Payroll and Provident Fund Outsourcing

Confidentiality

We limit the risk of exposing confidential payroll information to unauthorized personnel

Minimize payment related risks e.g. incorrect payments, fraudulent payments

Efficiency

Free up employees’ time to focus on more productive business activities

Save on costs by avoiding overheads associated with employing payroll specialist in- house and having the technical support to provide this task

Compliance

It makes compliance with rules and changes in government regulations easier and more effective You are guaranteed to be up to date with complex changing legislations and Employment Law

Accuracy with the implementation of internal company policies

Payroll Outsourcing

At Fairfax our services are designed to suit all levels and sizes of payroll. A GRS Group Company, we are dedicated to minimizing your payroll administration in Cyprus allowing you to focus on the core activities of your business.

Our managed payroll services provides you with a personal contact who is dedicated to supporting your Cyprus business and is available to answer any queries you may have. Our high level of personal service ensures that you receive an accurate payroll and that your most important asset - your ‘human capital’ is paid in an efficient and timely manner.

Provident Fund Bookkeeping

At Fairfax, we have the expertise to assist your company establish, register and maintain the fund book records of your company's provident fund in Cyprus.

Our dedicated outsourced support for your company's provident fund provides specialised bookkeeping by a qualified team, in addition to keeping you up-to-date with legislative changes and best-practice recommendations that may affect your business.

Employment Outsourcing And Temporary Workers

The GRS Group provide a service of employing and outsourcing personnel or temporary workers under a GRS employment contract. Licenced by the Ministry of Labour in Cyprus under the Temporary Worker Act 2012, to offer temporary/contract worker employment services.

Cyprus Payroll Service Includes:

Employee compensation planning
Payroll set up and registration of employees with the local authorities: Tax, Social Insurance, General Health System and immigration
Complete payroll outsourcing
Provident Fund set up and administration
Preparation of weekly or/and monthly payroll calculations
Salaries in any currency wth custom calculations through user-defined formulas for earnings, deductions or contributions
Deduct absences. Keep track of employee vacations, sick-leaves, etc
Preparation of tax computations for each employee to accurately determine the monthly tax deductions, based on the signed TD59 form of the employee
Arrange timely payment of wages, salaries and deductions (Income Tax and Social Insurance)
Up- to- date legislative advice and processes
Prompt answers to queries

Reporting:

Monthly payslips electronically distributed and protected with a unique password
Payroll analysis (single payroll or any date range) with department and cost centre analysis
Journal entries for the accounting department
Electronic Bank transfer instructions for salaries
Timely preparation and submission of annual tax returns e.g. TD63 (Employees’ Certificate of Emoluments), TD7 (Employer’s Return)
Provident fund reports

Cyprus Provident Fund Service Includes:

Assistance and guidance for the preparation of the Memorandum which includes the rules and regulations of the Fund’s operations.
Preparation of all the necessary applications/documents needed for the registration of the Fund in the Registrar of Provident Funds in Cyprus.
Registering the Provident Fund with the Income Tax Authorities in Cyprus.
Assisting with the accounting and bookkeeping needs of the Provident Fund.
Providing specialized administration services covering monthly contribution and fund performance.
Reporting on a monthly and annual basis , member’s statements
Communication with the Authorities for related issues.
Statutory Audit through our trusted and recommended partners.

Temporary Worker, Employment Outsourcing Service Includes:

Issuing the temporary worker with a GRS contract for services agreement for the engagement of the worker under our Temporary Worker Licensed company: GRS Global Recruitment Solutions in Cyprus and Malta.
Recruiting and resourcing of all personnel.
Checking references and immigration status of all personnel engaged.
Registration of the temporary worker with the local authorities (Immigration, Social Insurance and Income Tax departments) and payment of the statutory contributions.
Accurate and timely electronic payment of salaries, expenses and overtime on a monthly basis.
Monthly payslips electronically distributed and protected with a unique password
Timely preparation and submission of annual tax returns e.g TD63 (Employees’ Certificate of Emoluments), TD7 (Employer’s Return)
Registering all workers with local tax and social insurance authorities and paying statutory contributions.
Dedicated payroll department with single point of contact for queries and/or assistance.
Services also include workers that are not resident in Cyprus or Malta. For international contractor payroll solutions, Fairfax offers a fully compliant payroll solutions.

Outsourced Cyprus Payroll

Our managed payroll services in Cyprus provides you with a personal contact who is dedicated to supporting your business and is available to answer any queries you may have. Our high level of personal service ensures that you receive an accurate payroll and that your most important asset - your ‘human capital’ is paid in an efficient and timely manner.

Fairfax Technical Infrastructure

The Fairfax payroll team and infrastructure is geared up to facilitate the most complex payroll processing in a timely and efficient manner. Led by the accounts and payroll director, a Top 4 trained Accountant, a ‘Payroll Champion’ and a Fellow of the ACCA and Member of the Cyprus Institute of Certified Public Accountants. With more than 20 years’ experience of running payroll services for international and local companies in Cyprus, the Fairfax team provides clients with a top notch service that is high in quality, accuracy and confidentiality and applying the best systems, software and technical infrastructure.