Starting a business in Greece

Planning to set up a business in Greece? Here are a few important tips for you. Setting up a company in the beautiful Mediterranean country is subject to special rules and requirements. For this reason, we would like to provide you with important information on what to expect when setting up a company in Greece. We will also be happy to advise you personally on all legal matters relating to your company formation.

In recent years, a number of levers have been set in motion to minimise the bureaucratic burden of setting up a business in Greece. For example, since April 2011, a new one-stop-shop procedure has been used, where the Chamber of Commerce and the competent tax authority serve as the first points of contact. In this system, all the necessary documents are inserted, which the notary obtains there.

Also, the Athens Foreign Trade Centre offers its support in setting up a company. However, we still advise consulting a lawyer or a tax advisor, as the tax system is still very complex.

Since 2013, the minimum capital required to establish a limited liability company in Greece is €2,400. Furthermore, many professions in Greece are not regulated by trade law. For this purpose, an economic solvency, an impeccable reputation as well as a current tenancy agreement are legally required for the practice. Regulated professions, on the other hand, only require the acquisition of a professional licence.

Companies in Greece are divided into corporations and partnerships. Here are the most important corporations:

• Stock company
• Limited liability company
• Command partnership
• Command partnership limited by shares
• Open partnership

When founding a limited liability company in Greece, the articles of association must first be drawn up. This is usually prepared by the lawyer and forwarded to the notary for inspection. The business plan is a legal document on the establishment of the company, in which basic issues of the company are specified. Such as:

• Name, profession, address and nationality of the shareholders.
• Name of the company / company name
• Head office and purpose of the company
• Property of the GesmbH
• Capital and any shares held by the founders
• Subject matter and value of the contributions in kind and name of the investor
• Duration of existence of the company
• Provisions on management and control
• Agreements on non-competition, transfer of shares, etc.

When the company is founded, the notary public pays the capital accumulation tax, which amounts to 1% of the company capital. In addition, publication fees for the company must be deposited with the notary, as well as the advance payment of the shareholders' social security costs. All costs of incorporation are paid to the notary, who then sends the amounts to the competent funds. The articles of association including documents are sent to the commercial register. With the publication of your company, you will receive a commercial register number and a tax number.

Whoever wants to set up a business in Greece must first dig deep into their petty cash. This is because, especially when setting up a new brand, good marketing/advertising, secure legal advice and finding reliable employees or partners is very cost-intensive. Even with perfect preparation, there is no guarantee of success when entering new investment territory. The direct subsidies "go-international" therefore cushion risks and can relieve you as a start-up enormously. Here, travel expenses, marketing costs, participation in trade fairs, legal and tax advice, etc. are eligible for funding.

Immolymp has a network of reliable partners who have an overview of your funding measures at all times and help you find your way through the funding jungle.