Open a Recruitment Company in Cyprus
Open a Recruitment Company in CyprusUpdated on Monday 30th March 2020
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There are numerous recruitment companies in Cyprus, which is a small island. This certainly has had a great impact on attracting the right skilled employees. At the same time, there are a lot of employment opportunities here and the workforce is qualified and talented. In this article, our lawyers in Cyprus present a few aspects related to opening a recruitment company in Cyprus.
License for a recruitment company in Cyprus
To open a recruitment company in Cyprus, it is necessary to obtain an operation license from the Director of the Department of Labor from the Ministry of Labor, Welfare and Social Insurance.
To obtain this type of license, our Cypriot lawyers point out that the following criteria have to be met:
• If the human resources agency is managed by a private person, he or she has to be a citizen of Cyprus or a citizen of a European Union member state. He or she should not be bankrupt or have any other legal issue;
• If the company is managed by a legal person, he or she has to be incorporated under the relevant legislation of Cyprus, should have registered offices in the country and should not have been subject to compulsory liquidation or winding-up order;
• The individual who operates the human resources agency in Cyprus, the directors, if it is a company, or the partners, if it is a partnership, have to:
o not been sentenced for a severe offence;
o not have been employed in some governmental departments in the country in the last two years;
o not engage in certain parallel activities;
• The person who operates the agency has to, among others, hold a recognized diploma, degree or university title in a related field;
• Other criteria: our attorneys in Cyprus can offer more details on what these other requirements are.
Payable fees for a recruitment company in Cyprus
Under the Private Employment Agencies Regulations from 2012, recruitment companies in Cyprus must acquit the following fees:
• The first issue of a license application: EUR 100;
• The first issue of license: EUR 300;
• The license renewal: EUR 300;
• Other licenses: our Cypriot lawyers can offer more information on this matter.
In order to register a recruitment company in Cyprus, a company name has to be chosen first. Then, the Memorandum of Association has to be prepared by a lawyer and notarized.
Afterwards, all the required documents have to be submitted to the Companies Section of the Department of Registrar of Companies and the Official Receiver in Cyprus.
Eventually, the tax registration number and VAT have to be received and the company has to be registered at the Ministry of Labor for the Social Contribution.
In case you need to know more about how to open a human resources company in Cyprus, or for any legal advice in the country, we kindly invite you to contact our Cypriot law firm.