Employing non EU Nationals by IBCs

FORMATION OF CYPRUS IBC (OFFSHORE)
Employing non EU Nationals by IBCs

Eligible companies

1. Belong to groups with transparent ownership and sources of capital or corporation quoted on any recognized stock exchange.
2. Operate from their self-contained office which should be located in suitable distinct premises, equipped with appropriate office and telecommunication facilities, open during normal office hours and staffed with full time personnel.

Normally IBCs may employ up to three non EU Nationals in executive positions. The company is expected to recruit non-executive staff within the island unless comparable Cypriot personnel are not available.

The non EU Nationals who wish to be employed in an executive position in Cyprus must be at least 24 years old and have suitable qualifications. The minimum acceptable annual salary is CYP 24.000.

The following is required to obtain a work permit.

In respect of the company

• Certificate of Registration
• Memorandum and Articles of Association
• Certificate of Directors and Shareholders
• Certificate of Registered Office
• Profile describing the nature of the company's business and details of its office operations and staff requirements in Cyprus .
• List showing the names of the Directors and Shareholders with their passport number, nationality \ns addresses abroad
• In case of new BCs, lease agreement for its office in Cyprus (if not available, it should be presented to the Civil Registry and Migration Department within 2 months).

In respect of the executive staff

• Contract of employment, stating annual salary and services duration
• Forms M61. (application for Temporary Residence Permit) and M64 (application for employment permit) fully completed and duly signed.
• Copy of applicant's C.V.
• Copy of passport's data pages
• Copy of ARC certificate
• Certificate of criminal record
• Bank Guarantee from the employer
• Medical certificate
• Medical insurance certificate
• Fee: CYP20,00

Newly established companies need to have an issued and paid share capital of CYP 25.000. Established companies need to submit audited financial statements of the previous year, movement of the company's accounts that prove the normal functioning of the company by the Registrar of Companies and the tax clearance issued by the Inland Revenue Department.