Obligations of the Cyprus Company to the Social Insurance Services

If your company wants to hire people to work for them must register with the Social Insurance Services department and obtain an Employers Id Number.

Each employer, after hiring new employees, must fill in the form “Declaration of hiring Employees” (Form SIS 1-003) and submit it to any Social Insurance District Office or Citizen Service Center.

The employer is liable to pay contributions to the Social Insurance, Annual Holidays with Pay, Redundancy, Human Resource Development and Social Cohesion Funds for each of his employees, whose remuneration is not less than €2 per week or €7 if on a monthly basis.

If your company is an employer, additional to the obligations you have to the Social Insurance Services you are required by law to have have a private Employers Liability Insurance.