Fairfax was originally founded in 2005 to meet the needs of its parent company, GRS Global Recruitment Solutions, the leading recruitment consultancy in Cyprus and Malta founded by Donna Stephenson and Steve Slocombe. GRS at this time was operating a payroll processing department to support the payroll of temporary workers assigned to infrastructure projects in Cyprus such as: Larnaca and Pafos airport extensions, wind farms, desalination plants and power generation.

With the appointment of a new Director, Nicoletta Demetriou in 2012, Fairfax quickly grew into a standalone payroll bureau offering managed payroll services to clients of GRS and clients that require a dedicated payroll partner.

Nicoletta is FCCA qualified, a member of The Institute of Certified Public Accountants of Cyprus and ex Payroll Champion of a big 4 firm. Nicoletta specialises in the complexities of payroll and possesses more than 15 years’ experience in running payroll and accounting services in Cyprus.

Today Fairfax provides customised payroll solutions to a variety of SME’s and multi-national companies, from fresh start-ups to internationally recognised organisations.

FY has an ever increasing client base consisting of Clients operating in Cyprus, and continues to grow as more and more businesses recognise the advantages of outsourcing their payroll function to a dedicated and professional provider.

FY prides itself on building long term relationships with the aim to deliver tailored payroll solutions in a professional and timely manner. FY provides all clients with a specific point of contact with whom the client can ask questions (by email or phone) throughout the pay period. If authorised by the Client’s, Nicoletta and her team also field questions and queries directly from their employees.

For further information on our payroll outsourcing services please contact +357 25558025 or email accounts@fairfaxyeaman.com


Earlier this year, Cyprus experienced a notable increase in the number of applications for new companies with a 23% increase recorded in March 2016 compared with March 2015.

According to statistics released by the Department of the Registrar of Companies and Official Receiver (DRCOR) of the Republic of Cyprus, the number of applications for new company registrations in March 2016 reached 1,205, compared with 980 new company registrations in March 2015.

It was also noted that new company registrations have maintained an upward trend for the seventh month in a row, along with the 18th increase in the past 27 months.

Data from the DRCOR further found that 3,063 companies were newly registered in the first quarter of 2016 compared with a total of 11,270 newly registered companies for the duration of 2015. On a month-by-month basis, the number of applications for new company registrations in March 2016 was up by 8.1% compared to February 2016, while the total number of companies recorded in the register at the end of 2016’s first quarter was 202,764.

This upward trend is promising news for Cyprus, enabling the professional services sector to remain robust whilst continuing to support the Cypriot economy. Countless businesses turn to Cyprus for company formation month after month thanks to effective tax planning and a wide network of double tax treaties. Registering a company in Cyprus also unlocks the advantages to be gained when trading with EU companies registered in other EU member states.

Notable demand for professional outsourced services

The sustained increase in Cyprus company registrations has resulted in a notable demand for professional services firms providing outsourced services including bookkeeping, payroll, Human Resources and much more.

GRS Recruitment and its Group Company, Fairfax, provide a complete range of outsourced services to businesses including recruitment, payroll, immigration and residence, provident fund services and HR.

Co-founded in 2005 by Donna Stephenson and Steve Slocombe, the consultancy possesses more than a decade of experience in the provision of permanent and temporary recruitment, outplacement and outsourced payroll services.

GRS’ outsourced payroll services are designed to suit all levels and sizes of payroll and the company is dedicated to minimising payroll administration in Cyprus, thus allowing you to focus on the core activities of your business. Their managed payroll services provide businesses with a personal, dedicated contact who will support your Cyprus business and remain on hand to answer any queries. This highly personalised level of service ensures that businesses receive the most accurate payroll and that their most important asset, their ‘human capital,’ is paid in an efficient and timely manner.

