Testimonial
Manuel Ramos
TERAO ASIA
Managing Director
We think INS Global is a good solution about starting business in new and complex markets. Understanding the market doesn’t mean you need to set up a company immediately.
5/5
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.
With the expert guidance of a PEO, you can be confident of legal compliance at every step of the transition process.
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.
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.
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.
*Estimate
A PEO in the target market will handle all of your HR needs with just a single point of contact.
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.
The Advantage in Figures
| PEO/EOR | Company Incorporation | ||
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Price |
80% Less Expensive |
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Market Entry |
2-5 Days |
6 Months |
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Employee Turnover |
Decrease by 14% |
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Recommendation |
98% of the Current PEO Clients |
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Administrative Fees |
Saves an Average of $450 |
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Costly Payroll and Compliance Fines |
Help Avoid |
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Company Growth Rate |
7 - 9% |
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ROI |
27% |
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Closed During Pandemic |
-58% |
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Manuel Ramos
TERAO ASIA
Managing Director
We think INS Global is a good solution about starting business in new and complex markets. Understanding the market doesn’t mean you need to set up a company immediately.
INS Global’s PEO in Cyprus can be used to manage your employee recruitment needs in just 4 steps:
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:
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.
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.
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.
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 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 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.
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:
splcy.com/social-insurance-contributions-and-national-health-insurance-system-cyprus
In Cyprus, the cost of professional EOR services is calculated as a percentage of a coworker’s monthly income. This price includes all HR tasks required to ensure compliance with all local employment rules.
Without the requirement for a specific organizational structure in Cyprus, EOR services manage employer responsibilities securely, legitimately, and efficiently. A global Employer of Record does this by retaining top-notch HR assistance and local legal authorities.
With an EOR service agreement, your team members will be protected according to the law, get correct and timely payments each month, and have access to all the necessary employee benefits in Cyprus.
While having total control over their work, independent contractors engaged by a Cypriot EOR may be eligible for some or all of the same benefits as regular employees.
Our team of recruitment consultants can find the top local talent in Cyprus for your requirements by utilizing their vast professional networks, in-depth knowledge of local business resources and benchmarks, and constant adherence to ethical hiring practices.
As a result, integrating these new hires into our Cypriot EOR system will be easier and more effective compared to when they were employed using more conventional hiring procedures.
The thorough compliance-assured employment outsourcing assistance that you get from a genuinely global EOR services provider like INS Global complies with all relevant regional, national, and local legislation. This means you are your team is covered across the entirety of Cyprus.
There may be strict hiring requirements or a limit on the number of employees you hire simultaneously with some PEO or EOR service providers in Cyprus. However, INS Global is aware that occasionally you may need to scale up or down quickly depending on your global business model. Working with us allows you to employ however few or many people you need to accomplish your goals.
The direct and indirect costs of hiring in Cyprus include payroll expenses, hiring fees, signing bonuses, and other costs such as incentive programs, managing the taxes of foreign workers, and social insurance.
By using Cypriot PEO services, you can avoid cumbersome incorporation regulations because you won’t require a local site.
However, it’s always advisable to give your staff abroad the option to work in a shared workspace whenever and wherever it is possible.
Absolutely. If Cypriot nationals or foreigners are subject to various local employment regulations, tax legislation, or employee benefits, we can handle the necessary visa and work permit requirements.
The best EOR and PEO solutions are available for organizations of all sizes, from SMEs to multinational corporations, to ensure the efficient and secure employment of foreign or local staff. Our services are easy to scale up if more people are required, and they can even replace more complex internal HR requirements for existing employees.
The legal expertise provided by PEO and EOR services would benefit businesses in various industries that either don’t have their own structures in a target country (or seek to avoid cost-scaling difficulties while focusing on expansion).
Staffing firms and umbrella corporations are two additional third parties that can be used to directly or indirectly hire independent contractors in Cyprus.
In Cyprus, most independent contractors are self-employed or run their own small businesses. In accordance with Cypriot law, hiring contractors requires the use of a labor agreement rather than an employment contract.
An independent contractor in Cyprus can be asked to submit a CV, portfolio, verified references, and possibly a signed NDA before work starts to ensure quality.
Most employees are paid weekly or monthly, with employers providing an itemized payslip detailing tax and social security deductions
The minimum wage in Cyprus was raised to €940.00 per month in 2023.
Citizens of the EU don’t require anything additional to live and work in Cyprus.
Non-EU citizens need a work permit (applied for by the employer before the employee travels to Cyprus), a work visa (which allows the holder to enter Cyprus for work purposes), and a residence permit (applied for after arriving in Cyprus.
The entire process can take over 2 months, and the work residence permit is typically valid for up to 4 years.
Employers in Cyprus are required to manage tax and social security payments on behalf of their employees by making deductions at source. In addition, an employer in Cyprus will have to contribute the equivalent of 22.9% of the employee‘s salary to their social security fund (with caps on specific payments for Social Fund and GHS payments).
Employees in Cyprus are entitled to social and medical insurance as provided by their social insurance contributions and various types of paid leave. The employer or CBA may add other additional benefits.
In general, employers may make amendments to an employee‘s contract, but they have to provide written notice in the event of any changes. If an employee believes the change to change to affect them negatively, they may apply for forced resignation and dispute the change with a labor tribunal.
Public healthcare in Cyprus is funded by a mixture of state contributions (via social security contributions) and co-payments by the end user.
Severance pay in Cyprus is 2 weeks pay per year of employment for the first 4 years. This amount increases to 2.5 weeks, 3 weeks, 3.5 weeks, and finally, 4 weeks pay per year of employment, changing every 5 years of employment.
Notice periods in Cyprus vary between 1-8 weeks depending on the length of service.
The Ministry of Labour and Social Insurance oversees most of the regulations relating to employment in Cyprus.
Employees are eligible for paid leave on national holidays that fall on a working day in Cyprus. The exact number and dates of these holidays may vary.
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