Exclusive Proposal for Companies Engaged in the Cyprus Shipping Sector

First of all we hope that you and your colleagues as well your families are well and safe at these difficult times we are going through with COVID-19.

We are really glad to inform you about some of our services, which may be of interest to you and the special rates we decided to apply for companies engaged in any way in the shipping sector of Cyprus.

As a very brief introduction, we are a provider of professional services, licensed and regulated by the Institute of Certified Public Accountants of Cyprus (ICPAC). We have been present in the Cyprus market since 2004 and we have always been focusing on international companies and groups established and operating in/from Cyprus. We offer a wide range of services including the following:

  • Corporate Services, including incorporation of Cyprus companies and acting as Company Secretary
  • Bookkeeping, financial reporting, tax administration and VAT compliance
  • Payroll
  •  Immigration
  •  Insolvency Services (we have in our team licensed Insolvency Practitioners)

Although in this communication we will focus on Payroll Services, we would be more than glad to discuss with you about any other services as listed above, or indeed for any other needs for professional services you may have related to the Cyprus market. Our full range of services can be found by clicking here.

For what concerns Payroll Services (for own employees), please allow us first to outline a few of the benefits of outsourcing the Payroll function:

  • Free up time:  Outsourcing Payroll can free up staff to pursue other important value-added and revenue-generating activities.
  • Reduce costs: The direct costs of payroll processing can be greatly reduced by working with an efficient Payroll provider.
  • Relief from compliance worries: Businesses need to have an in-depth understanding of various regulations to avoid running afoul of pertinent regulations, in various legal areas such as labour, immigration, tax, social insurance and discrimination, which can be greatly minimized in case Payroll is handled externally.
  • Avoid penalties: By outsourcing Payroll, you can free yourself from worrying about fines and penalties.
  • Walkouts cause no panic: Losing an employee involved with the Payroll is no longer a big deal if you outsource your payroll system.

We are delighted to inform you that we can provide a complete package of services at a flat monthly fee starting from just EUR15* per person! Based on market research this rate is way below the standard fee charge in the market for such services, and this is without even considering that many of the services included in our package are usually charged extra. The package includes the following services (as applicable and desired based on your needs and circumstances):

  • Preparation of monthly payroll for 12/13 months
  • Preparation of analytical pay sheet report for bookkeeping purposes
  • Preparation of payslips
  • Preparation of IR63 (Certificate of Emoluments)
  • Preparation and submission of IR7
  • Preparation of Income Tax Claim for Allowances form (IR59) for each employee
  • Preparation of monthly bank instructions for payments to employees
  • Preparation of report for payables to Social Insurance, PAYE, GESY and Provident Fund
  • Preparation of analysis of provident fund loans upon request
  • Registration of new employees with the Social Insurance Department

* The exact fee will depend on the size (number of persons) and complexity (i.e. existence of employees spending working time abroad, etc.) of the payroll function BUT the actual quoted fee will be in line with what has been quoted, which is the very minimum cost for a payroll function with a large number of employees.

There might be an one-off service fee for setting up the whole process and for data migration, which will depend on the circumstances and which will be quoted to you in advance upon provision of the relevant information. The quoted fees do not cover disbursements and VAT.

For more details about the benefits of outsourcing Payroll, background information such as employer obligations and related legislation in Cyprus, as well as the full range of services and support we can offer for this function you can refer to the dedicated page of our website.

We hope that you will find this proposal interesting and attractive and we would be delighted to establish cooperation with your esteemed firm. We remain at your disposal for any further information or clarification you may require on the above proposal or for any other service.

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