After years of economic challenges, Greece's economy is regaining momentum, with unemployment decreasing and a surge of new startups emerging. Amid the crisis, many tech entrepreneurs chose to stay in Greece, dedicating themselves to innovative business models that drive the economy forward. One of the most popular ways to launch a business is through a General Partnership in Greece, or Omorthymos Eteria (OE). In this business structure, all partners share unlimited joint liability for the partnership’s debts. Partners can decide who will manage the business and set terms for profit and loss distribution. Without a specific agreement, all partners have equal management rights and share profits and losses equally. This collaborative model empowers Greek entrepreneurs to work collectively, fostering growth and innovation in the thriving startup ecosystem.
Features of a General Partnership in Greece
- There should be a minimum of two partners whose liability is unlimited
- No minimum share capital is required
- The company registration of General Partnership is completed at the “One-Stop-Shop”, unlike an LLC
- The OE can have both an active and a silent partner where the liability of the silent partner is limited to the amount they have contributed
- One or more administrators handle the affairs of the partnership
How to Set Up a General Partnership in Greece?
Unlike a Limited Liability Company, a General Partnership does not require the Articles of Association to be signed before a Notary Public. It may instead take the form of a private agreement. A General Partnership is established through the “One-Stop-Shop” authorities, and its Articles of Association are filed with the General Commercial Registry.
The Articles of Association must contain the following details of the shareholders
- Name and residence of the partners and their capacity
- Company name (it is prohibited to include the limited partner’s name in the company name)
- Names of managers and representatives (only general partners can be managers or representatives)
- Type and value of contributions
- Duration of the company
- Purposes of the company
- State explicitly the type of company as a limited partnership company
All the partners must sign the document. Further, the company must submit a set of following documents to the One-Stop-Shop authorities:
Documents for Founders Who Are Natural Persons
- National Identity Card for Greek citizens
- Identity card or passport for citizens of EU member states, passport for citizens of non-EU member states, along with a resident permit
- A completed application along with the Change of Personal details and Declaration of Taxpayer’s Relations form is required in order for the founders to acquire a Tax Identification Number (TIN) if they do not have one
- Residence permit for the exercise of an independent financial activity of non-EU members
Documents for Founders Who Are Resident Legal Persons
- Copy of company’s codified Articles of Association
- Authorization that bears the authenticated signature of the company’s legal representative
Documents for Founders Who Are Foreign Legal Persons
- Articles of Association that bear an Apostilled, i.e., officially translated or certified by the consulate if the country of origin has not signed the convention
- Certification by a competent authority of the legal person’s country of residence to verify the existence of the company
- Certified copy of the authorization document which appoints the legal representative in Greece
The One-Stop-Shop typically takes 4-5 days to complete the authentication process and approve the company registration.
Once registration is complete, you're all set to kick-start your business in Greece! However, there may be legal procedures you need to familiarize yourself with, given the complexities of the framework. At this stage, seeking the guidance of an experienced advisor can be invaluable to streamline the incorporation process. At Business Setup Worldwide, we're here to help you establish your business in Greece seamlessly. Contact us today—even if it's just for friendly advice—and let us help you bring your vision to life!
