Company Establishment in Greece

i

Company Establishment in 6 STEPS



Type of Business Entities in Greece



What type of Legal Entity should i choose for my Company?



Intergrated Outsourcing A.TL.AS Consulting

Company Formation in Greece

We stand by you to answer all your questions about: “What legal entity should I choose? Which are the pros and cons of every type? What is a registered office address? What’s the cost of every entity? What fees and expected costs? How should I manage and grow my business in Greece?”

Meet your Reliable Trusted Team of Tax – Accountants & Legal Experts

Learn about your Tax Obligations

Find a trusted Greek Accountant for your Company Establishment. Find a Trusted Team of Business and Tax Consultants to help you!

We are here to help you!

Choose the appropriate Legal Entity

Choosing the appropriate Legal Entity that suits your Business Needs and Business Plan, can be complicated.

Let us help you clarify the things that you have to consider!

Learn about your Tax Obligations

Each Legal Entity comes with a List of Tax Obligations. Find out what are your yearly, quarterly and monthly obligations, before it’s too late.

We are here to inform you!

Estimate the time & the costs of incorporation

Some of the questions that our customers ask once they approach us is ” How much Time will it take and how much money will it Cost me?”

We are here to give you a, time bound and a cost effective solution!

We will take good care of all incorpotation’s procedure

We will take good care of all the necessary procedures and documentations for the Incorporation of Your Company. We can also provide with a tax business seat!

Let us help you with all the bureaucracy and be your tax representative.

Your Greek Company is Ready to take off

Welcome to Greek Market! With our Turnkey Company Incorporation Solution, your Greek Company is ready to Take off easily and effortlessly!

It’s Your time to Do Business in Greece and We are here to further support you with our Tax-Accounting and Consulting Services!

Greek Business Entities

There are several ways of establishing a business in Greece even though the most famous one it the Greek limited liability company, called Private Company (IKE)!

We can provide you with the necessary information in order to choose the right entity for your business needs. There are pros and cons in every occasion. We are here to help you choose wisely the entity that suits to your business needs.

Concentrate to your business growth and allow us to take good care of your company incorporation and much more!

Sole Proprietors

Limited Companies

Partnerships

Limited Liability Companies

Limited Partnerships

Representative Offices

Social Companies

Branches of Foreign Companies

IKE – Private Company

General Information

A form of limited partnership and the capital consists of share parts.
Minimum capital requirements is € 1.00.
There is an administrator instead of the board of directors.
IKE is governed by its articles and memorandum of association and its accounts must be published.
Statutory audit requirements as per EU directives.
A single partner can control this form of incorporation.
Double entry accounting and reporting system.
Management’s and Partners’ Liabilities: The legal representatives (administrators) are liable with their personal property for the company’s tax and insurance obligations. In addition they are liable against third parties when the liability is proved that are made by them (administrators).
It is very similar to EPE with the difference that is not obliged to the formalities governing the EPE, it is a more flexible to administer form of company and the setup costs are lower than EPE.
Needed time for incorporation: 5 working days after the needed documentation is selected.

Pros and Cons

A Private Company is subject to the same corporate tax, and in general the same taxation treatment as a SA and also as the Ltd, type of companies.

The main significant differences between PC and the two types of companies (SA and LTD) is the shorter time period required for the incorporation.

The main significant difference between PC and SA is the absence of the minimum required capital for the Private Company.

In the contrary the absence of minimum required capital for PC implies more reduced solvency and credit rating than SA.

IKE – Private Company Incorporation Package

Business founders need to submit a certified copy or copies of their IDs or their passport. They also need to request to send notice to the Insurance Organization (EFKA) with regard to the company’s establishment.

Establishment of the company through the General Commercial Register.
Drafting of the statute of the company (Articles of Association).
Drawing up of the required documentation and declarations.
Issuance of the certificate stating the absence of tax and insurance debt, if required.
Issuance of the TIN number for the company and the founders.
Check of the name and the distinctive trade name.
Submitting all the necessary documentation and declarations in order to register the company in the General Commercial Register.
Submitting all the necessary documentation in order to register the legal representative in the Social Insurance Registry (if needed).
Payment for all the provided fees required for the company establishment (General Commercial Registry, Social Insurance Registry, Chamber’s Subscription Fee etc).

