Investors wanting to set up a company in Greece can do it by forming a Societe Anonyme. Greek law provides for a variety of legal forms for carrying out a business, S.A being one of them. An SA is a legal entity where the liability of shareholders is limited to the amount contributed in the business. A Societe Anonyme is generally chosen by enterprises with a significant turnover. To form this type of business entity a capital of at least 24,000 Euros is requires, and as of 01/01/2019, it is said to be increased to 25,000 Euros.
SA can be established by one or more persons, or become a single-member public limited company where all the shares are concentrated in the hands of a single shareholder. The shares of the AE can be publicly traded on an exchange or also can be held privately.
Features of an SA in Greece
- The company is managed by the Board of Directors, consisting of at least 3 members
- The accounts must be published and filed with the Ministry of Commerce
- A one-person company can be formed under Anonymos Eteria
- A Notarial deed is required while establishing the company
- Double entry accounting and reporting system is mandatory
- This corporate type is considered more trustworthy by the banks due to the existence of capital
- There are few statutory requirements as mandated by EU and any two of the subsequent three factors must be must be followed:
- Turnover of over 8m Euros
- Total assets of over 4m Euros, and
- A staff of over 50 people
How to Form an AE in Greece?
The establishment of a Societe Anonyme requires that the company contract is drafted by a notary instrument. The steps to register an SA in Greece are as follows:
- The first step, alike other business entities, is to register the name of the company with the Chamber of Commerce. The name of the company must include the syllables ‘Anonymos Eteria’ in it
- The next step is to draft an Articles of Association before the notary public. It must include the following information:
- The company name and the mission
- The registered office of the company
- The term of the company
- The method of payment of the company capital
- The type of shares, number, their nominal value, and their issue
- The number of shares of each category, if there are more categories of shares
- The conversion of registered shares into anonymous or of the anonymous into registered
- The convening, establishment, operation, and competencies of the company’s Board of Directors
- The convening, establishment, operation, and competencies of the company's General Meetings
- The rights of the shareholders
- The balance sheet and the distribution/disposal of profits
- The company dissolution and the settlement of its assets
- The details of the person that signed the company’s Articles of Association
- Next step is the payment of various registration duties to the one-stop authority
- After the 3rd step, you will receive an establishment approval from the Ministry of Economy and Development
The registration of SA in Greece is majorly handled by General Trade Registry and published to the Government Gazette. Further, after the registration, you can also initiate the step of tax registration which is carried out by the one-stop authority.
If you are interested in setting up a company in Greece, we at Business Setup Worldwide are here to help you with the procedure. Our advisors in Greece have considerable experience in this field and can make your incorporation procedure hassle-free. Contact us – even if it’s for a friendly advice.