Cyprus PEO Services
Cyprus Professional Employer Organization
With macroeconomic policies, tax benefits, and an open free-market economy based on the service sector, Cyprus is an appealing country for international business. The tax regulations can be beneficial for your company, but the rules can be quite complex and time-consuming. By using our PEO service, you can expand into Cyprus within days while we take care of the complex paperwork.
After the financial crisis, Cyprus successfully rebuilt its economy supported by the European Stability Mechanism and the International Monetary Fund. In 2015 the country managed to create even more growth than expected which turned out to be a new trend for the following years. The economy is funded by the service industry with tourism and maritime transportation as thriving pillars.
After decades of economic growth and thanks to a dynamic culture, Cyprus is a country with many uncharted opportunities to make your business grow.
What is a Professional Employer Organization (PEO) for Cyprus?
A PEO offers you a launchpad for Global Expansion. By using a PEO in Cyprus there is no need to set up a legal entity including all tax registrations and complicated paperwork, and you can start doing business within days.
At Bradford Jacobs, we made it our goal to gain expert inside knowledge on Cyprus payroll, taxes, labour laws, and other local regulations. By utilizing our sources, you can start your global expansion hassle-free and at a low cost. We can provide specific support for payroll, taxation, Human Resources, and compliance issues as you expand your operations and enforce your workforce.
If you are ready to start your global success with us, you can add new international talent to your company within days. We have the connections and network to locate talents that meet your needs and wishes on all levels. Without the need for you to create a subsidiary in Cyprus, your new employee can benefit your business in days instead of months.
Needless to say, but incredibly important: we ensure your company complies with all regulations and laws, areas in which can incur severe penalties would you fail to adhere. Your chosen candidate is hired through our agencies in Cyprus and remains under your day-to-day control.
How a Professional Employer Organization (PEO) works in Cyprus
Your business is not like any other and we get that. Your international plans require solutions that match these plans, your goals, and your business strategy. Therefore, our PEO services provide a consultative approach and a tailor-made solution because we know one size does not fit all.
A PEO works with Employer of Record (EOR) agencies. This agency can function as the employer of your new workforce. Our EOR agencies in Cyprus enable you to operate staff in-country without worrying about HR (Human Resource) services, tax, payroll, hiring, firing, or adapting to changes in local regulations and employment laws. The EOR will take on these tasks and will be fully responsible.
When you hire us as a PEO, we come to an agreement together and establish a contract between you and Bradford Jacobs. We also come to an agreement with your new employee in Cyprus and sign an employment contract with this person.
The daily workflow and tasks of your new workforce will be completely under your guidance. Although we function as your employee’s legal employer, he or she performs tasks for your business as a part of your team.
- You want to deploy an existing employee or recruit new talent in Cyprus
- Once the candidate is selected, Bradford Jacobs steps in as their EOR through our Cyprus entity. We guarantee compliance with employment contracts, payroll, HR, tax, required visas or work permits
- Within a few days, your company has an international presence in a new market, in a prime position without the risks, hassle, or expenses of setting up your own subsidiary
- You will have daily control of the employee, while we manage all work-related registration formalities. Our consultants inform your employee about their holidays, benefits, and entitlements policies
- All approved declarations and completed timesheets are sent to us by the employee. We will invoice you and once the payment is completed, we will deduct all contributions to the authorities and transfer the balance into the employee’s account
When expanding your business into Cyprus, there are many opportunities to seek and explore. With us as your trusted partner, you can solely focus on these opportunities without worrying about:
- Registering with the Tax Office
- Registering with the Social Security Organizations
- Setting up a bank
- Creating employment contracts
- Applying for special expatriation status (if applicable)
- Calculating monthly salary and creating payslips
- Researching available tax-free allowances
- Submitting wage tax returns and national insurance forms
- Corresponding with involved parties
- Annual accounts, administration, and year-end statements
- Creating payment schedule for wage tax, national insurances, and net wages
- Personal income tax returns
Using a Cyprus Professional Employer Organization (PEO) Provider Features and Benefits
Our PEO and EOR employment solutions enable you to create and maintain your mobile workforce legally and officially employed in Cyprus without establishing a legal entity in-country. No expensive, time-consuming processes with the risk of not complying with unfamiliar laws and regulations, but an efficient, fast, and stress-free alternative to conquer new markets.
You select your candidates, and we do the rest. We provide:
- Customized solutions for all nationalities moving to work in Cyprus
- Local specialists providing you with ongoing business support
- Extensive EOR expertise ensuring that your employees benefit from any treaties on expatriate tax, double taxation treaties, reclaimable expenses, or social security agreements
- The option for employees to use their own accountant, and cover the fees to the level charged by our accountant
- One-to-one contact with our consultants
Cyprus Professional Employer Organization (PEO) Features and Benefits for Employers
- A rapid solution to onboarding employees for your international expansion
- Total control over operating budgets as all costs are detailed at outset for full transparency
- Minimal paperwork or red tape. Since you do not need to set up an entity, you can start operating in Cyprus within days
- Expert guidance with employment and compliance issues
- Reduced accountancy and legal costs
- All statutory professional insurances
Cyprus Professional Employer Organization (PEO) Features and Benefits for Employee
- Worry-free local employment contract compliant with local regulations
- On-time and 100% accurate salary payment
- Great benefits
- One-to-one professional HR advice
- Updates on tax and compliance regulations