No, there is no restriction on the transfer of currencies in Greek jurisdiction.
Greece, known officially as the Hellenic Republic, is located in southern Europe, at the crossroads of Africa and Asia. The cradle of western civilization and the birthplace of democracy, the country is highly developed and boasts a perpetually high Human Development Index over the past many years. It is a part of the European Union and one of the founding members of the United Nations.
The most prominent industries in Greece are tourism, shipping and retail. Besides these, the country also derives substantial GDP from food processing, textile manufacturing, chemicals, healthcare, construction, energy and metallurgy. Greece is well connected to the major countries of the world via air transport, its major airport being the Athens International Airport. Apart from that, the islands of Greece are adequately interconnected through motorways.
Company Incorporation in Greece
For setting up a company in Greece, one can choose from among the following business structures:
1. Limited Liability Company
A limited liability company, referred to as Eteria Periorismenis Efthynis (EPE), is a popular form of business incorporation for small and medium-sized enterprises in Greece. As the name suggests, this type of company implies limited liability for its shareholders, a minimum of 2 of whom are required to set it up. The minimum share capital required for an EPE company is €4,500, and it is mandatory for it to maintain statutory financial reporting.
2. Stock Corporation
A stock corporation, also known as Anonymos Eteria (AE), is the legal entity generally chosen by large businesses. A minimum of 2 individuals or corporate entities can set up this form of company with a minimum share capital of €60,000. This capital is divided into shares, that can be traded at the stock market. The liability of the members of an AE is limited to their respective contributions to the capital.
3. General Partnership
A general partnership, referred to as Omorythmos Eteria (OE), can be formed by 2 or more partners in Greece, who are jointly and severally liable for the debts of the partnership without limitation in liability. The partners also reap the entirety of the profits from the company. For an OE, there is no requirement of a minimum share capital to start the company.
4. Limited Partnership
A limited partnership, also known as Eterorythmos Eteria (EE), is similar in all respects to a general partnership, except that it has 1 or more partners with limited liability. Such a partner is referred to as a silent partner, and the others are called general partners. Only the general partners can engage in the management of the partnership and claim profits.
A branch in Greece can be set up by a foreign company looking to open a permanent establishment in the country. For forming a branch, at least 1 director and 1 legal representative (who must be a Greek resident) are required. Since a branch is not considered a legal entity separate from its parent company, the latter is liable for its activities and obligations.
6. Representative Office
A representative office can be started to purely for market research or promotion purposes. It is not allowed to carry out commercial or business-related activities.
Benefits of Setting Up a Company in Greece
A company in Greece enjoys the following advantages:
- Greece is located at a very strategic geographic location – between Europe, Asia and Africa. Hence, it is easily accessible from many parts of the world.
- The real estate prices in Greece are very low.
- The labour costs in Greece are among the lowest in Europe, despite the populace being highly educated and skilled.
- In Greece, capital and earnings can be freely repatriated, making the movement of money here much easier than in many other countries.
Who We Are
Business Setup Worldwide is a platform to help you set up a business in Greece. We can assist you with company incorporation, registration, corporate secretarial services, intellectual property protection and Greece tax advisory, for your company formation in the country.
Business Setup Worldwide's proprietary business design techniques, combined with its regional know-how and global reach, enable companies to anticipate changes in customer priorities and the economic market, and then mould their businesses and improve operations to make use of opportunities created by those changes.
Business Setup Worldwide helps entrepreneurs and investors establish their company in Greece through incorporation, registration and legal consulting services. Our advisors take care of the entire Banking, Visa, Legal, and Licensing formalities, in accordance with the Greek laws. We guide you through your company formation, with your business objectives at the centre of our operations.
Our commitment to professionalism, business-oriented experience across various domains, proactive learning in the ever-changing global environment, and the ability to conceive innovative strategies and provide comprehensive support in executing such strategies distinguish Business Setup Worldwide, and provide you the competitive edge to scale your company. If you are thinking of doing business in Greece, do reach out to us.
How long does the procedure take place?
If the procedure takes place online, incorporation carries only a few minutes. However, when carried out by a notary public or a GEMI department, incorporation will take 30 to 60 minutes, depending on the legal form and number of founders.
How can I change the legal form or close a business?
The conversion of a company or closure of a business requires an online application submitted via the GEMI digital platform, as selected by the company.
What are the deadlines for submitting supporting documents?
There are no deadlines for submitting the supporting documents.
Is it possible to apply in person, by email or online?
If a digital platform is not selected, the company incorporation application may be made in person either at a GEMI department or an authorised notary public.
Which authorities are responsible for registering a company?
The electronic company registration platform belongs to the Ministry of Development and Investments, and the competent department is the Directorate for Companies. Depending on where each company decides to have its registered offices, it will be electronically assigned to a competent GEMI Department.