How to Establish a Limited Liability Company in Greece
Information about setting up an EPE business in Greece...
In order for an EPE company to be registered for company law purposes, having as partner(s) one (or more) foreign legal entity, it usually takes one to two weeks from the date of conclusion of the notary deed for its Articles of Association. However, it may take at least one month for the partner/foreign legal entity to have the necessary documents required for the notary deed prepared from its country of origin.
The procedure to be followed for the incorporation is summarized as follows:
- Reservation of the new company’s corporate name with the competent Chamber of Commerce.
- Preparation of the new company’s Articles of Association and of other supporting documentation (to be issued by the country of origin of the foreign partner(s)). Official translation of the supporting documentation from English/foreign language into Greek is also required.
- In case a partner is a foreigner or a foreign entity, or in case the management (administrator(s) or legal representative(s)) are foreigners, they should register with the Greek tax authority and acquire a Greek tax registration number. Issuance of residence permits for non-EU residents may also be necessary. Such permits are usually a prerequisite, in order for the non-EU administrators/legal representative(s) to be able to be appointed in such positions and in order for the registration of the new Company to be effected with the Greek tax authorities.
- Conclusion of a notary deed for the new company’s Articles of Association before a Greek notary public.
- Registration of the new company with the local Court of First Instance (after having the notary deed authenticated by the local tax authorities, the Commercial Chamber and the Lawyers’ Funds) and publication of a summary of the Articles in the Government Gazette.
Actions required after the incorporation of the EPE company
In order for the new Company to be able to carry out business activities after its incorporation, certain registrations/actions will be required:
- Registration of the new Company with the competent Chamber of Commerce.
- Tax registration of the new Company with the competent tax authorities and authentication of its accounting books and records (this procedure may take one week to be completed).
- Registration of the new Company with the competent social security and labour authorities in order for the new Company to be able to hire personnel.
- Open a bank account with a Greek bank in Greece.
In addition to professional fees payable to lawyers, an amount approximately of €1,300 must be paid for Notary fees, contributions to certain funds/ committees, capital concentration tax, publication costs and Chamber of Commerce fees for the establishment of an EPE having a minimum share capital of €4,500 including all post establishment publications.