Under the new law, any company or individual that owns 25% or more of a foreign company or other organisation will now be categorised as a ‘controlling entity’ and as such, will need to make changes to their legal form. One way in which a Cyprus offshore ownership structure canmake such changes is to create stronger substance in Cyprus. 

Up until recently, many company structures established in Cyprus have outsourced the role of CFO, Compliance Manager or other senior executive position to their accounting service provider or consultancy; however the implementation of the new law now means that Cyprus offshore structures must show substance by directly appointing a physical person or persons to their Cyprus structure.

With respect to the new law, structures will now need to show the individuals on their payroll to prove that the company is active and alive with an office and employees in Cyprus.  Some of these companies may hire on a full time basis or may only need to appoint an individual on a part-time basis or for a few hours’ commitment per week. 

GRS and Fairfax Yeaman Well Positioned to meet all Cyprus Company Hiring Needs

GRS can assist you with creating stronger substance to your Cyprus structure by providing you with knowledgeable and qualified individuals to operate and manage the company’s responsibilities and make important management decisions. These include both Exec and Non -Exec candidates.

With ten years of success as Cyprus’ leading recruitment consultancy, GRS is suitably placed to meet all the hiring needs of a Cyprus company, especially on a senior management level. They have an extensive database of qualified candidates at all levels and are well positioned to source and identify suitably qualified candidates in Cyprus for such positions, particularly for the purpose of establishing substance. 

GRS has a particularly strong database of candidates available at senior executive level as well as qualified professionals such as finance directors, CFOs, qualified lawyers, compliance managers, compliance officers, general operational managers, head of back office and HR managers for example.

Once the appropriate individual has been appointed, GRS’ group company, Fairfax Yeaman, are fully equipped to handle the registration of the individuals hired as employees of the company. Finally, the Fairfax Yeaman team, headed by Nicoletta Demetriou, ex top four accounting firm qualified payroll champion and FCCA, CPA Accountant will take care of the payroll, computation and statutory deductions of the individual, such as social insurance and PAYE, whilst providing monthly reporting to the company.

Implementing the above measures will enable controlledforeign companies to create better substance which in turn will ensure that those businesses can continue to maintain business functions in Cyprus whilst remaining compliant with the new Deoffshorisation Law.