Government Fees:

The costs associated with the company formation application are as follows:

100,00 euros for the annual subscription to the Companies House (GEMI).
30,00 euros fees for publications (3 publications, 10 euros each).
(Different fees may apply for different Chambers).

First year subscription fee with the Athens Chamber of Commerce: €100 (Different fees may apply for different Chambers).

Atlas Consulting Fees depends on:

the location
the business activity
the complexity of the business activity and company formation

EPE Ltd

A limited partnership with the capital consisting of share parts. After the introduction of P.C. in Greek legislation, this company type is not preferred, because it has the same characteristics with P.C. but it requires particular conditions of publication when an ltd is established, as well as during its activity.

The procedure is completed in the respective service “General Electronic Commercial Registry” (in Greek: Γ.Ε.ΜΗ. – Γενικό Εμπορικό Μητρώο).

Minimum capital requirements is € 1.00. There is an administrator instead of the board of directors. EPE is governed by its articles and memorandum of association and its accounts must be published. Statutory audit requirements as per EU directives. A single partner can control this form of incorporation. Double entry accounting and reporting system. Members (partners) have limited liability.

The Administrator(s)(legal representatives) is liable with their personal property for the company’s tax and insurance obligations. Needed time of Incorporation: 2 weeks.

Pros and Cons:

Generally speaking A Limited Liability Company has the same characteristics as a Private Company and is treated by the tax legislation the same way.

However, nowadays, the Private Company is mostly preferred due to its smooth way of incorporation and less publication needs.

Societe Anonyme (SA)

A limited liability company with either bearer or registered shares. One or more natural or legal persons. The S.A. is managed by the Board of Directors consisting of at least three members. A notarial deed is required for the establishment.

The procedure is completed in the respective service “General Electronic Commercial Registry” (in Greek: Γ.Ε.ΜΗ. – Γενικό Εμπορικό Μητρώο).

Minimum capital requirements of € 24.000.

The accounts must be published and filed with the Ministry of Commerce.

Statutory audit requirements as per EU directives. (Any two of the following three factors: Turnover over € 8.00m, total assets over €4.00m and over 50 people staff).

A one person S.A> company can be formed. Double entry accounting and reporting system. Needed Time of incorporation: a few weeks

Pros and Cons

The S.A. (Societe Anonyme) is usually preferred by enterprises that have provision for high turnover and also that aspire to get in the Stock Exchange.

There is a need for at least 24.000 euros capital (from 01-01-2019 at least 25.000 euros). It is obligatory to keep double-entry books, which implies significant costs in terms of accounting.

This corporate type are considered more trustworthy by the banks due the existence of the capital.

Partneships – OE/EE

There are 2 types of partnership: General partnership and limited partnership.

The establishment of a general partnership requires the cooperatiom of at least two parties that are mutually obliged in pursuing a common commercial purpose.

The agreement between the parties (the partners) must be filed by General Electronic Commercial Registry” (in Greek: Γ.Ε.ΜΗ. – Γενικό Εμπορικό Μητρώο). For the formation of a general partnership it is not required a notarial deed; only a private agreement is only needed.

The partners can be either equally liable as per their capital contribution (OE) or one partner can have unlimited liability and the rest of the partners no liability (EE).

In addition, a specific minimum amount of share capital is not required. Simple entry accounting and reporting system.

Needed Time for incorporation: 1 week.

Pros and Cons:

General Partnerships are usually chosen by small and medium-sized enterprises, where personal involvements prevail the capital factor.The main Advantages are: 1. no minimum capital required 2.single-entry book keeping that reduces the administrative costs (tax-accounting costs).

The main disadvantage of such companies is establishing a personal, jointly and severally, liability in all General Partnerships for the debts of the company to third parties (certainly including the government and public entities). Only Greek and European Nationals, as well as Third Country Nationals holding the required residence permit may participate as equal partners in this corporate form.