Step by Step Guide to Incorporating in Greece

Company Type	Time to Incorporate	Cost
EPE	2 weeks	£3290

Timescale to incorporate a EPE limited company in Greece

Normally takes fifteen days to incorporate your company. Although the company is incorporated with a notary, with Powers of Attorney, you do have to visit Greece.

Documents and information required for a Greek company incorporation

To incorporate your EPE company in Greece we require the following:

• The proposed company name and intended activities of your new company
• Directors' names and addresses and dates of birth
• Members' names and addresses

Ready made companies - EPE companies

There are no ready made companies available to purchase in Greece.

Registered Office and Local Representation - EPE companies

In Greece, unlike some other countries, every company needs to have a registered office suitable for its activity. This office can be inspected by authorities and details of the company need to be located there. This means that the costs of a registered office are a considerable expense for a new company, particularly one with no activity in Greece.

Directors/Administrators

Like a partnership in other countries, the Members of a company all have the right to manage the company. In practice, one or more administrators are nominated to administer the daily running of the business.

Director/Administrator nationality

A director or appointed administrator can be of any nationality, but in practice a Greek resident, or a resident from the European Economic Area is required.

Director/Administrator confidentiality

There is no specific public register of administrators, however all details of the initial incorporation contract is registered:

• First, it will stay in the records of the Notary
• A copy of the contract will be lodged with the tax authorities
• A copy of the contract will be submitted by the Court of First Instance
• A summary of details of the incorporation will be published in the official Gazette

Details of managers who are not members, and whose appointment is not written into a Notarial Deed may be confidential, but such an appointment will not be useful for general administration of the company.

Minimum number of directors/administrators

Only one designated administrator is required.

Corporate directors/administrators

As there can be corporate members, this logically means that they can be corporate designated administrators; although in practice this may be difficult to put into practice.

Nominee directors/administrators

Nominee directors are appointed in other jurisdictions so as to hide the persons who are beneficiaries of the company. In this case, we cannot envisage a circumstance where a nominee administrator would be useful.

However, a person who is not a member could be appointed as an administrator, on behalf of the members.

Resident director/administrator

There is no requirement to appoint a local resident director/administrator. As the designated person is likely to have to deal with tax authorities and with banks, a resident administrator is definitely recommended.

Company secretary

There is no requirement for a company secretary.

Shareholders/Members

The minimum capital is not less than €18000, and each participation has to be at least €30. 

Members' nationality

The member can be any nationality. When the incorporation is ratified by the Courts, the members are required to submit their passports. If a Member is from outside the European Economic Area, the members need to submit notarised copies of their Passports and work permits.

Minimum number of members

The EPE is effectively a partnership, but only one member is required.

If the company is formed by a single member, the full name of the company needs to state that the company is a “single member company”, and all resolutions must be signed in front of a notary.

Corporate members

The member cannot be a corporation. Where a foreign company does wish to form in Greece, we advise them to form a Joint Stock Company or a Branch.

Nominee members

Nominee Members are not expressly forbidden, but the Courts will assume that the members are the beneficiaries of the company.

Resident members

It is not a requirement to appoint a local resident member.

Member confidentiality

All details of the initial incorporation contract are registered - this includes details of all members and their participation's:

• First, these details will stay in the records of the Notary
• A copy of the contract will be lodged with the tax authorities
• A copy of the contract will be submitted by the Court of First Instance
• A summary of details of the incorporation will be published in the official Gazette.

Capital & Financial's

Minimum Share capital for an EPE company in Greece.

The minimum required share capital is €18000. This must be fully subscribed to on incorporation, and at least half must be paid in cash.

Maintaining company records in Greece.

The company does have to keep records in Greece, and submit VAT returns periodically.

Accounts or financial statements filing

Financial statements do need to be filed with the Greek tax authorities and with the Commercial Registry.

Company taxes on profits

Taxation is on worldwide profits at 35%, with tax credits allowed for any income taxed abroad.

Should the company be used to hold property, and should the ownership be purely foreign, then there may be a special one off tax of 3% of the value of this property.

Dividends are free of withholding tax, but there are withholding taxes on:

• Interest - as high as 35%, depending on the nature of the loan, and tax treaties in place
• Royalties - between 10% and 20%.
• Management Charges - between 4% and 20%, depending on the circumstances.