Companies incorporated under the Greek law are of the following types:

  • Partnerships:

    General partnership, limited partnership. Partnerships require the collaboration of at least two natural or legal persons.

  • Capital companies:

    Limited Liability Company (LLC), Societé Anonyme (S.A.), Private Company (P.C.; in Greek IKE)

The founders of all the aforementioned company types should meet the following requirements:

  • Greek Citizens

    Should hold identity card and VAT number.

  • General Requirements

    The founding members may be natural or legal persons. Natural persons should have attained the age of eighteen (18) (according to article 127 of Civil Code, as amended by article 3 of the L. 1329/83).

  • Citizens of EU countries

    Should hold identity card or valid passport and have obtained a VAT number. Moreover, on a case-by-case basis and as long as they are engaged in a commercial activity in their country, they are obliged to designate a tax representative in Greece.

  • Foreign Nationals

    Having a valid passport and a residence permit if they wish to be company’s managers, otherwise, only the passport is enough. Also, where applicable, and if they undertake commercial activities from their country, they should appoint their tax representative in Greece.

The main characteristics of the aforementioned companies are the following:

General

Partnerships

Limited

Partnership

SOCIETÉ

ANONYME (S.A.)

PRIVATE COMPANY

(P.C. in Greek: IKE –

ΙΔΙΩΤΙΚΗ ΚΕΦΑΛΑΙΟΥΧΙΚΗ ΕΤΑΙΡΕΙΑ)

LIMITED

LIABILITY

COMPANY (LLC)

General Partnerships

The establishment of a general partnership requires the collaboration of at least two parties that, according to the law, are mutually obliged in pursuing a common purpose.

The partners are responsible for the obligations of the company with their entire personal property with joint responsibility.

With the dissolution of the company the partners are absolved of the liability of any existing debts.

For the establishment of a general partnership it is not required a notarial deed, on the contrary a private agreement suffices.

In addition, the law does not require a specific amount of share capital, as, in any case, the company’s property is that of the partners’, since they are liable for the company’s obligations with their personal property.

Each general partner is liable with their personal property.

ADVANTAGES – DISADVANTAGES: General Partnerships are usually chosen by small and medium-sized enterprises, where the personal element overpowers the capital factor. Advantages include the absence of minimum capital requirement and single-entry book keeping, resulting in reduced 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.

Limited Partnership

The establishment of a limited partnership requires the collaboration of at least two parties that, according to the law, are mutually obliged in pursuing a common purpose.

The partners of a limited partnership fall into two categories: the general and the limited. The general partners bear joint and unlimited liability towards the company’s creditors, while the limited partners have limited liability, which cannot exceed the amount of contribution to the company.

For the establishment of a limited partnership it is not required a notarial deed, on the contrary a private agreement suffices.

The limited partner bears the same liability as the general in case their personal name is included in the name of the company, as well as he/she is involved in management and representation.

The law does not require a specific amount of share capital for the establishment of a limited partnership, as, in any case, the company’s property is that of the general partners’, since they are liable for the company’s obligations with their personal property.

Each general partner is liable with their personal property, while the limited partner to the amount of their share.

ADVANTAGES – DISADVANTAGES: A limited partnership company has the same advantages and disadvantages as general partnership companies, as described above, with the only difference in reduced personal liability of the limited partner, limited to the capital of the company.

Societé Αnonyme (S.A.)

ESTABLISHMENT:

1. One or more natural or legal persons. The S.A. is managed by the Board of Directors consisting of at least three members.

2. A notarial deed is required for the establishment.

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

CAPITAL:  Minimum capital of twenty four thousands (24,000.00€) euro.

TAXATION: According to current legislation the tax is 29% on the profits and following the distribution to shareholders an additional tax of 15% on the distributed profits.

BOARD OF DIRECTORS’ AND SHAREHOLDERS’ LIABLITIES: The legal representatives are liable with their personal property for the company’s tax and insurance obligations. In addition they are liable against third parties provided that the liability is proved.

The shareholders are liable for the tax and insurance obligations provided that they possess a percentage of at least 10%.

ADVANTAGES – DISADVANTAGES: The Societe Anonyme corporate form is usually chosen by enterprises with a significant turnover. To choose this particular corporate form, there must be a possibility of investing a capital in the amount of at least 24 000 euros. Furthermore, it is mandatory for this type of companies to keep double-entry books, which implies significant costs in terms of accounting. However, this fact, in combination with the existing capital, often significant capital, give these companies increased credit rating, as they are considered more trustworthy than other corporate forms. Another important advantage of this form of companies, is the absence, first of all of liability, of the shareholders and the administration of the company to third parties. Certainly, as is described in detail in Company Taxation section, there is a specific joint liability foreseen for these persons for the company’s corporate tax and social security debt.

Private Company (P.C. in Greek: IKE – Ιδιωτική Κεφαλαιουχική Εταιρεία)

ESTABLISHMENT:

1. One or more natural or legal persons. In case of a sole partner that is also legal person, it is required that a natural person shall be placed as manager.

2. It is not required a notarial deed for the establishment.

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

CAPITAL: Not required.

TAXATION: According to current legislation the tax is 29% on the profits and following the distribution to shareholders an additional tax of 15% on the distributed profits.

MANAGEMENT’S AND PARTNERS’ LIABILITIES: The legal representatives are liable with their personal property for the company’s tax and insurance obligations. In addition they are liable against third parties provided that the liability is proved.

The shareholders are liable for the tax and insurance obligations provided that they possess a percentage of at least 10%.

ADVANTAGES – DISADVANTAGES: A Private Company is subject to the same corporate tax, and in general the same taxation treatment as a Societe Anonyme. The main significant differences between the two types of companies is the shorter time period required for the incorporation of a Private Company and the absence of the minimum required capital for the Private Company, which in turn implies reduced solvency and credit rating.

