How to set up a Greek Private Company (IKE)

There are a list of  bureaucratic and legal steps that a foreign entrepreneur  must complete to incorporate and register a Private Company in Greece.

You can find the basic steps for forming a Greek Private Company (IKE) on the following list, along with a detailed summary of those procedures, and the estimated time and cost for each step.

 

Step 1: Obtain Tax Clearance form A7 from Tax Authority

Procedure:

Before applying for a new company at GEMI, entrepreneurs need to obtain tax clearance form A7 with any Tax Authority Office.

This form shows that the founders do not have any outstanding taxes and are able to start a company.

Agency: Tax Authority

Time: Less than one day (online procedure)

Cost: No Charge

 

Step 2: Submit with GEMI the application of establishment and its forms 

You must cooperate with a competent tax accounting firm in order to guide you through this procedure and in order to prepare all the necessary applications and forms with you.

The Articles of Association of the company is not necessary to be written by a lawyer. However, it is prososed by us, that a competent lawyer have to support the new company anyway.

The Articles of Association shall contain:

a) the full trade name of the IKE;

b) the domicile or an electronic address of the partners;

c) the seal of the company;

d) the objective of the company;

e) verification that the company is private;

f) the contributors of the partners by category and their value, in accordance with Articles 77 to 79, as well as the capital of the company;

g) the sum of the company’s parts;

h) the initial number of the parts of each partner and the category of contribution to which the parts correspond;

I) how the company is managed and represented; and

k) the duration of the company.

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

Agency: Chamber of Commerce and Industry office at One-Stop Shop

Time: 5-10 working days

Cost:

The costs associated with the application for establishment are as follows:

• Fixed fee for the incorporation of IKE (for 5 shareholders): €80

• Fee for the submission of documents with GEMI: €10

• Fee for the registration of IKE with the Chamber of Commerce: €10

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

• Fee for the Lawyers’ Social Security Institution: €5.80

 

Step 3: *Register with OAEE (Insurance Organization for the Self Employed)

The Director of IKE, according to Circular OAEE No. 44/27.7.2012, is legally obliged to registered with OAEE (Insurance Organization for the Self-Employed) while the registration of other members of IKE is optional.

Registering more members of the IKE costs an additional EUR 111.10 per person.

The regular fees are paid  bi-monthly and are starting from almost 450 euros.

 

Agency: OAEE (Insurance Organization for the Self-Employed)

Time for registration: 1 day,

Cost of registration: EUR 111.10

* This procedure takes place simultaneously with the company registration in GEMI.

 

Step 4: Make a company seal

All company books and records must be sealed before they are certified.

The company seal must also contain the company’s tax registration number and the tax office. On May 31, 2013 the Government of Greece adopted the Law 4156/2013 abolishing the requirement to make and affix the company seal for corporations. However, it is still used in practice by banks. Furthermore,  companies are still required to make a company seal in their daily practice.

You can order a seal to a  Seal Maker or a Book Store

Time: 1 day

Cost: 20-40 euros

Please feel free to contact us for any inquiry!

 

Giorgos Kalfas

Tax Consultant | CEO Atlas COnsulting

 

 

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