- Overview: Bosnia and Herzegovina
- Expand without a company set up
- Global HR Compliance
- Global PEO and payroll
- Work permit for hiring expats via PEO
- Contractor vs. employee: which is better?
- Global Payroll Calculator
Employer of Record (EOR) in Bosnia and Herzegovina
Definition of Global Employer of Record (EOR)
A Global Employer of Record (EOR) is a service provider that allows companies to hire employees in foreign countries without establishing a legal entity in those jurisdictions. Essentially, the EOR serves as the legal employer for your international workers, handling tasks such as payroll, tax withholding, benefits administration, and compliance with local employment laws. This allows the client company to focus on their core business activities while expanding into new markets, including Bosnia and Herzegovina, without the administrative burden of maintaining a local presence.
Employer of Record vs. Global Employer of Record
While both an Employer of Record and a Global Employer of Record perform similar functions, the key difference is in their geographic scope. An Employer of Record typically operates within a single country or a specific jurisdiction, helping businesses with local employment needs. In contrast, a Global Employer of Record has the capacity to manage employment tasks across multiple countries, offering a single point of contact for global workforce management.
Global EOR (Employer of Record) Services: Save Up to 80% of Employee Management Cost
Average Cost & Time | Our Solution * | |
---|---|---|
Time to Market | 10+ weeks | 72 hours |
Legal Advisors Fees | $ 10 000 + | …………. |
Official Employment & Benefits | $ 20 000 + | …………. |
Incorporation & Liquidation Costs | $ 11 000 + | …………. |
Bank Account Setup | $ 2 000 + | …………. |
Maintenance costs and in-house staff to manage the foreign entity, payroll set-up, and administration. | $ 25 000+ | …………. |
The approximate total cost of new market entry** | $ 74 000 + | $ 15 000 |
* Per one Employee
** Costs vary from country to country
Simplifying Global Employment in Bosnia and Herzegovina
Expanding internationally often means navigating complex laws to hire employees in foreign countries. Traditional methods usually require establishing a local entity, which is time-consuming and costly.
Express Global Employment streamlines this process through our Global Employer of Record (EOR) services in Bosnia and Herzegovina. We act as your local employer, handling your legal and administrative requirements. This eliminates the need for a local entity, allowing you to focus on your core business while ensuring full compliance with local labour laws and regulations.
Choose Express Global Employment for a simplified, compliant approach to expanding your workforce in Bosnia and Herzegovina.
1. Recruitment |
2. Global Mobility |
3. Checks |
4. Onboarding |
5. Payroll Administration |
6. Working Time & PTO Processing |
7. Benefits Administration |
8. Tax Administration & Reporting |
Offboarding |
Talent skilled in highly-specialized areas | Employee Work Visa and Work Permit sponsorship | Health checks | Employment Agreement drafting | In-country registration with statutory bodies | Working hours | Mandatory Benefits | Tax Reporting frequency and requirements; | Employment agreement termination: |
Executive search | Dependent Visa | Criminal record checks | Compliant worker onboarding on your behalf | Day-to-day payroll management | Overtime | Health insurance | Employer taxes & contributions | Dismissal – by the employer |
Contingency workforce | Visa extension | Background checks | Account setup in the payroll and HR system | Monthly pay slips or other pay frequency | Public holidays | Workers’ compensation | Employee taxes & contributions | Resignation – by the employee |
Application for a sponsor license for a foreign national | Education checks | Employee data entry and records maintenance | Accruals | Annual leave | Unemployment insurance | Withholding tax | Termination by mutual agreement | |
Relocation assistance | Managing probation periods | Allowances | Parental leave | Voluntary Benefits | Local tax payments and reporting to local authorities | Notice period handling | ||
13th and 14th salary | Sick leave | Share plans for executives | End of financial year reporting | Final settlement & severance payments | ||||
Additional leave | Bonuses & Equipment provision | De-registration with statutory bodies | ||||||
Expenses reimbursement & business trip processing | ||||||||
Health insurance, dental treatment |
How a Global Employer of Record Transforms Operational Challenges into Solutions
This table outlines the challenges of in-house operations in international business expansion and the solutions offered by a Global Employer of Record (EOR). The challenges span from labour law compliance, obtaining work permits, payroll management, and setting up a legal entity in a foreign market.
A Global EOR can effectively address these issues, ensuring regulatory compliance, managing permits and payroll, negating the need to establish a foreign legal entity, etc.
Therefore, partnering with a Global EOR offers companies the advantage of reducing administrative burdens, mitigating risks, and focusing more on core business activities.