Limited Liability Company (LLC)

After the introduction of P.C. in Greek legislation, this company type is not recommended, since, while it possesses the same characteristics with P.C., it requires particular conditions of publication when established, i.e. establishment with notarial deed, as well as during its activity.

ESTABLISHMENT:

1. One or more natural or legal persons. In case of a sole partner that is also legal person, it is required that a natural person shall be placed as manager.

2. A notarial deed is required for the establishment.

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

The opening of a bank account is required in a Greek banking institution with the company being the account holder.

CAPITAL: A minimum capital is not required.

TAXATION: According to current legislation the tax is 29% on the profits and following the distribution to shareholders an additional tax of 15% on the distributed profits.

MANAGEMENT’S AND PARTNERS’ LIABILITIES: The legal representatives are liable with their personal property for the company’s tax and insurance obligations. The partners are liable for the tax and insurance obligations provided that they possess a percentage of at least 10%. The liability against third parties is limited to the price of their share in the company.

ADVANTAGES – DISADVANTAGES: A Limited Liability Company in general has the same characteristics as a Private Company and is treated by the tax legislation the same way. However, nowadays, the Private Company form is preferred due to modern provisions which it is regulated by.

INCORPORATION OF A JOINT-STOCK COMPANY/ A LIMITED LIABILITY COMPANY INCORPORATION

Accounting and filing tax returns for the first year

  • Establishment of the company through a single service center (accredited notary)
  • Drafting of the statute of the company
  • Drafting of the notarial document
  • 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 to the single service center in order to register the company in the General Commercial Register

  • Submitting the tax return declaration on the accumulated capital

  • Payment for all the provided fees required for the company establishment

  • Overseeing the process in the single service center

  • Opening a bank account in Greece

  • Issuance of a general certificate from the General Trade Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the registered statute in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the certificate of the existing representative office in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

  • Keeping all of the company’s accounting books and submitting any necessary declarations during the first year of operations.

PRICE PACKAGE: 4,900 EUROS + VAT

Incorporation of a Joint-Stock Company/ A Limited Liability Company Incorporation

  • Establishment of the company through a single service center (accredited notary)

– Drafting of the statute of the company

– Drafting of the notarial document

– 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 to the single service center in order to register the company in the General Commercial Register

– Submitting the tax return declaration on the accumulated capital

– Payment for all the applicable fees required for the company establishment

– Overseeing the process in the single service center

PACKAGE PRICE: 1,600 EUROS + VAT

The cost of any additional services stated below is 100 euros each:

  • Opening a bank account in Greece

  • Issuance of a general certificate from the General Trade Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the registered statute in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the certificate of the existing representative office in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

THE PRICE OF THE BASIC PACKAGE WITH ADDITIONAL SERVICES: 2,000 EUROS + VAT

INCORPORATION OF A PRIVATE CAPITAL COMPANY

Incorporation of a private capital company

Accounting and filing tax returns for the first year

  • Establishment of the company through a single service center (General Commercial Register)
  • Drafting of the statute of the company
  • 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 to the single service center in order to register the company in the General Commercial Register

  • Submitting the tax return declaration on the accumulated capital

  • Payment for all the provided fees required for the company establishment

  • Opening a bank account in Greece

  • Issuance of a general certificate from the General Trade Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the registered statute in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the certificate of the existing representative office in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

Keeping all of the company’s accounting books and submitting any necessary declarations during the first year of operations.

PACKAGE PRICE: 4,400 EUROS + VAT

Incorporation of a private capital company

  • Establishment of the company through a single service center (General Commercial Register)
  • Drafting of the statute of the company

  • 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 to the single service center in order to register the company in the General Commercial Register

  • Submitting the tax return declaration on the accumulated capital

  • Payment for all the provided fees required for the company establishment

PACKAGE PRICE: 1,100 EUROS + VAT

The cost of any additional services stated below is 100 euros each:

  • Opening a bank account in Greece

  • Issuance of a general certificate from the General Trade Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the registered statute in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the certificate of the existing representative office in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

THE PRICE OF THE BASIC PACKAGE WITH ADDITIONAL SERVICES: 1.500 EUROS + VAT

INCORPORATION OF PRIVATE COMPANIES (PARTNERSHIPS WITH LIMITED AND UNLIMITED LIABILITY)

Incorporation of private companies –

Accounting and filing tax returns for the first year

  • Establishment of the company through a single service center (General Commercial Register)
  • Drafting of the statute of the company

  • Drawing up of the required documentation and declarations/ solemn disclaimers

  • 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 to the single service center in order to register the company in the General Commercial Register

  • Opening a bank account in Greece

  • Submitting the tax return declaration on the accumulated capital

  • Payment for all the provided fees required for the company establishment

  • Issuance of a general certificate from the General Trade Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the registered statute in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the certificate of the existing representative office in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

Keeping all of the company’s accounting books and submitting any necessary declarations during the first year of operations

PACKAGE PRICE: 2.700 EUROS + VAT

Incorporation of private companies

  • Establishment of the company through a single service center (General Commercial Register)
  • Drafting of the statute of the company

  • Drawing up of the required documentation

  • 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 to the single service center in order to register the company in the General Commercial Register

  • Submitting the tax return declaration on the accumulated capital

  • Payment for all the provided fees required for the company establishment

PACKAGE PRICE: 400 EUROS + VAT

The cost of any additional services stated below is 100 euros each:

  • Opening a bank account in Greece

  • Issuance of a general certificate from the General Trade Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the registered statute in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

  • Issuance of the certificate of the existing representative office in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)

THE PRICE OF THE BASIC PACKAGE WITH ADDITIONAL SERVICES: 800 EUROS + VAT