Our Expertise
Managing a global workforce in Cyprus
Successfully managing a workforce in Cyprus requires an understanding of the country's unique employment landscape, which includes diverse cultural influences and a mix of local and expatriate workers. TopSource Worldwide offers tailored solutions for workforce management in Cyprus, addressing key areas like hiring, payroll processing, statutory benefits administration, and compliance with local labour laws.
Extensive expertise
Our team of experienced, knowledgeable staff collectively provide up-to-date employment information across 180 countries, so you can always get accurate advice.
Entity-free employment
Feel free to hire employees from all over the world without being weighed down by setting up entities, running complex payroll or recruiting a hiring team.
Payroll without hassle
Have the confidence that your staff will always be paid accurately and on time, so that you can focus on your core business activities and work towards your success.
Always-on support
Access helpful, relevant, personalised advice whenever you need it, along with expert-led recruitment policies and tried-and-tested HR best practices.
"With TopSource we were able to have employees hired or maintained in Nutreco without having to establish an entity in these countries for only 1-2 employees. I think most countries are covered by TopSource, so they can help us with almost all cases. Good advice on conditions and direct contact with employees. Invoicing done directly to the company. An easy process compared to hiring employees by ourselves."
Annette van Duijnhoven
”We searched the market for a local payroll vendor in 2014 and we chose TopSource as our partner. We were looking for error-free and timely payroll processing and TopSource Worldwide delivers this, saving us time and money. We have worked together for 8 years now and would recommend them to anyone."
Praveen Lihinar
Personalised Employer of Record services in Cyprus
TopSource Worldwide provides personalised EOR services in Cyprus, catering to the specific needs of your business. This includes handling employee onboarding, payroll processing, tax compliance, and HR support, tailored to Cypriot standards and regulations.
End-to-end Cyprus payroll services
Looking to expand into Cyprus? Our unparalleled expertise in global payroll services ensures that your business can seamlessly navigate the complexities of payroll on a global scale, supporting your Cypriot expansion initiatives.
Global entity management
Venturing into the Cypriot market can be both exciting and challenging. With distinct business regulations, cultural nuances, and economic landscapes, it's essential to have a clear roadmap for your business establishment journey.
Accounting
Whether your goal is to process your purchase-to-pay transactions with minimum errors or manage your expense claim procedure, our team of experts can handle your accounting responsibilities, allowing you to focus on your core business and save time and money.
Global EOR services
Managing a diverse global workforce can be complex. This is where TopSource steps in as an invaluable Employer of Record services partner for companies seeking to expand their global reach while ensuring compliance with local employment laws and regulations.
Global Expansion Simplified
How to do business in Cyprus
Entering the Cypriot market presents a mix of excitement and challenges. Given unique business regulations, cultural intricacies, and economic dynamics, a well-defined roadmap is crucial for a successful business establishment.
TopSource Worldwide is with you at every stage. Whether it's navigating local regulations or facilitating seamless operational transitions, our expertise ensures a swift and efficient process for establishing your business in Cyprus.
Cyprus Insights
Key insights into Cyprus' landscape
VAT rates : Cyprus has a standard Value Added Tax (VAT) rate of 19%, with reduced rates of 9% and 5% for specific goods and services.
Ease of Doing Business rank: Cyprus ranks 54th in the Ease of Doing Business Index, showing a moderately favourable business environment.
Consumer Confidence Index: As of 2023, Cyprus' Consumer Confidence Index was approximately 72.2, showing optimistic economic sentiment.
Employee maternity/paternity leave: Maternity leave is 18 weeks, and paternity leave is 2 weeks, providing support for new parents in the workforce.
Employee termination period: Standard notice for termination varies but is typically one to three months, depending on employment contract terms and duration.
Employee salary pay date: Wages are usually paid monthly, with specific pay dates outlined in employment contracts and subject to labour laws.
Bank holidays: Cyprus observes public holidays, including New Year's Day, Independence Day, and Christmas, with a total of around 15 public holidays in a year.
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