Cyprus Payroll Services
Cypriot Payroll Services
At Bradford Jacobs, our Employer of Record (EOR) platforms provide reliable solutions for companies wishing to establish their presence in the Cypriot economy. Compliance with the local payroll laws, and regulations are vital to a business’ smooth and hassle-free transition, which is where we come in. We offer dedicated Cyprus Payroll solutions that can be personalized to your requirements.
At Bradford Jacobs, we make business expansion easy. We navigate the administration of the Cypriot payroll system for you – and as part of our service, we make the returns and associated payments for income tax and social security contributions directly from our payroll system to the local tax authorities. We do the work, so you do not have to.
When expanding into a new country, you may encounter some challenges regarding payroll, but allow us to take the reins and answer any of your questions and concerns with our trusty guide on the payroll for Cyprus.
What Cypriot Payroll Options are available for Companies?
Businesses in Cyprus have access to a variety of payroll options, depending on their needs:
Remote payroll: Businesses may choose to operate under a single payroll system for all employees, by adding employees in Cyprus to your parent company’s payroll. However, employees in Cyprus must operate under different regulations, which can cause confusion.
Internal payroll: You may also operate payroll out of your subsidiary, especially if you are committed to growing your company’s presence in Cyprus. However, this does require hiring a dedicated HR staff that understands the local employment and compliance laws.
Cyprus payroll processing company: If you are keen on outsourcing, working with a Cypriot payroll processing company will help in your payroll process – but not compliance.
Cyprus payroll outsourcing:
An option that solves both payroll and compliance needs – working with a company like Bradford Jacobs. We can handle both your payroll and compliance for all your employees in Cyprus. We take the stress of administration off your shoulders so you can focus on what you do best.
Cypriot Payroll Services
Payroll regulations in Cyprus change frequently, and businesses can risk sanctions and financial penalties if they do not comply with these changes. Our payroll service requires staying up to date with these shifting demands – which includes administering returns and associated payments for wage tax and social security contributions directly from our payroll system to the tax authorities. Our role consists of:
- Registering with Cyprus’ Tax Department for a taxpayer’s identification code
- Registering with the Social Insurance Foundation to pay social security contributions
- Registering with the National Health Insurance System
- Registering employees with the Department of Labor
- Creating employment contracts for your new employees, in Greek, Turkish or English
- Applying for employees’ special expatriation status (if applicable)
- Calculating employees’ monthly salary and sending them their pay slips
- Researching for any available tax incentives
- Submitting employees’ or employer’s wage tax returns and national insurance forms
- Corresponding with the applicable national authorities regarding payroll changes and payments
- Creating and submitting your company’s annual accounts, administration, and year-end statements
- Creating payment schedules for wage tax, national insurance, and net wages
Ensuring proficient personal income tax returns for you and your employees
What is required to set up Cypriot Payroll?
The requirements for setting up payroll in Cyprus will depend on how you establish your presence in the country. If you would like to set up as a subsidiary, you will need to have your subsidiary established first – but this can take some time, depending on where you incorporate as well as the entity type you choose (to see more about establishing a subsidiary entity in Cyprus, click here).
To start processing payroll in Cyprus, you will need:
- a local tax identification number
- Registration with the National Tax Department
- Registration with the National Health Insurance System
- Registration with the Social Insurance Foundation
- A local bank account (optional)
Registering with the authorities and the bank will take at least 5 working days to a few weeks, depending on the documentation required.