Iceland Employer of Record (EOR) Services
Employer of Record Services
With a mixed economy and a labor force renowned for its participation rate, Iceland offers interesting chances to grow your business. By using our EOR-service you have the freedom to explore these chances without the complexities of setting up an entity and the need to go through the complex paperwork.
The Icelandic economy relies heavily on tourism, but the export of fishing products and software has grown significantly too which makes the country a starting point for many international businesses. Apart from the European Union, Iceland also has advanced trading connections with the United States.
Due to Iceland’s small, but resilient economy focused on service and trade, the country offers numerous opportunities that can benefit your business.
What is Employer of Record (EOR) in Iceland
As an EOR we conclude an agreement with both you and the employee who will be working for your company. We become the legal employer of your new workforce and are responsible for taxes, labor laws, and other local regulations that might be unfamiliar to you now. Your company maintains control over the working relationship, work ethics, tasks, and daily responsibilities of your employee.
How Icelandic Employer of Record (EOR) Works
An Employer of Record (EOR) is the legal employer of your new workforce. Our agency in Iceland will legally hire your selected employees while you are responsible for day-to-day activities.
At Bradford Jacobs, we are currently operating in over a hundred countries in which we use local networks of experts. This allows us to gain expert knowledge of local laws and regulations, but also of recruitment customs and trends. By partnering with us as an EOR your company will have access to this expert knowledge too.
Our contract with your employee is 100% compliant with the Icelandic labor laws and includes benefits such as insurance and pensions. We can hire, onboard, and manage your new employees in Iceland within days.
This is what we can do for you:
- We hire your new talent compliant with Icelandic laws and regulations
- We are responsible for the employment contract, HR (Human Resource), taxes, and payroll
- We provide and arrange the required visa or work permits
- Our team keeps your employee in the loop on holiday arrangements, benefits, or changes in labor laws
- We keep you posted on local law changes and adapt to these changes compliantly
- Your employees’ declarations are sent to us monthly. We will invoice you in time and once the payment is completed, we will deduct taxes and other contributions and guarantee your employees receive their salary on time
- You remain in control of the daily activities and responsibilities of your employee
Using an Icelandic Employer of Record (EOR) Provider Features and Benefits
The greatest benefit of using an EOR is probably that there is no necessity for you to set-up an entity in Iceland. This process can take months and during this period, it is unlikely that you have legal resources to pay your employees in Iceland resulting in a considerable delay in your global expansion plans.
Global expansion is an exciting step that often leads to a growing and successful business, but the red tape in a new country can be demotivating and frustrating. Imagine a way to globally expand your business without red tape and at low costs: that is what working with an EOR can do for you.
By letting us take care of the hard part, you can focus on the great part: expand your business into Iceland. These are the aspects we can take away from you:
- Registering with the tax and social security office
- Immerse yourself in the local laws, customs, and regulations
- Get familiar with local labor benefits and other contract-related customs
- Approach potential employees and make them an offer
- Setting up the Payroll system compliantly
- Submitting wage tax returns and national insurance forms
- Staying up-to-date and compliant with changes in local regulations
- Worrying about whether or not you are working compliantly with all laws, restrictions, and regulations
Iceland Employer of Record (EOR) Features and Benefits for the Employer
As an employer, you are usually responsible for all legal aspects regarding the employment of your employees. In a new country, this process will probably take some more effort while it does not have to.
At Bradford Jacobs, we have extensive experience with Icelandic payroll, taxes, and other local laws and regulations. We can help you with
- A tailored solution that fits your company’s needs and plans
- Local experts that inform you about all you want to know about the Icelandic market
- Providing EOR best practices on tax, treaties, expenses, and social security
- Fast-paces and efficient hiring
- Easy withdrawal from the market without worrying about labor contracts
- A hassle-free start of your Icelandic journey within days
Iceland Employer of Record (EOR) Features and Benefits for the Employee
Employees are the main core of your business. They keep the engine running and therefore, it is also important to create a stable agreement that is satisfactory to both employer and employee.
As a legal employer, the EOR, we are responsible for keeping your employees happy with the work agreement. Due to our broad network and experts, we can offer employees great benefits and a reliable, compliant employment contract. We will make sure they enjoy:
- Rapid and transparent onboarding
- An employment contract compliant with local regulations
- A monthly agreed salary paid in time
- Great benefits such as pensions and insurances
- A regular point of contact
Up-to-date information and consultation about changes in local regulations
Iceland Employer of Record (EOR) for Contractors Benefits
Working with contractors on a project- or temporary basis can provide a great solution during your global expansion. At Bradford Jacobs, we have access to a wide pool of international contractors, and we can find you the perfect fit for your project or expansion.
Since it is not allowed for a contractor to work full-time for you solely, we can always set up an EOR when necessary, providing you with a swift solution for your international workforce. Feel free to share your plans and dreams with us so that we can find the perfect solution and provide a compliant working agreement that suits everyone.