Fairfax’s immigration and Residence services, led by Nicoletta Demetriou, Accounts and Payroll Director of GRS’ group company, Fairfax, are personalised and effective, making the entire immigration seamless and effortless. With professional guidance offered at every step of the process, you will be lead to the successful issuance of the necessary permit: Work Permit in CyprusPermanent Residence Permit in Cyprus, Cyprus Citizenship by Investment, or Cyprus Citizenship by Years of Residency.

Fairfax possesses more than 15 years’ experience in the establishment, registration and administration of Cyprus Company Provident Funds. Their dedicated outsourced support for your company’s Provident Funds provides specialised administration services by a qualified team in addition to keeping you up-to-date with the latest legislative changes and best-practice recommendations that may affect your business.

Finally, GRS’ HR Consulting Service enables companies to have a 360° solution to their people’s needs, providing specialised, tailored solutions for any organisation. Whether large or small, global or local, start-up or undergoing transition, a flexible solution to any of your people’s needs can be developed, implemented and evaluated.

The HR Outsourcing Team is led by GRS founders Donna Stephenson and Steve Slocombe, along with team members Annita Paliou and Debbie Hadjisocratous, who are Masters educated HR professionals and fluent in both Greek and English. Together, we offer your business the benefit of progressive HR practices, solutions and HR software solutions that are customised to your needs while ensuring the timely delivery of professional and cost-effective results.

GRS Recruitment and its Group Company, Fairfax, are highly reputable agencies that work closely with businesses of all types and sizes, from SMEs to the world’s largest international organisations, delivering superior professional outsourced services that are accurate, timesaving and cost-efficient.

To find out more about the range of services available please contact the Fairfax Team Tel: +357 2555508 or email accounts@fairfaxyeaman.com


Cyprus has always been a magnet for shipping companies and is home to some of the world’s leading names in the global shipping industry. As an internationally renowned shipping sector, Cyprus offers highly competitive shipping taxation, an advanced infrastructure and countless other strategic advantages that continue to attract numerous international investors to the island for ship management, ship ownership and ship chartering.

The Cypriot shipping industry continues to grow at a sustainable pace and the Cypriot President, Nikos Anastasiades, has stipulated that the Cyprus Government intends to focus carefully on the future of this sector in order to safeguard its continued growth.

This sector has upheld the Cypriot economy during its challenging financial times and has played a pivotal role in Cyprus’ recovery following the economic crisis of 2012 that resulted in a €10 billion international bailout.

Earlier this month, 700 shipping personalities from across the globe gathered in Cyprus for the biennially Maritime Cyprus conference in Limassol. The conference, which first started in 1989, aims to shed light on matters related to shipping politics and economics, regulators vs. industry and the world economy’s relationship to the shipping cycle.

Fairfax provides outsourced payroll services to a growing number of shipping and marine companies that are choosing to outsource their payroll requirements in Cyprus.

Fairfax is a highly established firm that possesses the experience and knowledge needed to effectively process complex payroll functions in an efficient and diligent manner. The company, which is headed by Director of Accounts & Payroll, Nicoletta Demetriou FCCA & member of The Institute of Certified Public Accountants of Cyprus and ex Payroll Champion of a big 4 firm, has all the tools in place to process outsourced bookkeeping, accounting and payroll services for local and international businesses with a presence in Cyprus.

These services are conducted quickly, accurately and in compliance with government and employment regulations, helping businesses, whether in shipping or other sectors, to save time and money whilst remaining up-to-date with any necessary changes in employment law or legislation.

Fairfax has a wide client base ranging from fresh start-ups to globally recognised institutions, many of which are in the shipping industry. All services are carried out to the highest of standards in a cost-effective and personalised approach.

To discover more about Fairfax’s outsourced payroll services please contact +357 25 55 80 25 or email Nicoletta@fairfaxyeaman.com


Last month a number of amendments were published in the Cyprus Government Gazette. Part of those amendments affect Personal tax Law.

