Hire a remote team in Equatorial Guinea

Hiring a remote team in a country as Equatorial Guinea comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Equatorial Guinea. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

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1. Hire a remote team in Equatorial Guinea with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Equatorial Guinea, particularly if you don't have established local relationships. You can hire employees in Equatorial Guinea effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

Table of contents

Hire a remote team with Rivermate
Introduction
Hiring a remote team in your country
Cost of living
Cost of renting
Major industries
Hiring cost
Employment laws
Top skills
Economic landscape
Market size
Minimum wage

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Equatorial Guinea.As an employer of record, we help you hire employees and run payroll services in Equatorial Guinea, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Equatorial Guinea.It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.If you wish to hire a remote team in Equatorial Guinea or individually hire remote employees in Equatorial Guinea, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.Send us a message so we can talk about how Rivermate’s Employer of Record Equatorial Guinea services can best help your company!

3. Hire a remote team in Equatorial Guinea

Equatorial Guinea is a Central African republic under development. It is a tiny nation with a population of 1.46 million people, yet the unemployment rate is quite high, 9.2% in 2020 when compared to the population. The petroleum and agriculture sectors are critical to the country's economy. It is one of Africa's wealthiest nations, yet its wealth is not divided fairly. The nation possesses untapped natural resources that are now not economically accessible.The nation is also significantly reliant on cocoa production. The oil resource has significantly increased the country's income. Equatorial Guinea is one of Sub-Saharan Africa's biggest oil producers. The country has a modest industrial sector, and the largest contributors to GDP are fishing, forestry, and farming. The nation is an upper middle-income emergent economy that yet has a long way to go. There are work possibilities in a variety of areas, and the government welcomes job seekers from outside who possess all of the essential qualifications.

4. Cost of living in Equatorial Guinea

Equatorial Guinea's cost of living is $871, which is 1.07 times less costly than the global average. Equatorial Guinea was placed 84th out of 197 nations in terms of cost of living, and the 187th best place to live.Equatorial Guinea's average after-tax wage is $311, which is enough to pay living costs for 0.4 months.Why does living in Equatorial Guinea cost 2.8 times the average salary? Because we have a reference point of a developed nation lifestyle, and sustaining such a quality of living in certain least developed countries is difficult and costly. As a result, living expenses in Equatorial Guinea range dramatically between natives and foreigners.

5. Cost of renting in Equatorial Guinea

Several variables may influence the cost of renting an apartment. It is determined by the location of the home or the size of the unit. A one-bedroom apartment may cost approximately $ 180, while a three-bedroom apartment may cost around $629. If the property is in a city with a better lifestyle, the prices will rise somewhat.

6. Major industries in Equatorial Guinea

Oil and gas are important contributors to the country's economy. This industry generates 90% of the country's GDP. It is the country's major industry. Despite its size, the sector has few employment vacancies in comparison to other industries. It sells its crude products to China, India, Portugal, and South Korea.Agriculture is another important business in the nation. This industry accounts for around 4.6% of the country's GDP. The sector is well-known for its cocoa production since it is one of the most important agricultural products, and its income is strongly reliant on it. Coffee is another important export product. Banana, cassava, and sweet potato are other minor agricultural goods.The forest industry is significant in Equatorial Guinea. After oil, timber is one of the most significant exports. Production is increasing at an alarming pace. One of the industry's key issues is a lack of sufficient infrastructure.Fisheries are both artisanal and industrial in nature. It is one of the country's main industries and has been upgraded. The nation is home to a variety of marine animals. Bioko is a prominent fishing hub in the nation.

7. Hiring cost in Equatorial Guinea

Recruiting a new employee is a difficult undertaking. Employers are required to satisfy a variety of parameters, including time and effort. Some of the elements that influence recruiting costs are listed below:- Interview process- Training and Onboarding expenses- Orientation costs- Time invested for the entire hiring process

8. Employment laws Equatorial Guinea

Equatorial Guinea's employment system is well-regulated and organized. Varying sectors have different working hours, maternity leave, and other issues. The National Labor Law is governed by the following factors:- Minimum wage- Discrimination protection- Unpaid and Paid leaves- Protection against dismissal- Employee privacy- RedundanciesEmployers may cancel the contract at any moment, and workers can quit at any time, according to Article 81.

9. Top skills Equatorial Guinea

Equatorial Guinea's economy is developing and upper-middle-income. Knowledge of both hard and soft talents may open doors to possibilities in the nation. There are chances in the industrial sector since it controls the economy. A person with sufficient talents may always find a nice and fulfilling work. The nation offers a wide range of career options for foreigners, from the oil sector to agriculture and forestry.The most in-demand job skills in Equatorial Guinea are the following: - Petroleum- IT- Science and Technology- Forestry- Marketing- FinanceEach nation has its own standard of excellence, and some sectors thrive in certain locations. The country's resources are dispersed over many areas.Malabo is the capital and one of the oldest cities in Equatorial Guinea. It is the country's business and financial hub. The city's major industry is fish processing. Malabo is home to the country's primary ports.Bata is Equatorial Guinea's biggest city. It serves as a transportation center and features one of the country's principal ports. The city is well-known for its nightlife and market. The city lacks natural labor but possesses the region's deepest seaports. The city's main exports are coffee and lumber.

10. Economic landscape in Equatorial Guinea

The GDP growth rate has been reduced to 5.8% in 2020, with a value of US $10.02 billion. The GDP is predicted to rise by 2.4% in the next years, reaching a worth of 12 billion. The unemployment rate increased by 1.2% in 2019 and is predicted to drop in 2021-22.

11. Market size in Equatorial Guinea

Because the industrial sector dominates the economy, employment possibilities exist in this area. The country's economic development and infrastructure are increasing, resulting in a minor increase in industry. The oil and petroleum industries, agriculture, fishing, forestry, and farming are the country's principal industries. Exports contribute significantly to the country's income.

12. Minimum wage in Equatorial Guinea

According to Equatorial Guinea's labor laws, the monthly minimum wage is 29,035 CFA francs. Employees should receive bonuses after working for your company for a year, including a National Independence Day bonus, 15 days of their salary paid before October 12 of each year, and a Christmas bonus paid before December 24 of each year.