Standard Admin / Wednesday, May 22, 2024 / Categories: Cyprus Company Governance, Relocation to Cyprus Cyprus Remote Employer - 3rd Countries Payroll Scheme (3rd Country Company recruits employees in Cyprus) Cyprus Remote Employer, from 3rd Country 3rd Country Company hires Employees in Cyprus without physical presence Cyprus have introduced the remote employer scheme where any company whether the EU or from a 3rd Country can hire anyone in Cyprus under the status of remote employer. Cyprus Remote Employer, from 3rd Country 3rd Country Company hires Employees in Cyprus without physical presence Cyprus have introduced the remote employer scheme where any company whether the EU or from a 3rd Country can hire anyone in Cyprus under the status of remote employer. In a nutshel, your company will have the following three options: - to establish a Cyprus Branch - to establish a Cyprus Company (this company would be a subsidiary) - to use a Payroll Agent (a 3rd party offering payroll services) Irrespective of the decission, the process is effortless but slightly costly. The Overseas Employer will only need to assign this task to a Regulated Audit and Assurance firm like Cyprus Audit Services, which in turn, will gather all paperwork and create the appropriate vehicle and register both the vehicle and the candidate with the Cyprus social securities and local income tax office. Once the remote employer and candidate are registered for payroll purposes, the remote employer will have to comply with the local tax and regulations. So here are some of the main responsibilities of the overseas employer: - To pay its employees in Cyprus, on a monthly basiss, as per employment contract - To pay monthly payroll taxes such as: Social Security, National Healthcare and Pay As You Earn Tax (PAYE) - To provide monthly payslips to the employee So the requirements are pretty standardised; there is really nothing unusual requested of an overseas employer here in Cyprus. In fact both the local as well as the overseas employers are obliged to follow the same rules regulations and filing requirements. Feel free to contact me for a free consultation and i will be more than happy to assist you. Important Note: Remote employers within the EU must follow a different route as they are not required to establish a Cyprus Company or a Cyprus branch. Want to know more? We have already created several videos in our youtube channel called Cyprus Accountants Academy and several articles about Cyprus Payroll which can be obtained here. About Cyprus Audit Services (CYAUSE Audit Services) We provide payroll services and solutions to Remote Employers and International Interest Companies as well as hundreds of local companies on a monthly basis. Our payroll experts are using advanced payroll software to facilitate the needs of our international clients as well as their internal reporting deadlines. Being an audit and assurance firm payroll work is a rather routine work for us. Given the popularity of Overseas Employers hiring local (Cyprus) staff, our team has also obtained expertise in registering Companies from the EU and 3rd Countries to the Cyprus Social Securities and Payroll in an accurate and timely manner. Want to know more, feel free to contact me directly on kt@cyprusaccountants.com.cy. Thank you, Kyriakos Tramountanellis Previous Article Cyprus Investment Firms - Taxation & Why So Attractive! Next Article Cyprus Remote Employer - EU Payroll Scheme (Hire Directly Employees in Cyprus) Print 9 Rate this article: No rating Tags: Cyprus companycyprusRelocationRemote employeremployer3rd countryVisayellow slipCyprus overseas employer Please login or register to post comments.
About Cyprus Audit Services (CYAUSE Audit Services) We provide payroll services and solutions to Remote Employers and International Interest Companies as well as hundreds of local companies on a monthly basis. Our payroll experts are using advanced payroll software to facilitate the needs of our international clients as well as their internal reporting deadlines. Being an audit and assurance firm payroll work is a rather routine work for us. Given the popularity of Overseas Employers hiring local (Cyprus) staff, our team has also obtained expertise in registering Companies from the EU and 3rd Countries to the Cyprus Social Securities and Payroll in an accurate and timely manner. Want to know more, feel free to contact me directly on kt@cyprusaccountants.com.cy. Thank you, Kyriakos Tramountanellis
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