Greece Company Formation

Greece, with its strategic location, improving economy, and membership in the European Union, is increasingly attracting international entrepreneurs. While not traditionally considered a “prestige offshore jurisdiction” in the same vein as some Caribbean islands, Greece offers a compelling blend of stability, access to the EU market, and a developing business-friendly environment. This guide explores the ins and outs of Greece company formation for non-residents.

Is Greece an Offshore Jurisdiction?

It’s important to clarify that Greece is not an offshore jurisdiction in the classic sense. It’s a fully compliant EU member state with transparent tax regulations. However, it can offer significant advantages to non-residents seeking to establish a European presence, particularly when structured correctly.

Guide to Forming a Company in Greece

Setting up a company in Greece requires careful planning and adherence to local regulations. This guide provides a general overview:

1. Business Plan & Market Research: Conduct thorough research to understand the Greek market and develop a solid business plan.
2. Choose a Company Type: Select the most suitable legal structure for your business needs (see below).
3. Name Registration: Register your company name with the relevant authorities.
4. Tax Registration: Obtain a tax identification number (VAT number).
5. Open a Bank Account: Establish a corporate bank account in Greece.
6. Draft Articles of Association: Prepare the company’s founding documents.
7. Registration with the Business Registry (GEMI): Officially register your company with the General Electronic Commercial Registry.
8. Social Security Registration (EFKA): Register the company and its employees with the social security system.
9. Obtain Necessary Licenses & Permits: Depending on your business activity, you may need specific licenses and permits.

Types of Companies for Non-Residents in Greece

Several company types are available, but the most common for non-residents are:

• Private Limited Company (IKE): A flexible and popular option with lower capital requirements. It’s suitable for small to medium-sized businesses.
• Société Anonyme (SA): A joint-stock company, often used for larger enterprises and those seeking to raise capital.
• Branch of a Foreign Company: An extension of an existing foreign company, allowing you to operate directly in Greece.

Advantages of Greece Company Formation for Non-Residents

• Access to the EU Market: Greece provides a strategic gateway to the vast European Union market.
• EU Membership Benefits: Enjoy the benefits of EU membership, including free movement of goods, services, and capital.
• Improving Economy: Greece’s economy is showing signs of recovery and growth.
• Relatively Low Operating Costs: Compared to some other EU countries, Greece can offer lower operating costs.
• Strategic Location: A prime location for trade and business between Europe, Asia, and Africa.
• Tax Incentives: Certain sectors and regions may offer tax incentives to attract investment.
• Golden Visa Program: Investment in a Greek company can potentially lead to residency through the Golden Visa program.

Disadvantages of Greece Company Formation for Non-Residents

• Bureaucracy: While improving, bureaucracy can still be a challenge.
• Language Barrier: Greek is the official language, so language skills or professional assistance are essential.
• Complex Tax System: The Greek tax system can be complex, requiring expert advice.
• Economic Volatility: While improving, the Greek economy can still be subject to volatility.
• Cultural Differences: Understanding and adapting to Greek business culture is important.

What is Required for Company Registration in Greece?

The specific requirements for Greece company formation vary depending on the chosen company type, but generally include:

• Company Name: A unique and approved company name.
• Registered Office Address: A physical address in Greece where the company is officially located.
• Shareholders/Partners: Details of the shareholders or partners, including their names, addresses, and shareholdings.
• Directors/Managers: Information about the directors or managers responsible for the company’s operations.
• Articles of Association: The company’s founding document outlining its purpose, structure, and rules.
• Share Capital: The amount of capital invested in the company (minimum requirements vary by company type).
• Tax Identification Number (VAT number): Obtained from the Greek tax authorities.
• Supporting Documents: Copies of passports, proof of address, and other relevant documents for shareholders and directors.

Procedure for Company Registration in Greece

The Greece company formation process typically involves these steps:

1. Name Availability Check: Verify that your desired company name is available with the GEMI.
2. Preparation of Documents: Draft the Articles of Association and other required documents, often with the assistance of a lawyer.
3. Notarization: Have the Articles of Association notarized by a Greek notary public.
4. Tax Registration: Apply for a tax identification number (VAT number) with the tax authorities.
5. Bank Account Opening: Open a corporate bank account in Greece and deposit the share capital.
6. GEMI Registration: Submit the required documents to the GEMI for official registration.
7. Publication in the Government Gazette: The company’s registration is published in the Government Gazette.
8. Social Security Registration (EFKA): Register the company and its employees with the social security system.
9. Obtain Necessary Licenses & Permits: Apply for any specific licenses or permits required for your business activity.

Timeframe for Company Registration in Greece

The timeframe for Greece company formation can vary depending on the complexity of the business, the chosen company type, and the efficiency of the authorities. Generally, it can take anywhere from 2 to 6 weeks to complete the registration process. Delays can occur due to bureaucratic hurdles or incomplete documentation.

How We May Help You with Our Professionals

Navigating the complexities of Greece company formation can be challenging, especially for non-residents. Our team of experienced professionals can provide comprehensive support throughout the entire process, including:

• Company Type Selection: Helping you choose the most suitable legal structure for your business needs.
• Business Plan Assistance: Providing guidance on developing a solid business plan tailored to the Greek market.
• Name Registration: Assisting with the name availability check and registration process.
• Document Preparation: Drafting and reviewing all necessary legal documents, including the Articles of Association.
• Tax and Legal Advice: Providing expert advice on Greek tax laws and regulations.
• Bank Account Opening: Assisting with opening a corporate bank account in Greece.
• GEMI Registration: Managing the entire registration process with the GEMI.
• License and Permit Applications: Helping you obtain any necessary licenses and permits.
• Ongoing Support: Providing ongoing support and advice to ensure your company’s compliance with Greek regulations.
• Virtual Office Services: Offering virtual office solutions to establish a professional presence in Greece.
• Accounting and Bookkeeping Services: Providing comprehensive accounting and bookkeeping services to manage your company’s finances.

By partnering with our professionals, you can streamline the Greece company formation process, avoid costly mistakes, and ensure that your business is set up for success in the Greek market. We are committed to providing personalized and
dedicated support to help you achieve your business goals in Greece.