Hire a remote team in Liechtenstein

Hiring a remote team in a country as Liechtenstein 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 Liechtenstein. 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 Liechtenstein with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Liechtenstein, particularly if you don't have established local relationships. You can hire employees in Liechtenstein 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 Liechtenstein.As an employer of record, we help you hire employees and run payroll services in Liechtenstein, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Liechtenstein.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 Liechtenstein or individually hire remote employees in Liechtenstein, 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 Liechtenstein services can best help your company!

3. Hire a remote team in Liechtenstein

In 2019, Liechtenstein has the world's second highest per capita GDP. Despite a dearth of natural resources, the nation has grown into a highly industrialized economy. As a consequence, it boasts one of the world's greatest per capita income levels. However, the country did not rank in the Index of Economic Freedom in 2021, owing to a lack of appropriate detailed data concerning the country's economy.According to the most recent Office of Statistics estimates, roughly 98.2% of the population works in the nation. Liechtenstein has always had a low unemployment rate. The services industry employs more than 60% of all workers. Liechtenstein's financial services industry is well-developed, whereas the manufacturing sector employs less than 40% of the workforce. Its industrial industry is the most important contribution to its economy. As a result, Liechtenstein is one of the world's most industrialized nations. Despite being the principal industry, agriculture employs just 0.8% of the workforce. Less than a quarter of businesses have reported a skills gap as a result of market and technological changes.

4. Cost of living in Liechtenstein

Liechtenstein's cost of living is $2118, which is 2.27 times more than the global average. Liechtenstein was placed 5th out of 197 nations in terms of cost of living and 44th in terms of quality of life.In Liechtenstein, the average after-tax wage is $6166, which is enough to pay living costs for 2.9 months.

5. Cost of renting in Liechtenstein

The cost of rent in Liechtenstein is USD 1195 for one person and USD 2062 for a family of four. If you are an employer looking to hire remote employees from Liechtenstein, this is an information that should help you!

6. Major industries in Liechtenstein

The only European nations that do not have a tax treaty with the United States are Liechtenstein, Monaco, and San Marino. The low corporate tax rates attracted huge enterprises, allowing it to become one of the richest nations.Liechtenstein is one of the few countries with more registered businesses than people. This demonstrates Liechtenstein's level of industrialisation.Electronics, metal manufacture, dental items, financial services, culinary products, tourism, and many more businesses are among the most important.The national economy of Liechtenstein has a high employment rate. However, the government is concentrating on supporting long-term economic development by enacting comprehensive policies.Because of Liechtenstein's size and population, the nation has numerous specialized high-tech enterprises with an urgent need for trained personnel that cannot be met. As a result, these businesses aggressively seek remote workers.Liechtenstein boasts one of the world's fastest broadband connections. The average speed is 229.98 Mbps for downloads, 204.43 Mbps for uploads, and 159.33 Mbps for uploads.

7. Hiring cost in Liechtenstein

It is critical to examine the average cost per recruit before beginning the hiring process. Some businesses have their own human resources department, which may be costly in the long term.- Job or recruitment fairs- Additional hardware or software for ease of candidate screening and recruitment- Marketing expenses- Training and onboarding expenses- Travel costs- HR recruiter costs and health benefitsLiechtenstein's average cost of living is USD 2245 or 2068.54 CHF. A one-bedroom apartment in Liechtenstein, on the other hand, costs USD 857.52 or CHF 790. When a firm hires an HR staff, these expenses skyrocket. Companies outsource HR employees for their remote recruiting process to save these extra costs.

8. Employment laws Liechtenstein

Liechtenstein's labor laws are rather permissive. These provide businesses a lot of leeway.Companies may customize employment contracts while adhering to legal requirements.The public employment legislation establishes minimal requirements, such as working and rest hours. These may only be changed if they benefit the employee.Contracts for individual employees may be made verbally. Written contracts, on the other hand, are strongly advised.There are defined working hours, holiday rights, minimum pay, and employee perks under collective employment agreements. Every year, the minimum wage is revised.As needed, medical benefits and compensation are offered.

9. Top skills Liechtenstein

All of the economic models, analysis, and charts show that Liechtenstein's overall market is stable. Despite the worldwide economic downturn caused by the Covid-19 epidemic, Liechtenstein's market risk remains quite low. Because the nation is heavily industrialized, the unemployment rate is similarly low. As a result, both newcomers and seasoned people may find employment in the nation.The major industries contributing highly to the country’s GDP and employment rate are:- Banking and Finance Service Providers- Imports and Exports- Construction- Equipment Manufacture- Automobiles- Transportation Services- Agriculture- TourismVaduz is Liechtenstein's national capital and main industrial hub. Manufacturing, tourism, healthcare, industrial services, imports and exports, and banking and finance provide the majority of work possibilities. One of the primary reasons corporations prefer to extend their operations to Liechtenstein is the country's economy. The nation boasts lovely, gorgeous cities that provide several chances for tourist development. Despite the fact that food production and processing industries are key players in the economy, just 1-2% of the population is involved in farming.

10. Economic landscape in Liechtenstein

Liechtenstein's GDP Annual Growth might reach 3.50% by the end of 2021, according to Trading Economics macro models and experts. Between 2017 and 2018, the country's GDP grew by 4.95%. According to experts, Liechtenstein's GDP might reach USD 6.10 billion by the end of 2021. According to several worldwide estimates, the same is predicted to reach USD 6.30 billion by the end of 2022. The government was fast to respond to the epidemic and has reduced the economic hit by implementing swift and efficient measures.

11. Market size in Liechtenstein

Liechtenstein's economy and demography, as well as its economic dynamics, make it a desirable environment for marketers to invest. Furthermore, the anticipated GDP increase is a positive indicator for the development of local industry and the expansion of jobs. The talent gap with citizens, on the other hand, must be filled with the support of vocational training colleges. This is critical for developing abilities and preparing people to be a part of the next revolution.