Register a company of foreign in Cyprus, the company must a suitability check by the civil registry and migration dept. of the Ministry of Interior. we can guide you through the Process at Vasiliou Law and take care of all the necessary paperwork and additional documents. More details can be found on the Government website here: http://www.moi.gov.cy/moi/crmd/crmd.nsf/All/045DA2CBB195F90FC2258109002F8E4F.
Hiring of Non-EU citizens as employees in Cyprus
We undertake to provide all required services for the registration of your company as company of foreign interests and register the employees required, under the applicable laws. All the information provided herein below are according to Articles 18ΥΔ to 18ΦΖ of the Aliens and Immigration Law – Cap. 105 as amended.
Eligibility Criteria In order to register a Cyprus company as a company of foreign interests:
- Third country shareholders should own the majority of the company’s shares.
- A foreign direct investment of capital amounting to at least €200.000, legally admitted to Cyprus from abroad. This should be proved by appropriate bank and other documents (Swift confirmation).
- To operate in independent offices in Cyprus, housed in suitable premises, separate from any private housing or other office, except in the case of business co-habitation.
- General managers of branches and/or of mother companies of Alien companies, and;
- Managers of departments.
Staff minimum acceptable gross salary:
- The minimum acceptable gross monthly salary for Directors is €4.000, an amount that may be adjusted from time to time, depending on fluctuations in the wage index.
- The minimum acceptable gross monthly salary for this category is €2.000. Amounts may be adjusted from time to time, depending on wage index fluctuations.
- Support staff:
Regarding the support staff who are not included in the above categories the Company is expected to fill in positions in this category with Cypriot or European citizens. In the case where there are no qualified Cypriots or European citizens available, a company may employ third country nationals in posts in this category by following the procedure and submitting the certificates/ supporting documents/ documents described in the list of accompanying documents, after first securing the positive recommendation (sealed employment contract) of the Department of Labour.
Maximum number of third country nationals employed per staff category:
- Senior Management: Five (5) persons, unless the Civil Registry and Migration Department is satisfied that the employment of a greater number is justified, depending on the circumstances of each company.
- Middle management executives and other key personnel: Ten (10) persons, unless the Civil Registry and Migration Department is satisfied that the employment of a greater number is justified, depending on the circumstances of each company.
- Support staff: 30% of the total staff (will be reviewed by the Department of Labour during the labor market test).
Arrival of employees in Cyprus:
Within 7 days after arrival must apply for temporary residence and employment permit
Validity of Temporary Residence and Employment Permit
- The validity of the permit depends on the duration of the employment contract and can be up to two (2) years, with a right of renewal. Directors, Middle management executives and other key personnel may reside in the Republic without a time limit, provided they hold a valid temporary residence and employment permit.
- Third country nationals employed in companies of foreign interests as Directors or Middle management executives or other key personnel are able to exercise their right to family reunification. In such a case, third country nationals who are family members (spouse and minor children) can enter and reside in Cyprus after the sponsor has followed the procedure for family reunification.