Factor | The Challenge for Your In-House Operations | Global EOR Solution |
Labour law compliance | Establishing and maintaining compliance with local labour laws and regulations can be time-consuming and complex, requiring specialized knowledge and resources. | With a Global EOR, the responsibility for ensuring compliance with local labour laws and regulations is taken on, providing peace of mind and freeing up valuable time and resources. |
Work permits and visas | Obtaining the permits and visas required for foreign employees can be complicated, with potential delays or errors disrupting the business. | Global EOR can provide immigration support and take on the process of obtaining necessary permits and visas for foreign employees, ensuring a smooth and efficient process. |
Payroll management | Handling payroll processing, tax reporting, and compliance with local labour laws and regulations can be a significant administrative burden for employers. | Global EOR can handle payroll processing, tax reporting, and compliance with local labour laws and regulations, freeing up time and resources for employers. |
Benefits provision | Developing and providing a competitive benefits package in the local market and compliant with local laws and regulations can be challenging and time-consuming. | Global EOR can develop and provide a competitive benefits package in the local market and comply with local laws and regulations, reducing the burden on employers. |
Legal entity establishment | Establishing a local legal entity in the foreign market to comply with local laws and regulations can be lengthy and costly, requiring specialized knowledge and resources. | Global EOR eliminates the need for establishing a local legal entity in the foreign market, providing a cost-effective and efficient solution. |
HR policy development and implementation | Developing and implementing a compliant HR policy that aligns with local laws and regulations can be complex, requiring specialized knowledge and resources. | Global EOR can develop and implement a compliant HR policy that aligns with local laws and regulations, providing a standardized and efficient solution. |
Background checks | Conducting background checks on potential employees to ensure they are qualified and do not pose a risk to the business can be time-consuming and complex, requiring specialized knowledge and resources. | Global EOR can conduct background checks on potential employees, providing a standardized and efficient solution. |
Global employment expertise | Expanding into foreign markets requires a high level of global employment expertise in labour laws, tax regulations, and cultural differences. | Global EORs have global employment expertise across multiple jurisdictions, providing valuable guidance and support for startups looking to expand into foreign markets. |
Spotlight on Bosnia and Herzegovina
Bosnia and Herzegovina declared sovereignty in October 1991. The country is politically decentralised and comprised of two governing entities, the Federation of Bosnia and Herzegovina (FBiH) and Republika Srpska (RS), with a third region, the Brčko District (BD), being administered by both.
- Capital: Sarajevo.
- Population: 3,849,891.
- Industries: Bosnia and Herzegovina mainly produces raw material such as steel, coal, iron ore, lead, zinc and aluminium. Additionally, wood is a significant sector and export commodity. Other important production sectors are mineral and chemical products, machinery, mechanical appliances, textiles and footwear.
- Local currency: The Bosnia and Herzegovina convertible mark.
- Minimum wage: There is no minimum wage in Bosnia and Herzegovina. Minimum salary set by collective agreements depending on the sector one works in.
- 13/14 salaries: There are 13th and 14th salaries in Bosnia and Herzegovina- the holiday bonus is paid out with June salary, and the Christmas bonus is paid out with November salary.
Hire Talent in Bosnia and Herzegovina with Express Global Employment
Navigating international expansion is complex, especially when it involves employing a local or expatriate workforce in Bosnia and Herzegovina. Express Global Employment simplifies this challenge with our Global Employer of Record (EOR) service, a streamlined and cost-effective alternative to setting up a local entity for hiring.
Why Choose Express Global Employment’s EOR Services?
Our Global EOR service is designed to handle the intricacies of international employment so you can focus on your core business. This includes:
- Global Talent Acquisition and Retention: Attract and retain top-notch professionals by offering competitive salaries without the burden of navigating the local employment landscape.
- Compliance and Risk Mitigation: Operate under full compliance with Bosnia and Herzegovina’s labour laws and tax regulations, reducing your legal risks.
- Global Expansion and Local Support: Rapidly enter new markets without the hurdles of setting up a local entity, backed by localised support for your international and expatriate staff.
Seamless Onboarding and Payroll Management
Besides streamlined legal onboarding, Express Global Employment handles payroll complexities, ensuring you adhere to in-country taxation and labour laws. This all-encompassing approach allows you to concentrate on strategic activities while we handle the administrative details.
Immigration Support
Our EOR service extends beyond simply hiring local talent. We facilitate work permits and business visa sponsorships for your expatriate team, fully managing their employment once legal permissions are granted.
Your Trusted Global Employment Partner
With Express Global Employment, you can confidently expand your business to Bosnia and Herzegovina—and 190 other countries—knowing that all your employment obligations are handled with expertise and full compliance.
Partner with Express Global Employment and elevate your global employment strategy today.