Simplification of the company formation process

You are reading page Simplification of company formation process

For potential entrepreneurs who want to set up their own company, the opportunity may be twofold. Initially, in a conventional way but also in an electronic way. The aim is to simplify the process and the charge of the One Stop Service. The activation of the electronic YMS (e-YMS), which allows them to control their movements but also to pay 70% less set-up fees, agrees to a further facility.

For this purpose, a JMC is under signature, where the Law stipulates:

1. The services of the General Commercial Register (GEMI),
2. the One-Stop Electronic Service (e-YMS) and
3. the Certified Notaries.

The criteria for choosing which YMS one wants to use depend on the legal form of the company being established as well as the articles of association and the other constituent documents that will be used.

The usage options of each depend on the following cases:

Certified Notary and not e-YMS is selected when:

a) for the establishment of SA and LTD the Standard Articles of Association are not selected, while for IKE and the personal companies either GEMI or the Certified Notary can be chosen, also

b) when special provisions require a notarial form

Exception, the cases where the standard statute is chosen to be used, and the recommendation is made in any of the three categories of YMS.

The possibility of setting up a company in a other way than e-YMS, is the following:

Initially, the interested entrepreneur goes to any YMS he wishes, along with all the necessary documents. The YMS is then instructed to act for him and thus begin the process of setting up the company. The same day or the next day after the application for the establishment of the company was made, the competent YMS checks the legality and completeness. When the necessary processes and registrations are completed by GEMI, a number and a Registration Code of the recommendation are issued. An electronic file is also created which contains all the documents and applications. For the VAT return and the registration of the company in the tax Register, it is possible to access TAXISnet for the issuance of a temporary Key Number, which becomes final when the final notice of recommendation is issued. At the same time, with the completion of the establishment, the Unified Social Security Agency (EFKA) is informed about its establishment, where the insurability of natural persons is ascertained and they are informed about their obligations.

Recommendation via e-YMS

Electronic company registration is done only for companies with standard articles of association. The establishment of a company is done electronically, through the General Commercial Register. Potential entrepreneurs outsource the use of the digital platform to either a third party or one of them. At the end of the submission of the necessary data and documents and while no obstacle has arisen with the first verification of the name, the remaining documents are validated and signed by the standard statute. It should be noted that when there are more founders, the process is completed with the ratification of all. Otherwise, where the name is identified with another already registered in GEMI, the request is interrupted or the electronic recommendation process starts with another name. The set-up cost is paid, finally, electronically by all the founders of the company and thus the e-YMS system:

1. Gives GEMI number and Registration Code Number
2. Password on the GEMI website
3. Creates an electronic file and Company Share at GEMI
4. Access to taxisnet
5. A confirmation of payment of the Single Company Establishment Cost Bill and the end of the Competition
6. Commission, where deemed necessary
7. Registration in the Chamber
8. EFKA update
9. Issuance of a temporary key number

The formation of a company includes the Single Formation Cost Bill and the fee in favor of the Competition Commission. If the interested party chooses the e-YMS service then the set-up cost is 30% of the planned and the cost of 3 euros per founder of ten is not included in the cost of the set-up cost through e-YMS.