Organizations that employ personnel in Cyprus have several obligations under Cyprus employment law. The aim of the legislation is to secure the employee’s salary, safety and well-being in the workplace.
The current trend is that a lot of organizations are outsourcing their payroll to free-up valuable time and resources and focus on doing business, while ensuring that all their obligations are handled efficiently.
Nobel Trust offers a comprehensive range of payroll services to organizations that have employees in Cyprus and need support in preparing their payroll, obtaining residence and work permits, and arranging all human resources related matters.
Employment Obligations in Cyprus
Employers are obliged to register all their employees under the Social Insurance Scheme and pay social insurance contributions monthly as a percentage of their employees’ gross salary, including regular bonuses and benefits. They should also withhold social insurance contributions, and Pay-As-You-Earn Tax (PAYE), from employees’ gross salaries, as applicable.
Additionally, employers should keep and maintain employee-related documents such as their employment contract, ID/Passport copy, contact details, social insurance, and tax identification numbers, as well as work and residence permits, where applicable.
Employment/Payroll Management by Nobel Trust
Our professional team can provide you with an all-inclusive range of payroll services that are tailored to meet your company’s needs and contribute to its growth.
- Preparing and safekeeping employment-related information and documentation
- Registering the employer and employees with the relevant authorities
- Calculating salaries and arranging payments at the end of each payroll run
- Preparing and submitting forms to the Tax Department and assisting employees in preparing declaration of allowances
- Ensuring compliance with statutory filing deadlines, reviewing PAYE assessments, and filing objections when necessary
- Advising on any available tax incentives and payroll-related matters
- Obtaining residence and work permits for EU and non-EU employees, if required
- Corresponding with the local authorities and updating on any employment related changes.
Benefits of working with us
- Smooth and transparent business establishment in Cyprus
- Handling employee payroll in an accurate and timely manner
- Minimization of compliance and regulatory risks
- Time and cost efficiency and enhanced data protection
- Increased flexibility along with specialized local knowledge.
The Nobel Trust team is experienced in both Cypriot legislation and applicable EU Directives and can assist in establishing your company in Cyprus while ensuring full compliance with the applicable laws and regulations.
For further information please contact us at [email protected]