- Global HR Compliance
- Global PEO and payroll
- Work permit for hiring expats via PEO
- Expand without a company set up
- Contractor vs. employee: which is better?
Global Employer of Record (EOR) in Cyprus
Global employment services
Businesses in the process of expanding globally often face challenges when it comes to compliantly onboarding employees in foreign countries. In most cases, legal compliance requires the establishment of a legal in-country business entity, a complex, costly and time-consuming process that many employers are not ready to undertake.
To help your organization legally onboard and payroll a workforce in Cyprus, Acumen International offers a global employment solution via our Global Employer of Record (EOR) designed to help you circumvent the legalities of direct hiring, eliminating the need for you to establish a legal entity in Cyprus in order to conduct business there.
Spotlight on Cyprus:
Cyprus is an island country in the Mediterranean Sea. The Republic of Cyprus is a part of the European Union. Its unique location and EU membership make Cyprus the perfect place to expand your business globally.
- Capital: Nicosia.
- Population: 1,281,506 (July 2021).
- Official languages: Greek, Turkish. Business contracts can be written in one of these languages or in English.
- Local currency: Euro (€, EUR).
- Labor force: 416,000 (2019).
- Industries: The Cyprus’ economy focuses on services including tourism, finance, and real estate. The valuable industries are shipping, food and beverage processing, textiles, light chemicals, wood, paper, metal, stone, cement, gypsum and clay products.
- Import/Export partners: Greece, China, the UK, Italy, Turkey, Germany, Russia are the top import countries with such commodities as refined petroleum, coal tar oil, ships, cars, and packaged medicines. Cyprus exports cheese, ships, refined and crude petroleum to India, Greece, Libya, and the UK.
- Minimum wage: Cyprus has no general minimum salary requirement except for specific types of jobs. A person working in Executive and Management in Cyprus earns around 3,000 EUR / month. Salaries range from 970 EUR to 4,830 EUR, the actual maximum wage is higher.
- 13,14th salaries: 13,14 salaries are not obligatory in Cyprus, they are optional. The standard practice in Cyprus is for the yearly salary to be split into 12 or 14 payments.
Employ your Selected Workforce in Cyprus via Acumen’s Employer of Record / EOR Solution
Acumen’s Global employment services are designed to provide our clients with professional assistance to meet their global HR needs, such as:
- Global talent acquisition and retention
- Global expansion, to help you quickly enter new global markets without legal and HR compliance risks
- Local support for international clients and their expat employees
Businesses desiring to hire local employees should be prepared to pay competitive salaries, to attract and retain the most qualified candidates. As a global employment organization, Acumen International serves both end employers and service companies representing international clients.
Acumen’s Employer of Record (EOR) service in Cyprus offers an efficient and inexpensive alternative to direct hiring. Our solution gives companies the opportunity to operate in Cyprus, and in 190 international markets where we serve our clients, without registering as a local business entity.
Legally Onboard and Payroll your Employees in Cyprus with Acumen’s Global Employment Solution
Cyprus has its own legal constructs that can put you at risk for compliance violations when hiring and onboarding new talent.
The Cyprus legal system is based on English common law principles. The system was updated by introducing civil law principles, aligning with EU laws and regulations. The main difference between the two systems is that in common law countries/case law — in the form of published judicial opinions — is of primary importance. In contrast, in civil law systems, codified statutes predominate. This relates to a general understanding of risks.
Reduce your risks while expanding your business, without establishing your own legal entity in Cyprus. Leave it to Acumen to hire and compensate your employees on your behalf, so you can focus on growing your business.
Acumen’s EOR global employment solution helps businesses to overcome legal challenges by hiring and compensating your local and expat workforce in Cyprus on your behalf, in a risk-free and cost-effective manner.
Partner with Acumen International, and let us help you handle your global employment and HR needs. You can trust Acumen to handle the global employment and HR details of your workforce management in Cyprus, to ensure full compliance with in-country employment laws and changing COVID-19 regulations.
In addition to legally onboarding local citizens, we are able to organize work permits and business visa sponsorship for your expatriate team via our Employer of Record, and employ them on your behalf, once legal permissions have been attained.
With Acumen, you can rest assured that all legal requirements are met for compliant hiring and compensating of your local and expatriate employees in Cyprus, and in 190 countries worldwide where we serve our international clients.