Registration of a company in Greece

Greece is a reputable jurisdiction that offers enormous opportunities to enter European markets. The major areas for business development are tourism, shipping, and renewable energy. The country can also be a suitable option for start-ups, especially financial ones. If you consider Greece as your potential target jurisdiction, here is an overview that may guide you during this consideration.

Major Forms of Legal and Business Presence

It is possible to establish your business and legal presence in Greece in these major forms:

• Limited Liability Company (EPE) – a vehicle that can be established for running major types of activities where the liability of founders for all undertakings is limited to the invested amounts only. It is required to form a statutory capital in the amount of EUR 4,500.
• Public Limited Company (SA) – an entity designated mostly to raise extra financing and public offering of shares. The liability of shareholders is restricted, as in the previous case, to the invested amounts only. The statutory capital of EUR 60,000 has to be formed for this vehicle.
• General Partnership – a business formation that can be established by at least two persons who bear unlimited liability for all undertakings.
• Limited Partnership – a form of legal and business presence arranged by (i) at least one general partner who bears the unlimited liability for all possible undertakings, and (ii) one or several limited partners who are liable for these undertakings within the invested amounts only.
• Branches and representative offices – suitable options for conducting certain parts of business activities or exploring business opportunities in Greece only.

Company Registration Requirements and Steps

To start a company in Greece, you need to pass these preliminary steps:

1. Creating your business plan with clear commercial objectives.
2. Collecting information about founders and beneficial owners.
3. Verifying a business name in the Chamber of Commerce and Industry and obtaining a certificate on its uniqueness.
4. Arranging a business address for a future vehicle.
5. Opening a bank account and depositing a minimum share capital for the prospective company.
6. Formalizing statutory documents (memorandum and articles of associations) and filling registration forms.
7. Lodging the set of documents for the registration to a local court of the first instance.
8. Publishing the information on the company registration in the National Gazette. The data on the newly-founded company will be reflected later in the General Electronic Commercial Registry.
9. Creating a company seal.
10. Registration for tax and social security purposes.
11. Getting extra permits and licenses (optionally, this depends on the specific type of business you are going to run in Greece).

Legal and Regulatory Framework

The legal environment in Greece can be considered very favorable in general. The local government ensures measures that lower the role of bureaucracy, making the registration procedure and running a business in Greece simple.

Advantages of the Jurisdiction

If you consider options to start companies in Greece, you may potentially gain these benefits from running a local business:

• Advantages from its good geographical position
• Ease with reaching principal E.U. markets
• Developed infrastructure
• Advantageous conditions for making foreign investments
• Comparatively low costs for establishing a company in Greece

Tax System of Greece

If an option of the company registration in Greece appears to be well, you may need preliminary know about these major highlights the Greece tax system has:

• Corporate income tax (CIT) rate – 24 %
• Personal income tax rate (marginal) – 44% + solidarity contributions
• VAT – 24%
• Withholding tax rates (for non-residents) – (i) dividends – 5 %, (ii) interests – 15 %, (ii) royalties – 20 %
• Capital gains tax rates – (i) corporate – equals to the standard CIT rate, (ii) individual – 15 %.

How Prifinance Specialists May Assist You

If you are considering the opportunity of registering a company in Greece, financial specialists may consult you more precisely on other peculiarities this jurisdiction has, how to establish your concrete company, fill out all required documents, and calculate a preliminary estimate of the amount of taxes due. Our professionals may also suggest alternative options, depending on your case and business objectives. We will be glad to discuss all business matters on the agenda with you more precisely.