Insights: Joint Ventures in Cyprus

A Joint Venture is where two parties agree to pool their resources for the purpose of accomplishing a specific task. A joint venture can be created by (a) a contractual agreement between the parties (b) setting up separate legal entity (c) establishing a partnership and (d) establishing a European Economic Interest Grouping

Insights: Employee Confidentiality / Non-disclosure agreements

Cyprus law allows businesses to protect themselves against the unauthorised disclosure of trade secrets and confidential information by both current and former employees to third parties. The extent of the protection allowed depends on the nature of the information which the employer is seeking to protect. An employer and employee or worker might agree to an confidentiality clause / non-disclosure agreement…

Insights: Annual Leave / Holiday Entitlement

Each employee who works 48 weeks within one year is entitled to paid annual leave with pay of four weeks. Employees, who work 5 days a week, are entitled to annual leave of 20 working days, whereas employees who work 6 days a week, to annual leave of 24 working days. Temporary absence from work due to an accident, sickness, maternity, parental leave or leave on grounds of force majeure, is considered as a working period.

Insights: Maternity Rights in Cyprus / Maternity Right Protection

An employed pregnant woman is entitled to maternity leave for 18 consecutive weeks.  Nine of the weeks must be taken within the period beginning on the second week before the week of expected childbirth.

Female employees who adopt a child under the age of 12 years and who has notified the Department of Social Welfare Services of the adoption are entitled to 16 continuous weeks maternity leave starting immediately from the date on which care of the child begins. The employee has an obligation to inform her employer, at least six weeks in advance, of her intention to adopt a child and of the date of taking the care of the child.

Insights: Employee Restraint of Trade & Confidentiality

Under Cyprus law there is an implied duty of fidelity that is the basis for the existence of a contract of employment. An employee during the course of the employment relationship must offer his services to in a trustworthy and faithful manner. Covenants not to compete, solicit or act in a manner which is prejudicial to his or her employer’s interests for the duration of the employment may be implied even if they are not expressed on the employment agreement.