Hire a remote team in Trinidad and Tobago

Hiring a remote team in a country as Trinidad and Tobago 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 Trinidad and Tobago. 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 Trinidad and Tobago with Rivermate

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

3. Hire a remote team in Trinidad and Tobago

Trinidad and Tobago is the wealthiest country in the Caribbean, with the fifth-highest GDP per capita in the Americas. In recent years, the country has emerged as a major investment destination for foreign investors, with incredible growth returns. The efforts of Trinidad and Tobago's hardworking population have resulted in astounding development, as the country is transitioning and growing at a rapid pace. It is the Caribbean region's leading oil and gas producer.For the past decade, Trinidad and Tobago has been in an economic slump. It is currently poised for an economic boom. As a result of the COVID-19 surge, the information technology (IT), business, manufacturing, and energy sectors are experiencing rapid economic growth. The majority of the country's employable talent is looking for new opportunities in the IT, tourism, manufacturing, trade, and petroleum sectors. Aside from that, the country has shown significant progress in social development and has been named the happiest in the Caribbean region.

4. Cost of living in Trinidad and Tobago

The cost of living in Trinidad and Tobago is $977, which is 1.05 times the global average. Trinidad and Tobago ranked 70th out of 197 countries in terms of cost of living and 103rd in terms of quality of life.In Trinidad and Tobago, the average after-tax salary is $874, which is enough to cover living expenses for 0.9 months.

5. Cost of renting in Trinidad and Tobago

The cost of living in a country is determined by a variety of factors, including the city in which the person resides, the type of industry dominant in that area, state revenue, taxation policies, and much more.Rent in Trinidad and Tobago ranges from USD 350 to 650 per month, depending on city and type of accommodation. Living alone is more expensive than living in a shared living space.The cost of living in Trinidad and Tobago varies greatly between cities. Cities are divided into tiers, and the cost of living varies according to the tier. Tier 1 cities have higher-paying residents, so the cost of living is higher. Tier 2 and Tier 3 cities have different costs depending on their economic status.Tier-1 status is granted to all major metropolitan and large cities. These cities have higher wages and higher living costs. Some cities, such as Chaguanas, Mon Repos, and Port of Spain, are known as New Tier 1 towns. These are emerging capital cities with rapid growth rates. New Tier 1 towns include Rio Claro, San Fernando, and Arima.Tier 2 cities are the capital cities of a province or almost all large cities with moderate economic growth. Tier-2 cities include Point Fortin and Marabella, to name a few.Finally, Tier 3 cities are significantly smaller than Tier 2 cities. These cities have low economic growth and lower living costs.

6. Major industries in Trinidad and Tobago

The petrochemical industry has significantly boosted the economy of Trinidad and Tobago. Based on exports, GDP growth rates have reached as high as 8% in the last decade. In addition, Trinidad and Tobago is actively seeking export opportunities in European and American markets.The primary industries of Trinidad and Tobago have begun to invest in crude oil, construction, mining, chemical, and telecommunications. Trinidad and Tobago has the highest GDP per capita in Latin America due to its energy sector.Industries are the fastest growing sector, accounting for nearly 48% of total GDP. Trinidad and Tobago is the world's largest producer and exporter of methanol. Cocoa was the main export item prior to petrochemicals and is still one of the best in the world.The largest sector, the service sector, which accounts for nearly 51% of GDP, has yet to reach its full potential. The government is working to improve the service sector and increase employment.Trinidad and Tobago experiences tropical weather. This country has a diverse range of flora and fauna, which draws visitors from all over the world. Tourism generates a significant amount of revenue for the country as an island, but experts believe it has yet to reach its full potential.The government of Trinidad and Tobago frequently encourages companies to increase employment, which has influenced changes in employment terms.

7. Hiring cost in Trinidad and Tobago

Information on the hiring cost in Trinidad and Tobago is currently unavailable. Send us a message and we will help you hire in Trinidad and Tobago with our Employer of Record services.

8. Employment laws Trinidad and Tobago

Every country has its own set of employment compliance laws that you must adhere to. All new employees in Trinidad and Tobago must be registered with the National Insurance Board (NIB) if they have not previously been registered. This process must be completed within the first seven days of employment.All employees must also register with the Board of Internal Revenue (BIR). There is no time limit for completing this task, but we recommend that employees register as soon as they become an employee for the first time. To begin work, new employees must also have the TD1 form from the Board of Inland Revenue.

9. Top skills Trinidad and Tobago

Trinidad and Tobago is a country that heavily invests in the manufacturing sector in order to create more job opportunities for youth, resulting in a very dynamic job market. There are numerous entry-level job opportunities available for enterprising and ambitious new graduates. Senior-level positions benefit from experience and industry expertise.Major industries hiring the most in Trinidad and Tobago include,- PetrochemicalsTop Skills: Strength of materials, geomechanics, and drilling and exploration - ManufacturingTop Skills: Digital fluency, Big Data analytics, and industry-specific credentials- HealthTop Skills: Core concepts of healthcare, understanding and analyzing influences, and accessing information- Mining and transportTop Skills: Technology literacy, workplace skills, and physical capabilities- Trade and repairsTop Skills: Data analysis, numerical skills, and IT skills

10. Economic landscape in Trinidad and Tobago

According to Investopedia, Trinidad and Tobago's economy has had a strong history due to tremendous growth in the petroleum and natural gas sectors. Exports have increased dramatically, with the petrochemical sector accounting for 80% of the increase. Furthermore, this sector accounts for 40% of the nation's GDP. Because the country is heavily reliant on energy-based revenues, the government has taken steps to diversify the economy. Expert analysts predict a 3.3% increase between the third and fourth quarters of 2021. Apart from oil and gas, the economy of Trinidad and Tobago is based on manufacturing, mining, trade, transportation, and repairs.

11. Market size in Trinidad and Tobago

The country's market is expanding to provide jobs for all of its working-age population. Energy, petrochemicals, trade, manufacturing, information technology, and services are all expanding. The government has taken numerous steps to diversify economic growth, which has resulted in an increase in opportunities in other sectors as well. Furthermore, the chemical industry has grown significantly over the last decade.