The main forms of business in Greece are the company limited by shares (Anonymos Eteria , AE), limited liability company ( Eteria Periorismenis Efthynis, EPE), general partnership (Omorythmos Eteria , OE); limited partnership ( Eterorythmos Eteria , EE) and sole proprietorship (Athomihi Epihirisi).
A company limited by shares is formed by at least two legal entities or individuals, with a minimum share capital of 60000 EUR. The main bodies of the AE are the general meeting of the shareholders, as highest instance and the board of directors as executive bodies.
The companies limited by shares must keep double entry books, such as: book of inventory, books of first entry, accounts and balance sheets, general and analytical ledgers; trial balance; fixed assets register and an inventory book (compulsory if in the previous two years annual sales have exceeded € 5 million or and for companies with more than 80 % of their sales realized by exports € 6.5 million).
A limited liability company is formed by at least one individual or corporate body with a minimum share capital of 18000 EUR. The management is assured by the general meeting of the shareholders and an administrator appointed by it. It’s mandatory to keep the same double entry books as a company limited by shares. The liability of its shareholders is limited by the contribution to the company’s capital. The limited liability company is the most used type for small and medium businesses.
A general partnership is formed by at least two members, with no requirements for a minimum share capital and based on a contract signed by these partners. The members are liable for the entity’s debts with their own assets and can take management decisions in an equal way.
A limited partnership is formed by general partners with unlimited liability (omorrythma) and one or more silent members with limited liability. The general members are liable without limitation for the entity’s obligation while the silent partners are liable only in extend of their contribution to the capital. The silent partners cannot manage the entity.
A sole proprietorship is a form of business managed by a single person fully liable for the entity’s obligations and which can take management decisions for it. No minimum share capital is required for this type of business and the assets of the shareholder are not protected in case the entity is facing bankruptcy.
The company’s incorporation documents must be filed with the Athens Bar Association and signed in front of a notary by the founders. The name chose for this entity must be checked online at the GEMINET. In the same time the following must be checked: the tax compliance certificate, the tax identification number of the founders and the compliance with the social security fund.
After signing and notarizing the Memorandum of Association and the Articles of Association the company must pay the registration fees and obtain certification from the Lawyers Welfare Fund, the GEMI number and the tax registration number of the newly formed company.
The registration of the company and a summary containing the name, the address, the purposes of the company and the start-up capital and the way of representation of the company must be published in the Official Government Gazette- Fyllo Efhmeridas ths Kyvernhsews.
The registration at the Chamber of Commerce and Industry must be performed after the above steps were taken.
The minimum share capital has to be deposited in a bank account and a receipt for the sum must be issued. In the same time, the company must apply for obtaining the company’s seal, take all the account books to the Tax Authority in order to be stamped, register the employees at the Social Security Organization (IKA) and register the new company at the Insurance Agency (OAEE).
A limited liability company (EPE) is formed with a share capital of minimum 18000 EUR, while a company limited by shares requires a share capital of 60000 EUR.
The basic document required for company register is constituted by the articles of association. These articles contains details regarding the founders and the shareholders (full name, nationality, profession and their address), the name of the company and its registered office, its purpose, the minimum share capital which will be deposited and the duration period of the company.
The tax office is usually requesting the following documents: the articles of association, the proof that the registration was published in the official gazette and the content of the announcement, the ID of the company’s representatives, Special License to Operate, documents proving the existence of professional accommodation and the accounting book.
There are 11 steps that have to be taken before a company gets incorporated in Greece, in eleven working days, if all the documents are properly submitted and in time.