Employer of Record & PEO in Cyprus
Hire Globally, Pay Locally, Expand Effortlessly
INS Global is a provider of global Human Resources outsourcing services. With our PEO, you can skip the hassle that comes with traditional recruitment methods and hire talented employees in over 80 countries worldwide.
A Professional Employer Organization (PEO), like an Employer of Record (EOR), assists companies that want to expand into a new country without establishing a separate legal entity.
For companies looking to expand their services safely, quickly, and cost-effectively, a PEO (Professional Employer Organization), like a global EOR, is the perfect way to access global mobility expertise. An INS Global PEO in Cyprus lets companies recruit and assure HR services for employees in-country in as few as two days.
An EOR (Employer of Record) acts as an employer for purposes of outsourcing complex employer responsibilities. This is particularly useful for companies looking to expand their services globally in a safe and cost-effective way. INS Global’s EOR in Cyprus allows companies to follow their global expansion plans in less than 48h.
Employer of Record & PEO in Cyprus - Summary
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What Advantages Does a PEO Give You?
Certified Legal Compliance
With the expert guidance of a PEO, you can be confident of legal compliance at every step of the transition process.
Decrease Set Up Time and Costs
HR issues can often lead to a high number of fees and fines; a PEO helps you prevent these misunderstandings and save you possibly hundreds of dollars.
Focus on Business Growth
You won’t have to worry about time-consuming functions like headhunting, payroll outsourcing, or contractor management, so you can focus on achieving your company’s goals.
Fast Market Entry
It can take 4-12 months to complete company incorporation a new country.
With a PEO, the time is shortened to just 2-5 days.
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Structural Streamlining
A PEO in the target market will handle all of your HR needs with just a single point of contact.
How is a PEO is Better Than Company Incorporation in Cyprus?
A Global PEO navigates complex legal processes for you and keeps you from encountering any obstacles by operating as a legal intermediary for all your HR needs.
A PEO:- Reduces time spent in company setup
- Decreases costs and overheads
- Avoids potential administrative or legal pitfalls
- Makes the most of local resources
PEO/EOR Vs Company Incorporation
The Advantage in Figures
| PEO/EOR | Company Incorporation | |
|---|---|---|
| Price | 80% Less Expensive | |
| Market Entry | 2-5 Days | 6 Months |
| Employee Turnover | Decrease by 14% | |
| Recommendation | 98% of the Current PEO Clients | |
| Administrative Fees | Saves an Average of $450 | |
| Costly Payroll and Compliance Fines | Help Avoid | |
| Company Growth Rate | 7 – 9% | |
| ROI | 27% | |
| Closed During Pandemic | -58% | |
| Contact Us Today |
How Does Our PEO in Cyprus Operate?
INS Global’s PEO in Cyprus can be used to manage your employee recruitment needs in just 4 steps:
- We meet with you to understand your requirements and create a plan that satisfies your needs.
- Our team provides a legal entity through which you can hire, transfer, or send staff to Cyprus.
- We take care of HR service administrative and legal aspects related to employment in Cyprus
- Your team is able to continue operations and work towards success in the new market.
Manuel Ramos
TERAO ASIA
Managing Director
We think INS Global is a good solution for starting a business in new and complex markets. Understanding the market doesn’t mean you need to set up a company immediately.
What's the Difference Between a PEO and an Employer of record (EOR): How Do They Differ?
To make the most of a PEO agreement, you need to understand the difference between PEOs and EORs. This way, you’ll be able to choose the best for your business needs:
- A PEO provides HR outsourcing services to employees in companies that want to expand globally.
- An EOR is similar to a PEO but can also legally and officially hire employees on behalf of your company.
- An EOR is responsible for all liabilities regarding onboarding and employment.
- In a PEO agreement, the contract is between your company and the employee.
- In an EOR agreement, the contract is directed by your company but made between the EOR and your employee.
INS Global offers both Professional Employer Organization and Employer of Record services in Cyprus. Contact our team of experts today, or read this article to learn more about the specifics of these two services.
Labor Law in Cyprus
Employment Contracts in Cyprus
In Cyprus, employment contracts are not mandatory, but the terms of employment must be given in written form. The salary and benefits should be in Euros and the contract should be in the local language. Collective bargaining agreements (CBAs) are common practice in Cyprus and have an impact on employee wages and regulations.
Probation can last for six months, during which time the employee can be dismissed without cause.
Outside of the probation period, termination notices depend on the length of employment.
Working Hours and Overtime in Cyprus
Work hours in Cyprus, including overtime, cannot exceed 48 hours per week.
Overtime is compensated at 150% of regular wages and 200% if the overtime hours are on the weekend.
Annual Leave and Public Holidays in Cyprus
There are 14 days of public holidays each year in Cyprus. Employees who have worked for six months are eligible for a minimum of 4 weeks of paid vacation time.
Those who work five-day weeks are entitled to at least 20 days of paid leave; the number of days increases to 24 for those who work six-day work weeks.
Sick Leave in Cyprus
Sick leave in Cyprus is paid by social insurance but is not covered for the first three days. Depending on the applicable CBA, an employer may agree to pay the employee a percentage of wages during those three days.
Afterward, the employee should apply for social insurance and can receive 60% of their weekly salary for up to 156 days.
Maternity and Paternity Leave in Cyprus
Maternity leave in Cyprus is 18 weeks, and is covered by the state. The mother will receive 72% of her regular salary. Mothers returning to work are eligible for one hour less work daily during the first nine months after birth.
Paid paternity leave is 2 weeks. Parents with children under 8 years old are entitled to 18 weeks of unpaid leave annually. In the case of a widow or widower, this number is increased to 23 weeks.
Tax Law and Social Security Contributions in Cyprus
Income tax in Cyprus ranges from 0-35%, depending on taxable annual income. Corporate tax is 12.5%.
Both employers and employees are expected to pay 8.3% towards social insurance, as shown here