Many may not consider Greece as a place to start a business at the moment due to the documented financial woes, but what can be seen in the past two years is the new Greece which is now getting stable and catching up to its older self. Investors, by setting up a business in Greece in the near future could get ahead of the trend for when money starts coming back into the country by setting up quickly and cheaply and reaping its rewards in the not too distant future.
If not setting up a fully-fledged business, one can always opt for establishing a branch of the foreign company in Greece. Foreign companies are allowed to set up separate enterprises from the parent company, where the foreign company will be a shareholder in a Greek company. Foreign companies can also open extensions of the parent company in Greece which is a branch office.
Features of a Branch Company in Greece
- No minimum share capital required
- At least 1 director must be appointed who is the resident of Greece
- One legal representative must be appointed who is the resident of Greece
- A branch office is not considered as a separate legal entity and therefore its parent company is liable for its obligations and activities
How to Set Up a Branch Office in Greece?
Even if the branch is not considered as a legal entity, it must be registered before starting any commercial activities in Greece. A branch of a foreign company may be established in Greece through registration with the General Commercial Registry. For this purpose, certain documents must be filed with the General Commercial Registry. The procedure is simple and straight-forward and includes the following steps:
- The name shall not be changed. The branch must have the same name as the parent company
- A set of documents must be submitted to the Greek Chamber of Commerce and Industry along with the application form of establishing a branch office in Greece
- All the required documents must be officially apostilled and translated in Greek by a certified translator or a lawyer
- The authorities after examining all the documents will approve your application
- After which you are free to set up your branch company in Greece
Documents Required to Set Up a Branch Office in Greece
- A copy of the Memorandum & Articles of Association of the parent company
- A copy of the parent company’s Certificate of Incorporation
- A copy of the parent company’s Certificate of Good Standing
- The Power of Attorney for the Managing Director of the branch
- Resolution of the parent company to establish the branch
- A representative of the Greek branch – if a non-EU citizen, a Greek residential permit may be required
- The certificate where the share capital of the foreign company is stated
- A certificate which proves that the foreign company is not in the process of liquidation
- The act of appointment of an authorized representative of the branch
- The proof of identification of the legal signatories of the foreign company
- The proof of tax payment for the publication in the government gazette
- The branch name and its registered address
- Jurisdiction of the foreign company
If the foreign company is not from an EU country member, the work permits and the residents’ permits must be submitted. All the above documents must be certified and followed by an official translation in Greek.
You can take the help of an advisor if you are not aware of the laws and procedure while establishing a branch in Greece. It will not just be time-saving and cost-efficient but you can completely concentrate on your business without worrying about the registration procedure. We at Business Setup Worldwide are here to help you start your business in Greece. Our advisors in Greece are well-versed with the legal framework and can help you through the process while making it hassle-free. Contact us today for more information.