Limited Liability Company in Greece

Greece is renowned for its thriving industries, including tourism, energy, food processing, agriculture, and retail, with emerging opportunities in manufacturing, pharmaceuticals, and medical tourism. While expats in Greece may encounter a challenging economic landscape, both locals and foreigners are working together to overcome these difficulties and lift Greece to new heights. One way to establish your presence in this jurisdiction is by forming a Limited Liability Company, known in Greek as an "Etairia Periorismenis Efthinis" (E.P.E.). One or more individuals can create an L.L.C. in Greece, and this business structure is especially popular among foreign investors. An L.L.C. Greece is ideal for small and medium-sized enterprises, as the liability of each participant is limited to their investment in the company.

Features of an L.L.C. in Greece

• An L.L.C. requires a minimum of one director and one shareholder who can be an individual or a legal entity of any nationality.
• The registered office of an L.L.C. Greece must be established within the area of the jurisdiction's municipality or a community.
• An E.P.E. has to appoint a statutory auditor if:

1. It has an annual turnover of more than €5 million
2. Its total assets exceed €2.5 million
3. It has fifty employees or above in a fiscal year

• A general meeting of the shareholders must be held within six months of the end of the tax year to approve the financial statements.

How to Start an L.L.C. in Greece?

The first step while starting any company is deciding upon the name. The name for the L.L.C. Greece must be derived from the primary business objects of the company or the names of the shareholders. The name must be acceptable to the Chamber of Commerce. The next steps are as follows:

1. Once your L.L.C. in Greece has been named, the next step is to prepare an Articles of Association, which must include the professional details of all company shareholders. This document, along with a notarial deed containing the Articles of Association, must be signed before the Registrar.
2. Within one month after signing the paperwork, the company is registered in the Companies Registry of the local Court of First Instance, where the company's registered office is located. The Secretary of the Limited Liability Companies Registrar oversees all the L.L.C. Greece registration.
3. A notice of the registration, along with a summary of the deed—containing the names of the partners, company name, registered office, purpose, capital, and company representation details—must be published under the supervision of the partners or managers in the Government Gazette's "Bulletin of Corporations and Limited Liability Companies." The company acquires legal personality only after completing this procedure, with the publication date in the Gazette considered the official date of incorporation.
4. After establishment, the company must register with the Tax Office, obtain accounting, and company books stamped by the Tax Authorities, and register with the Local Chamber of Commerce.

Documents Required to Start an L.L.C. in Greece

• Company name
• The details of the directors (full name, date of birth, address, and nationality)
• The details of shareholders (full name and address)
• Proof of identity (passport, national identity card, photographic driving license, etc.)
• Proof of residential address (gas/electricity bill or credit/debit card bank statement dated within the last three months)

Your company will be ready to incorporate in Greece once all the steps mentioned above are completed. If you're still unsure about establishing your business in Greece, consider consulting a business with comprehensive knowledge of company incorporation to help guide you through the entire process.

At Business Setup Worldwide, we specialize in helping companies establish themselves in Greece. Our advisors are well-versed in the local legal framework and can ensure a smooth, hassle-free company formation experience. Contact us today to learn more and start your journey toward a successful business in Greece.