Establish a Subsidiary in Greece

Updated on Wednesday 06th February 2013

Foreign companies have the possibility to establish two types of entities in Greece: branches or subsidiaries. The branches are not considered legal entities and all their major decisions are taken after consulting the foreign company. Unlike it, the subsidiary is a company where the majority of capital is owned by a foreign company but it is still considered a legal entity.

The subsidiaries are usually formed as limited liability companies and may be private or public.

Anonymous Etaireia, the company limited by shares in Greece, is the most favorable form a major business can take. At least two founders are necessary to establish this type of business and the minimum share capital of 60,000 Euro must be fully paid up at registration. The capital is divided into shares with nominal value from 0,30 EUR to 100 EUR. The shareholders are liable in the limit of their contribution to the capital.

The management is assured by a board of directors and the major decisions are taken by the general meeting of shareholders.

Etaireia Periorismenis Efthinis, the limited liability company in Greece is preferred by small and medium size companies because the minimum share capital that must be registered is not so high than the one for a company limited by shares. The founders must deposit at registration 18,000 EUR, divided into share with a minimum nominal value of 30 EUR. The liability of the members depends on their contribution to the capital.

The procedure of registration a subsidiary in Greece is quite complex but the processing time is rather short; a subsidiary may start the activities in maximum 10 days after starting the incorporation process.

First of all, the foreign company must file the registration documents with Athens Bar Association. The name must be unique, so it must be checked at the unique registration office - GEMINET. The registration documents must be deposited here and have as final result the issuing of the Lawyers Welfare Fund certification, the registration number and the GEMI number.

The Articles of Incorporation must be published in the Official Gazette so the founder must deliver it to the Printing Office.

The next step in establishing a subsidiary in Greece is registration at the Chamber of Commerce and Industry. The subsidiary must also apply for the company seal and register at the Tax Authorities.

The last step of incorporating a subsidiary is registering the employees at the Manpower Employment Organization, no later than 30 days from the hiring.

Partner: Firmengründung in Griechenland

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