Establishing a Greek company can be a great opportunity for investors, as the Greek tax system is simple and the government supports foreign business activities. Also Greece has a high level of competitiveness within the active population for education and work productivity. The incorporation process is complex, but well structured, and with the right guidance, it can be completed within a short period of time.
Preliminary activities before registering stock corporation and a limited liability company in Greece
Before registration of a Greek company, the incorporators must check the availability of their company name and get an approval at the Chamber of Commerce and Industry. After this process is completed the company documents must be filed with Athens Bar Association and sign the articles of incorporation before a notary public. Also it is important that the founders open a bank account for the company and deposit the minimum required capital. Within 15 days of signing the articles of association a capital tax on the concentration of capital must be paid. The articles of incorporation must be submitted with the secretariat of the court of first instance, which issues a registration number. The application must contain a certified copy of the articles of incorporation. The founders must file a summary of the articles of association and file it to the National Printing Office for publication in the National Gazette, Fyllo Efhmeridas ths Kyvernhsews.
Registration at the Chamber of Commerce and Industry in Greece
Simultaneously with applying for publication in the National Gazette, the founders of a Greek company can submit their application for registration at the Chamber of Commerce and Industry. The application must contain the notarized articles of incorporation, the certification of the approval of the company name by the Chamber of Commerce and Industry and a copy of the Official Gazette containing the summary of the articles of association. As a result the company is registered for taxes and social security contributions.
Obtaining a tax registration number (AFM)
Within 30 days of submitting the articles of association to the Secretariat of the Court of First Instance the company must submit a statement announcing its existence, and this statement is filed at the District Tax Office for issuance of a registration number. In order to obtain it, the statement should contain a certified copy of the company’s articles of association, the summary published in the Official Gazette, the registration from the Chamber of Commerce, the social security certificate for the company’s partners. Also it should include the receipt certifying the payment of capital concentration tax and a photocopy of the identity card of the company’s administrator. After submitting these documents the competent tax office provides the tax registration number and a certificate required before starting business operations.
Making a company seal
The next step in incorporating a Greek company consists of creating a company seal with the purpose of sealing the company books and records, before certifying. Also the tax registration number must be contained by the company seal.
Notifying the Manpower Employment Organization
Within 8 days of hiring its first employee, the company must notify the Manpower Employment Organization, a procedure that can be completed via e-mail or phone.
Setting up a Greek company from abroad
Foreign investors are welcomed in Greece, as they are treated equally, having the same rights and obligations as national entrepreneurs. Investors may engage in many types of businesses, except involvement in public utilities, which are restricted for foreign as well as domestic investors. There are no restrictions on the entry of foreigners on the territory of Greece, and private enterprises enjoy the same treatment as public enterprises. As the procedure of incorporation is complex, a certified assignee is required to establish the company and to provide the necessary translations of the company’s documents.
How long does it take to found a Greek company?
Although there are a lot of procedures needed to incorporate a company in Greece, the completion time for each of them is no more than one day, except submitting the articles of association to the Printing Office, which takes three days and signing them before of a notary public, which takes 5 days. However the time needed may vary, and a Greek company may take up to three weeks to form.