Company Formation in Greece |

Company Formation in Greece

Greece provides a way to Southeast Europe and the Middle East, thus broadens the reach of various investors. It is the only country being member of both EU and EMU, providing stability to the monetary and exchange rates.

In Greece, low bureaucracy promotes investors, for example, it requires just ten days to start another business once the basic requisites are fulfilled.

In Greece, the procedure of company incorporation begins with choosing the kind of company which can be established as per their necessities, once it is done, draft the article and memorandum of association, choose the registered office and also appoint and accountant.

Kinds Of Greek Entities

For enormous companies in Greece, public company limited by shares or AE is the most widely recognized type of entity. This type of business should be laid out by somewhere around two corporate bodies or even by an individual with a base share capital of 60000 EUR. Capital is split into shares with an ostensible worth between 0.30 EUR to 100 EUR.

Shareholders’ meeting of investors recruits a body which will handle regular management decisions related to the Greek AE.

The fundamental component of the Greek AE is that the capital can be expanded by the transferable shares, being traded in the stock market. Under this, the individuals are responsible to the extent of their capital.

Incorporating a Greek EPE

For small or medium business visionaries privately Limited Liability Company as well as the Greek EPE is a more famous and acceptable type of business. Such company formation mandatorily requires, just two individual or corporate bodies and a base share capital of 18000 EUR.

At times, there is just a single individual who is expected to initiate a Greek EPE with a base share capital of 5000 EUR, by involving the expression "one individual limited liability company" as the entity’s last name.

General meeting assures the EPE management by appointing an administrator to carry out daily decision making similar to the public limited liability company. Members are liable to the extent of their capital contribution in the company.

Greek general partnership depends on the signed agreement between the partners, it is laid out by minimum of two individuals, and there is no necessity of a base share capital. In this, individuals from Greek general partnerships are wholly liable for the debts of the company and have a right to claim profits.

In Greece, one more type of company incorporated is the limited partnership which is established by partners who are liable to all extent and at least one silent partner having liability in proportion to the capital contributed by them. In such partnership, general partners are the only one who can decide on the partnership related matters and claim their profit share, while silent partners have limited benefits in these exercises. In the event of liquidation, the general partner’s personal assets can be utilized in paying off debts, thus their personal assets are not protected.

Foreign companies are allowed to enter into incorporation without legal personality as-

Branches

Subsidiaries

Representatives’ workplaces

Out of these, the Greek representative workplaces are not permitted to play out any business exercises while most of them can perform however under the severe control of the parent company.

Process of Incorporation

In the start of the course of company incorporation in Greece, it is expected from business person to know that each of the companies enrolled in Greece should have a special name so it's prudent to check the ideal name at the Chamber of Commerce and Industry which will give a proof of the uniqueness of the name.

After this, it is mandatory for business visionaries to submit company documents with Athens Bar Association and be a signatory to the article of incorporation before a public legal official.

One more prerequisite of incorporating a company in Greece is in regards to the what amount of minimum share capital and the initial share capital should be deposited. And once the article of association is signed, within 15 days of the date the capital tax imposed on the concentration of the capital must be paid.

All the documents mentioned above should be conveyed to the Secretariat of the court of first occurrence, who will further provide a registration number.

Conveying the outline of article of association to the National printing press is mandatory so that, it can be published in the Greek National Gazette.
Once all these steps are taken into consideration, registration application including the notarized article of incorporation should be submitted to the Chamber of Commerce and Industry. The certificate of the endorsement of the company name given by the Chamber of Commerce and Industry and a duplicate of the Official Gazette containing the outline of the articles of association should be submitted.

With this procedure, recently framed company is enrolled for the particular taxes and the social security contributions.
After this, in order to establish a Greek Company, a company seal should be made with a full intent on fixing the company books and records, prior to ensuring. Company's receipt and account books should get the Tax Authority opening stamp.

Towards the last step of incorporation, Manpower Employment Organization should be notified within 8 days of recruiting the very first employee in the company, through email or telephone.

Our Blog

PSARA LICENSE – Estabizz Fintech

By admin_estabizz / December 1, 2021

PSARA License Today Security is the Big issue. Every Body in India who is having name and fame needs security...

AUTHORISED PERSONS (APs) FRAMEWORK – Estabizz Fintech

By admin_estabizz / November 22, 2021

Market Access through Authorised Persons :- Attention of Members’ is drawn to Exchange circular NSE/INSP/42448 dated October 18, 2019, which...