Backed by Global Technologies, a US-based consultancy firm, the on-line service was founded by a group of IT professionals with the express aim of helping contractors to maximise their earnings and save time spent on administrative tasks.
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By registering with eVirtualCompany, contractors become employees of the service, receiving benefits equivalent to those of a full-time worker, including holiday and sick pay, and medical and life insurance. PAYE tax and National Insurance deductions are also taken care of, says eVirtualCompany co-founder, Robert Godlonton, thereby "eliminating IR35 worries".
"Our service aims to provide a total solution to contractors, while allowing them to retain the freedom and flexibility associated with freelancing," he comments. "And because we charge clients less than half the industry average (9.8 per cent per contract), contractors are able to earn higher rates."
As part of its service, end-user clients are able to post vacancies on the site or search the eVirtualCompany database for suitably qualified contract staff. There is also a facility that allows them to approve timesheets and expenses on-line.
Current clients include Informix Software and PeopleSoft.