Greece is a country known for its tourism, energy, food processing, agriculture, and retail industry with opportunities rising in other industries such as manufacturing, pharmaceuticals, and medical tourism. There are few expats doing business in Greece who will find themselves in a challenging economic environment. Some of Greece’s problems predate its recent economic turmoil. However, expats and locals are overcoming this challenge together to make Greece raise above all the problems.
One of the ways through which an individual can enter Greece is by setting up a Limited Liability Company in Greece. It is also called as "etairia periorismenis efthinis” (E.P.E.) in Greek law. An EPE can be formed by one, two or more natural members in Greece. It is most popular among the foreigners in Greece. The liability company in Greece constitutes a convenient form of organization for both small and medium-sized enterprises. The liability of the participants is limited to the amount of their investment in the company.
Features of a Limited Liability Company in Greece
- An LLC requires a minimum of 1 director and 1 shareholder who can be an individual or a legal entity of any nationality
- The registered office must be established within the area of a Greek municipality or a community
- An EPE has to appoint a statutory auditor if
- It has an annual turnover of more than €5 million
- Its total assets exceed €2.5 million
- It has 50 employees or above in a fiscal year
- A general meeting of the shareholders must be held within 6 months of the end of the tax year to approve the financial statements
How to Start an LLC in Greece?
The first step while starting any company is deciding upon the name. The name for the Greek EPE must be derived from the primary business objects of the company or the names of the shareholders. The name must be acceptable by the Chamber of Commerce. The next steps are as follows:
- After naming the company, the next step is to prepare an Articles of Association which must have professional details of all the shareholders of the company. The notary deed which contains the Articles of Association must be signed in front of the Registrar
- Within one month after signing the company will be registered the company is registered in the Companies Registry of the local First Instance Court (where the company's registered office is located). The competent Secretary registers the agreement in the Limited Liability Companies Registrar
- An announcement of the registration and a summary of the deed containing the names of the partners, the company name, the registered office, the object of the company and the capital, the way of representation of the company, etc. must be published under the supervision of the partners or the managers in the Government Gazette, “Bulletin of Corporations and Limited Liability Companies”. The company acquires legal personality only after completion of this procedure and the publication date of the Gazette is deemed as the date of incorporation of the company
- Upon establishment, the company is required to register with the Tax Office and procure accounting and company books stamped by the Tax Authorities and also register with the Local Chamber of Commerce
Documents Required to Start an LLC in Greece
- Company name
- The details of 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)
- Proof of residential address (gas/electricity bill or credit/debit card bank statement dated within the last three months)
Your company is ready to incorporate its business in Greece once it completes all the aforementioned steps. If you are still skeptical about starting your business in Greece, you can take help of a consultant/advisor from Greece who has full knowledge of the company incorporation and will be further able to guide you with the whole process. We at Business Setup Worldwide are here to help you start a company in Greece. Our advisors in Greece are well versed with the legal framework and can make your company formation process hassle-free. Contact us today to know more.