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.
Our PEO takes care of essential HR tasks, from employing overseas staff to managing employee services and handling payroll, reducing costs and time by not managing local procedures on your own.
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.
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
No, it is necessary to use a local entity abroad to comply with each country labor law.
Foreign companies can either set up a local entity in each country or use the services a local PEO (Professional Employment Organization) to hire the staff on-site directly.
The employer of record is the legal entity liable for the staff employed in a specific country. In practice, a foreign company can either open a subsidiary to become the employer of record of its abroad employees or use a PEO to act as the employer of record.
In general, 1-month is necessary to have an employee based out abroad using an existing PEO as the employe of record. When incorporating a new subsidiary to be the employer of record, the delay varies from 4-12 months.
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