Cyprus: Operating a Business

Setting Up a Company

Limited liability company or LLC: Number of partners: Minimum 1 shareholder and Maximum 50 shareholders.
Capital (max/min): No minimum capital required.
Shareholders and liability: The responsibility of the associate member is limited to the amount contributed to the total capital.
Public company limited by shares or PLC: Number of partners: At least 7 partners.
Capital (max/min): For public limited liability company whose shared are offered for subscription the minimum capital is approx. EUR 25,630.
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 required.
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 required.
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 Organisation: The competent organization is the Registrar of Companies.

Setting Up a Company	Cyprus	Eastern Europe & Central Asia
Procedures (number)	5.0	5.3
Time (days)	6.0	11.8

Source: Doing Business.

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

	2018	2019	2020
Labour Force	625,731	636,733	639,279

Source: International Labour Organization, ILOSTAT database

Source: International Labour Organization, ILOSTAT database

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.
Labour Laws: Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

Minimum Wage: According to the ILO, the minimum wage was EUR 870 per month in 2019 (latest data available).
Average Wage: The average monthly gross salary in Cyprus is EUR 1,907 (Cyprus Ministry of Finance,2020)
Social Contributions: Social Security Contributions Paid By Employers: 8.3% of covered earnings
Social Security Contributions Paid By Employees: 8.3% of covered earnings

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.
Labour Unions: Cyprus Workers' Federation
Pan-Cyprian Federation of Labour
Democratic Labour Federation of Cyprus
Unionisation Rate: The unionization rate is quite high in Cyprus, reaching 68%.
Labour Regulation Bodies: Ministry of Labour and Social Insurance
Human Resource Development Authority

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