Preparation of Social Insurance Declarations

At IBCCS TAX we are experienced international tax planning advisers offering legal
& tax advisory assistance both on an international and local scale.

Preparation of Social Insurance Declarations

Preparing accurate social insurance declarations is a crucial aspect of compliance for businesses in Cyprus. At IBCCS TAX, we offer professional services for the preparation of social insurance declarations to ensure that your business meets its obligations. Our dedicated team assists with the accurate and timely completion of social insurance declarations, helping you fulfill your registration requirements and ensure timely payments.

Planning, implementation, & compliance

Planning, implementation, & compliance

Frequently Asked Questions

In Cyprus, various entities have an obligation to register for social insurance. This includes:

  1. Employers: Employers who hire employees are required to register with the social insurance system. This ensures that their employees are covered by social insurance and that their contributions are properly accounted for.
  2. Self-Employed Individuals: Self-employed individuals, such as freelancers and professionals, are also obliged to register for social insurance. This allows them to access social insurance benefits and contribute to the system.
  3. Sole Traders: Sole traders operating a business in Cyprus are required to register for social insurance. This ensures that they are covered by social insurance and can benefit from the protection and support provided by the system.

Timely registration to social insurance and prompt payment of contributions are of utmost importance for businesses in Cyprus. Here’s why:

  1. Legal Compliance: Registering for social insurance and making timely payments are legal requirements in Cyprus. Failure to comply with these obligations can result in penalties and legal consequences.
  2. Employee Protection: Social insurance provides valuable benefits to employees, including healthcare coverage, maternity and paternity leave, disability benefits, and pensions. Timely registration ensures that employees are protected and have access to these benefits.
  3. Social Security Coverage: By registering for social insurance and making regular contributions, businesses and individuals secure social security coverage. This coverage provides financial support during times of need, such as illness, disability, or retirement.
  4. Reputation and Employee Retention: Timely registration and payments demonstrate your commitment to your employees’ well-being. This enhances your reputation as a responsible employer, leading to higher employee satisfaction, loyalty, and retention.
  5. Access to Benefits: Social insurance contributions enable individuals and businesses to access a range of benefits, including healthcare services, unemployment benefits, and pension schemes. Timely registration ensures eligibility for these benefits when they are needed.
  6. Compliance with Tax Requirements: Timely registration and payments to social insurance are closely linked to tax compliance. Failure to fulfill social insurance obligations can lead to tax-related issues and potential audits.

Trust IBCCS TAX for professional social insurance services in Cyprus. We streamline registration, ensure compliance, and facilitate prompt payments, allowing you to fulfill your obligations effortlessly. Contact us today for seamless social insurance support.

Are You Looking For Tax Advice?

Reach out to us by clicking on the button here.

Seamless Transitions and Tailored Tax Solutions

Since 2014 we’ve continually explored new ways of finding viable solutions. Our vision is to keep doing business that inspires us to create more. Our mission is to create a better everyday operating life for the businesses and to offer a wide range of tailor-made solutions.
We assist our clients in relocation and at all stages of their entrepreneurship adventure: from structuring the business in a tax-efficient manner, through the daily administration and operations of the companies.

What people say about us

Management Team

Cezary Zieniuk

Managing Partner

Jowita Jablonska

Managing Partner

Anna Gavriilidi

Accounting Department Manager