Bolivia has a population of more than 11 million people, and strong industries including manufacturing, mining, and textile production. There are many types of company formations in Bolivia, with varying corporate tax rates based on business type.
Labor and Payroll Considerations:
- Minimum wage is 2,122 Bolivian bolivianos per month ($306.75 per month USD)
- Women working more than 40 hours per week will be paid overtime, while men working more than 48 hours per week are paid overtime
- Labor contracts must be written
- Income tax and social security are withheld from employee pay
- Employers must contribute to social security
- Employment in Bolivia is heavily unionized
- Foreign workers need a special purpose visa and a 1-year residence visa to work in Bolivia
If you would like to simplify operations in Bolivia, or are thinking about expansion in Bolivia, Blue Marble has created a platform to manage global payroll in 145+ countries. With aggregated, customized reporting, you have real-time access to your payroll across all countries and currencies. Our unique, hybrid service model gives you a US-based team and in-country experts to help when payroll or compliance questions come up. Talk to us today about simplifying your payroll and operations in Bolivia.