insurance for one person in India can be expensive, an EOR in India can help you get a better deal on health insurance too.
• Compliance: Look for providers who offer local legal and HR expertise to keep you compliant. Your Employer of Record in India must have expertise in domestic employment practices and local labor laws.
  A local expert EOR will also give you a fair idea of local regulations concerning minimum wage requirements as per India's Compensation Laws, Fixed Term Employment Contracts or any written employment contract, goods and services tax, Paid Maternity Leave as per the Maternity Benefit Act for female employees, Provident Fund, Gratuity payment, Employee Pension Scheme, and other mandatory employee benefits.
• Benefits: In India, employers, particularly those collaborating with leading Employer of Record (EOR) providers, extend a blend of statutory and supplementary benefits to their workforce to foster job satisfaction and retention. Statutory benefits include the Employees' Provident Fund (EPF) for retirement savings, Employees' State Insurance (ESI) for medical and disability cover, gratuity for long-term service, professional tax compliance, maternity benefits as per the Maternity Benefit Amendment Act, and contributions to the Employee Pension Scheme (EPS).
  Beyond these, many companies offer additional perks such as comprehensive health insurance plans, allowances for remote work setups, performance-based bonuses, leave encashment, employee wellness programs, opportunities for professional development, flexible working hours, and transportation and meal allowances. These comprehensive benefits packages not only comply with Indian employment laws but also significantly enhance employee well-being and loyalty, making companies more attractive to top talent.
• Currency and Payment: Consider the FX markup and the ease of making international payments. Typically, the foreign employer sends the payment in their currency to the EOR, and the Employer of Record (regardless of where they are based) is responsible for managing the payroll and disbursement of the salary of the international employee in their respective home currency in employee's bank account, while following all tax laws.
  In the case of employees in India, the EOR partner will ensure a compliant breakup of the salary of the Indian employee. The salary will include the HRA component, Professional Tax, Provident Fund, and basic compensation and ensure all other statutory benefits.
• Onboarding and Support: A quick and seamless onboarding process can save both time and hassle.
• Integration: Check if the EOR solution integrates with your current HR and accounting software.
• Local Expertise: Native or localized knowledge can be invaluable, especially in diverse markets like India.
• Customer Support: 24/7 support can be crucial when dealing with international time zones.

Conclusion

Why navigate the complexities alone when you can have an expert by your side? It's a strategic move for businesses looking to hire in India without getting entangled in legal and bureaucratic red tape. Read our Comprehensive Guide for EOR Service Providers in India.

At Wisemonk, we understand the intricacies of international hiring in India, ensuring swift, compliant, and hassle-free global teams. Leave the hassle of entity establishment and focus on what you do best—running your business. Please reach out to us, and we will be happy to assist you.‍

FAQs

What is an Employer of Record (EOR)?

An Employer of Record is a third-party organization that takes on the legal responsibilities of employment, allowing your company to hire employees without establishing a local entity in a foreign country. The EOR takes care of all the local labor law compliance, tax, and payroll matters, so you can focus on your business operations.

Refer to our Comprehensive guide on EOR Service providers in India.

How does EOR differ from a PEO (Professional Employer Organization)?

An EOR becomes the legal employer of the hired individual on paper, handling all employment-related responsibilities. In contrast, a PEO co-employs the worker, meaning both the PEO and the client company share employment responsibilities. This difference impacts how taxes, liabilities, and employee benefits are managed.

Refer to our blog on EOR vs PEO

Is it expensive to use EOR services? 

When evaluating the costs of EOR services, companies should consider both immediate expenses and long-term savings. While there may be service fees associated with EORs, these often pale in comparison to the potential legal fines, administrative burdens, and overheads of setting up and running a subsidiary in a foreign country. Moreover, the expertise and networks of EORs can lead to faster, more efficient hiring processes, further contributing to cost savings.