In this theoretical scenario, if you want to allocate funds/money and distribute across other people across the globe. How do you so legally and that you are tax compliant from wherever you are?
One problem that most folk are facing is authentication. How can we verify that the money we send too is legitmate? Hence, a lot of this blockchain use in the financial world. How can we also demonstrate to our own local government that money sent is for employee
There’s products like wise:
However, it’s hard to figure out the tax compliance it’s not easy to transfer money to every country. For example, Nigeria.
It took me a little while searching through payroll systems until someone recommended Trolley:
This really changed the game for me in terms of a payout system. To add folk it was easy:
And they asked for pretty detailed information, it felt like you are registering an employee in a more official mindset:
Identity details differ by the country but there are compliance checks for each individual that a payout is done too. It’s versatility was a selling point for me and I loved it.
What was different was the amount of bank details and how much they differed by country. In Europe it was the IBAN number where in the US it was the SWIFT-BIC plus bank address/account holders.
The different compliance across the globe was truly a remarkable thing and shouldn’t be overlooked.
The pay is in US but can then converted into other currencies based on the recipient.
Happy startup building!
