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flag Cyprus Cyprus: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labor | Social Partners

 

Setting Up a Company

Private Limited Company
Number of partners: Minimum 1 shareholder and Maximum 50 shareholders
Capital (max/min): No minimum capital
Shareholders and liability: The responsibility of the associate member is limited to the amount contributed to the total capital.
General Partnership
Number of partners: Minimum 2 and maximum 20 associate members.
Capital (max/min): No minimum capital
Shareholders and liability: Each associate member is personally and indefinitely responsible for the debts and obligations of the company.
Limited Partnership
Number of partners: At least one general partner with no limitation on the number of partners.
Capital (max/min): No minimum capital
Shareholders and liability: At least one of the associate members is personally and indefinitely responsible for the debts and obligations of the company, the other members' responsibility being limited in nature.
The Competent Organization
The competent organization is the Registrar of Companies.
Search a Company or a Financial Report
Department of Registrar of companies
 
Setting Up a Company Cyprus Eastern Europe & Central Asia
Procedures (number) 6.0 6.0
Time (days) 8.0 14.0

Source: Doing Business.

 
Business Setup Procedures
Consult Doing Business Website, to know about procedures to start a Business in Cyprus.
Trade Register

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The Active Population in Figures

20122013
Labor force 416,900443,500

Source: CIA - The world factbook

 
200920102011
Total activity rate -62.30%64.50%
Men activity rate 70.80%71.30%71.50%
Women activity rate 54.30%57.10%57.20%

Source: UN - United Nations

 

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Working Conditions

Legal Weekly Duration
Working hours vary according to sector and profession. The maximum number of working hours is fixed by collective agreement. It usually ranges beetween 38 and 40 hours.
Retirement Age
63 or 65 if the insured person does not meet the conditions to go on retirement at the age of 63.
Working Contracts
A written contract is not obligatory but it is now common to have one.
There are several types of contracts and Cyprus does not have a uniform contract of employment system.
The most common contract is the contract with an indefinite term. Temporary employment is uncommon though seasonal work exists mainly in tourism and agriculture.
Labor Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Cost of Labor

Minimum Wage
EUR 855 per month (source: ILO, 2011).
Average Wage
Gross average monthly wage of men: EUR 2,336 (source: ILO, 2009);
Gross average monthly wage of women: EUR 1,824 (source: ILO, 2009).
Social contributions
Social Security Contributions Paid By Employers: Employer contribution is 6.3% and 4% for the State.
Social Security Contributions Paid By Employees: Employees are required to make social insurance contributions at a rate of 6.3%.

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Social Partners

Social Dialogue and Involvement of Social Partners
Employees are protected from dismissal because of union membership.
Collective bargaining power is ensured and allowed (article 26 of the Constitution) and numerous trade unions exist.
Unions
Cyprus Workers' Federation
Pan-Cyprian Federation of Labour
Democratic Labour Federation of Cyprus
Unionization Rate
The unionization rate is quite high in Cyprus, reaching 68%.
Labor Regulation Bodies
Ministry of Labour and Social Insurance
Human Resource Development Authority

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Last Updates: October 2014