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Understand the Jurisdictions Setup Requirement Before Proceed Your Greece Company Incorporation Services
Greece, a European Union (EU) member state with easy access to Southeast Europe, the Eastern Mediterranean and countries around the Black Sea, offers access to high-growth and emerging regional markets (which are equivalent to more than 140 million consumers in Southeast Europe and the Middle East).
Despite Greece’s sovereign debt crisis continues to affect its economic growth, many foreign investors still favour Greece to establish companies due to its low real estate prices and very low labour costs.
Investors can start their business in Greece by setting up a company, a foreign branch, a trust, a joint venture, an individual, or a partnership.
- The limited liability company (Eteria Periorismenis Efthynis, EPE)
The limited liability company is the most common business vehicle (used by entrepreneurs) to start a small business in Greece.
- An LLC requires a minimum of 1 shareholder, 1 director (who can be an individual or a legal entity of any nationality).
- The director and shareholder may or may not be the resident in Greece for company setup.
- The EPE must appoint a statutory auditor if:
- It has an annual turnover of more than €5 million
- Its total assets exceed €2.5 million
- It has 50 employees and above in a fiscal year.
- The public limited company (Anonymos Eteria, AE)
- At least 1 shareholder and 3 directors (who can be an individual or a legal entity of any nationality and need not be the resident in Greece) are needed for the company incorporation.
- A minimum of €60,000 of share capital is required for the company incorporation.
- It is a mandatory requirement for a public limited company to appoint a statutory auditor.
- The private capital company (Idiotiki Kefalaiouhiki Eteria, IKE)
- 1 director and 1 shareholder (who can be an individual or a legal entity of any nationality and need not be the resident in Greece) are needed for the company incorporation.
- Unlike LLC, the share capital requirement is just €1.
- 1 director and 1 legal representative (who must be resident in Greece) are required for the company setup.
- A branch office is not a separate legal entity hence the parent company is responsible for all its obligations and activities.
- The Greece representative office
Foreign company can setup representative office. A representative office is not allowed to carry out any profit-making business activities in Greece.
Steps of Company Incorporation
- Name your business
At the beginning of the company incorporation process in Greece, it is advisable to do a name check at the Chamber of Commerce and Industry (which will issue an evidence of name uniqueness). The entrepreneurs must file the company documents with Athens Bar Association and sign the articles of incorporation in front of a notary public once they obtain this proof.
- Share capital
The minimum share capital (or the initial capital) must be credited to a bank account during the company formation process and before your company can be registered.
- Document / information needed for company incorporation
- Company name
- The details of directors (full name, date of birth, address and nationality)
- The details of shareholders (full name and address)
- Proof of identity (passport, national identity card, photographic driving licence).
- Proof of residential address (gas/electricity bill or credit/debit card bank statement dated within the last three months).
- Registered Office
It is mandatory to provide real address to the authorities where tax officers will physically inspect the premise/space.
- Submit the Articles of Incorporation
- Register with the secretariat of the Court of First Instance and send a summary of the Articles to the Printing Office for publication in the Official Gazette (Fyllo Efimeridas tis Kyverniseos).
- The last step is to register with the Chamber of Commerce and Industry, the social services and the state authorities to get the necessary government and administrative references and approvals;
Your company is ready to trade in Greece once you have completed the aforementioned company incorporation steps.