Our company incorporation experts in Greece can assist clients in the process of forming a company in this country. They can also help investors with other business related services, such as obtaining special licenses and permits for their businesses.
| Quick Facts | |
|---|---|
| Company formation fees | Our company formation fees are EUR 2,400 (IKE company registration) and EUR 2,600 (EPE company registration). |
Fees for assistance in opening a bank account | EUR 1,700 |
Paid-in requirement (YES/NO) | It depends on the selected company type. |
| Minimum number of shareholders for Limited Company | Minimum 1 |
| Time frame for the incorporation (approx.) | 2-3 weeks |
| Do you supply a registered address? | Yes |
| Local director required | No |
| Foreign-ownership allowed | Yes |
| Do you charge fees for registered address services? | Yes. Our standard fee is EUR 950. |
| Documents for company registration | – certificate attesting the company name; – a valid Greek Tax Identification Number (TIN); – documents attesting having a registered address; – drafting and signing the incorporation documents required for the legal entity of choice; – addressing competent institutions, for the issuance of various certificates (such as the General Commercial Registry). |
| Institution in charge with the registration | The General Commercial Registry |
| Tax identification number for businesses | During the process of company registration in Greece, companies must obtain a Tax Identification Number (TIN), comprised of 9 digits. |
| Obligation to be present for the incorporation formalities (yes/no) | No |
| Duration of the corporate bank account setup | The procedure itself can be completed in 1-2 hours during the bank visit, but the bank representatives will have to verify all the documentation (especially for corporate bank accounts, and this can mean that the account can be fully operational in a matter of days). |
| Can you represent me for the formation? | Yes through the power of attorney. |
What are the steps for company formation in Greece?
Company formation in Greece implies the following:
- choosing the type of company which can be opened in accordance to the needs of the investor;
- drafting the company’s articles of association or the memorandum of association (or other bylaws, depending on the selected legal entity);
- the company’s articles of association will be sent to the National Printing Office, and then, published in the Greek National Gazette (a summary version of the document is required);
- choosing a registered office;
- entities registered in Greece must have a unique name so it’s advisable to check the desired name at the Chamber of Commerce and Industry which will issue an evidence of name uniqueness;
- when depositing the company’s minimum share capital, the initial deposit must be transferred into a corporate bank account that can be opened at any local commercial bank;
- the newly formed company is registered for the specific taxes and the social security contributions;
- after these steps for company formation in Greece are completed, one has to obtain a company seal;
- the last step for company incorporation in Greece consists in notifying the Manpower Employment Organization, an obligation which must be performed within 8 days since hiring the first employee.
How long does it take to open a company in Greece?
The registration of a business can be completed in a period of 10 days, as long as all the requirements imposed by the local institutions are met.
What company types can I incorporate in Greece?
Local and foreign businessmen can incorporate several legal entities, that are prescribed by the country’s national commercial law. In the list below, our consultants, specialized in company formation in Greece, present the main Greek company types:
- limited companies (public and private);
- partnerships;
- sole traders (a type of structure that can be incorporated by a single investor, who must be a natural person);
- branch offices;
- subsidiaries.
What are the main types of private companies?
The Greek law provides for 2 types or private limited companies. There is the standard limited liability company (EPE) and the IKE, which is a simplified version of the standard company type. The latter has been introduced in 2012, offering simpler requirements for company formation in Greece.
How can I incorporate a Greek Eteria Periorismenis Efthynis (EPE)?
Those who want to open a company in Greece as a small or medium-sized company can opt to register the private limited liability company – the Greek EPE. This company type does not have any capital requirements and it can be set up by at least one investor (known as shareholder), who can be a natural person or other corporate body.
Below, you can watch a video on company registration in Greece:
What are the characteristics that IKE and EPE have in common?
In the list below, our consultants present the common traits of the 2 company types:
- they both have to appoint at least 1 director;
- they are not obligated to appoint a secretary;
- the shareholders can be natural persons or legal entities;
- the registered address must be in Greece;
- it is mandatory to maintain bookkeeping;
- the overall registration procedure can be completed in maximum 4 weeks.
Do you charge fees for the registration of EPE and IKE?
Yes, our team charges company registration fees. For these 2 structures, we charge EUR 2,600 (registration of EPE) and EUR 2,400 (registration of IKE).
What do I need to do in order to register a Greek Anonymous Eteria (AE)?
The most common type of company for large businesses in Greece is the public company limited by shares or the AE. At least two corporate bodies or individuals must establish this form of business with a minimum share capital of EUR 25,000. The capital of this company type is divided into shares, which can have a nominal value of minimum EUR 0,30 and maximum EUR 100.
How can I set up Greek partnerships?
Another way to open a company in Greece is to register a Greekpartnership, a company type that needs at least two members. There aren’t any capital requirements and the partnership can be set up based on an agreement that is signed by its founders.
What is the difference between the subsidiary and the branch office?
While a branch office does not have a legal entity, the subsidiary is incorporated as a separate company from its parent company, incorporated by shareholders who are entitled to various management decisions for the activities of the subsidiary.
The infographic below presents how to open a business in Greece:
What entities can I set up if I am interested in carrying out non-profit activities?
The Greek legislation offers several options for those who do not want to engage in commercial activities. Foreign investors can set up a representative office in Greece (which is recommended when foreign entities want to establish business partnerships or analyze the local market) or they can open a foundation (more on this topic here).
Is it necessary to obtain business permits and licenses when opening a company in Greece?
This obligation varies based on the type of activity the company will engage in. In general, all companies need to obtain approvals, some in the form of permits/licenses.
Do I need to be present in Greece during the incorporation process?
No, the procedure can be completed by our consultants provided that you grant us the power of attorney.
If you need help in order to open a company in Greece, our team of consultants is at your disposal.