Revised Personal Income Tax Exemption Regime

Currently the Law provides for a  50% exemption from income tax on employment income received  from any employment exercised in Cyprus by any individual who was  a non- Cyprus resident before commencing such employment. Before the announcement of the amendments the exemption applied for a period of 5 years, commencing in the year of taking up employment, provided that the annual remuneration exceeds €100.000.

The new incentive proposes that the period for which the exemption is available is increased from 5 years to 10 years.

In addition, currently the income tax law also provided for a  20% exemption from income tax for any remuneration from any employment exercised in Cyprus by an individual who was not a resident of Cyprus before the commencement of the employment, subject to a maximum exemption of €8.550. This 20% exemption applies for a max period of 3 years commencing from the calendar year following commencement of the employment.

The new incentive proposes that for employments which commenced during or after 2012 the 3 year period is increased to 5 years (subject to certain criteria ).

The new amendment also includes that the last year for which the 20% exemption will be available is 2020.

It is also highlighted that the above two exemptions are not concurrent , therefore those individuals eligible for the 50% exemption they will not claim the 20% exemption.

Both amendments will have retrospective effect from 1st of January 2015.


Leading international recruitment agency, GRS Recruitment, works closely with its Cyprus-based group company, Fairfax, to provide a unique service of employing and outsourcing personnel to companies that do not yet have a registered Cyprus entity, or to those that do not intend to register a company in Cyprus but need to have personnel operating in Cyprus.

Companies can quickly hire individuals to commence their services in Cyprus, whether the company intends to establish a physical presence in Cyprus or not. GRS can also identify the local recruit for your company or engage your own identified person under a GRS employment contract (under the Temporary Worker Act) and is the only agency in Cyprus that is licensed to do this since being issued with the license back in September 2014.

Once an employee has been selected, GRS then registers the individual to the social insurance and tax authorities, while the individual’s employment liability is also held with GRS, thus eliminating unnecessary headaches for the employer. From here, the team at Fairfax deal with all payroll and statutory deductions for the candidate.

GRS and Fairfax are highly established firms with a strong presence in Cyprus. In addition to employing and outsourcing personnel to companies, they also provide high quality, cost-effective payroll services to their international clientele. Together, the two companies facilitate the hiring of new employees and the payroll of such employees for many start-up companies, ensuring that new companies quickly obtain full payroll capabilities at a fraction of the cost of in-house hiring.

Fairfax – Cyprus’ Leading Payroll Specialists

Fairfax are specialists in the outsourcing of bookkeeping, accounting, payroll and immigration services. The company is headed by Director of Accounts & Payroll, Nicoletta Demetriou, FCCA & CPA, who specialises in the complexities of payroll and possesses more than 15 years’ experience in running payroll and accounting services for local and international businesses with a presence in Cyprus.

Nicoletta, a member of the Cyprus Institute of Certified Public Accountants and Fellow Member of the ACCA, is an expert in monthly payroll preparation and works persistently hard to ensure the needs of her clients are professionally, accurately and appropriately met with.

Nicoletta and her team work quickly and efficiently to ensure that all aspects of payroll services for a business are up-to-date, and have the tools and expertise in place to take on a range of important payroll-related tasks that are typically time-consuming when performed in-house.

Over the years, Nicoletta and her team have worked with a variety of clients from fresh start-ups to internationally recognised organisations, including global companies. The team at Fairfax are always on hand to assist any company in establishing their personnel from day one and possess an in-depth knowledge of compliance, government and employment regulations, ensuring you are up-to-date with any complex changes in legislation or Employment law.

By outsourcing your personnel and payroll requirements to GRS and Fairfax, you can rest assured that all of your required functions will be quickly, securely and accurately completed. This will save you both time and money in the long-run, thus freeing up precious time to concentrate on the important value-added and revenue-generating activities that make your business flourish.

If you would like to learn more about the above services please contact us on 357 25342720 or email nicoletta@fairfaxyeaman.com