Bosnia and Herzegovina is located in southeastern Europe and borders Croatia, Serbia, and Montenegro. The population is about 3.5 million, with a GDP of 16.5 billion per year. The economy has remained stagnant for the past several years, with the economy mostly focused on export-based growth and tourism. Unemployment continues to be a challenge, with a 35% unemployment rate and one of the highest youth unemployment rates in the world.
There is a growing demand for new businesses that bring modern solutions versus traditional ones. All companies wishing to do business in Bosnia and Herzegovina must draft an act of establishment stating their intentions and must register with the municipality courts and tax administration. Business owners need registration from both court and tax administration, ID documents, and signatures of those who will be allowed to access local bank accounts.
Companies that do business in Bosnia and Herzegovina often struggle to achieve full payroll compliance. To stay current, it’s critical to leverage customized payroll technology. Our solutions offer advanced payroll management with in-country experts that can help when questions come up. We help you stay ahead of regulatory changes, and ensure on-time compliant payroll for your employees in Bosnia-Herzegovina.