news | 01 June 2016


Earlier this year, Cyprus experienced a notable increase in the number of applications for new companies with a 23% increase recorded in March 2016 compared with March 2015.

According to statistics released by the Department of the Registrar of Companies and Official Receiver (DRCOR) of the Republic of Cyprus, the number of applications for new company registrations in March 2016 reached 1,205, compared with 980 new company registrations in March 2015.

It was also noted that new company registrations have maintained an upward trend for the seventh month in a row, along with the 18th increase in the past 27 months.

Data from the DRCOR further found that 3,063 companies were newly registered in the first quarter of 2016 compared with a total of 11,270 newly registered companies for the duration of 2015. On a month-by-month basis, the number of applications for new company registrations in March 2016 was up by 8.1% compared to February 2016, while the total number of companies recorded in the register at the end of 2016’s first quarter was 202,764.

This upward trend is promising news for Cyprus, enabling the professional services sector to remain robust whilst continuing to support the Cypriot economy. Countless businesses turn to Cyprus for company formation month after month thanks to effective tax planning and a wide network of double tax treaties. Registering a company in Cyprus also unlocks the advantages to be gained when trading with EU companies registered in other EU member states.

Notable demand for professional outsourced services

The sustained increase in Cyprus company registrations has resulted in a notable demand for professional services firms providing outsourced services including bookkeeping, payroll, Human Resources and much more.

GRS Recruitment and its Group Company, Fairfax Yeaman, provide a complete range of outsourced services to businesses including recruitment, payroll, immigration and residence, provident fund services and HR.

Co-founded in 2005 by Donna Stephenson and Steve Slocombe, the consultancy possesses more than a decade of experience in the provision of permanent and temporary recruitment, outplacement and outsourced payroll services.

GRS’ outsourced payroll services are designed to suit all levels and sizes of payroll and the company is dedicated to minimising payroll administration in Cyprus, thus allowing you to focus on the core activities of your business. Their managed payroll services provide businesses with a personal, dedicated contact who will support your Cyprus business and remain on hand to answer any queries. This highly personalised level of service ensures that businesses receive the most accurate payroll and that their most important asset, their ‘human capital,’ is paid in an efficient and timely manner.

Fairfax Yeaman’s immigration and Residence services, led by Nicoletta Demetriou, Accounts and Payroll Director of GRS’ group company, Fairfax Yeaman, are personalised and effective, making the entire immigration seamless and effortless. With professional guidance offered at every step of the process, you will be lead to the successful issuance of the necessary permit: Work Permit in Cyprus, Permanent Residence Permit in Cyprus, Cyprus Citizenship by Investment, or Cyprus Citizenship by Years of Residency.

Fairfax Yeaman possesses more than 15 years’ experience in the establishment, registration and administration of Cyprus Company Provident Funds. Their dedicated outsourced support for your company’s Provident Funds provides specialised administration services by a qualified team in addition to keeping you up-to-date with the latest legislative changes and best-practice recommendations that may affect your business. 

Finally, GRS’ HR Consulting Service enables companies to have a 360° solution to their people’s needs, providing specialised, tailored solutions for any organisation. Whether large or small, global or local, start-up or undergoing transition, a flexible solution to any of your people’s needs can be developed, implemented and evaluated.

The HR Outsourcing Team is led by GRS founders Donna Stephenson and Steve Slocombe, along with team members Annita Paliou and Debbie Hadjisocratous, who are Masters educated HR professionals and fluent in both Greek and English. Together, we offer your business the benefit of progressive HR practices, solutions and HR software solutions that are customised to your needs while ensuring the timely delivery of professional and cost-effective results.   

GRS Recruitment and its Group Company, Fairfax Yeaman, are highly reputable agencies that work closely with businesses of all types and sizes, from SMEs to the world’s largest international organisations, delivering superior professional outsourced services that are accurate, timesaving and cost-efficient.

To find out more about the range of services available please contact one of our offices on +357 25342720 (Limassol) or 22769369 (Nicosia) or email or

Cooperation Partners
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