Greece Company Registration in 2023-24
The southernmost European country with a land mass as the same as England and the state of Alabama in the US, the country of Greece opens up opportunities both within the geographical land and through water as well. The manufacturing, power, and textile industries are three categories of businesses which have seen quite regular growth.
The 70s and 80s have been two good decades where the FDI has constantly flowed constantly and the local marketers have seen a good business in the export and shipping world. With regular investments in the stocks of gold, jewelry, and bonds the Greeks have found their ways of earning a little over the top.
The country has been in an association with the EU since 1981 and was accepting euro as their sole currency but later the state decided to have its own Drachma for trade and transactions. The taxation and a large part of commercial banking are taken care of by the national government.
Overall, this south European country has a lot to offer in various sectors.
In this article, we will discuss the terms and conditions to incorporate your business in Greece and how Odint Consulting will be the one-stop solution for your choice.
Why to Register a Company in Greece?
- Greece is considered to be an adequate location for performing business activities, due to its rich cultural tradition and diversity and also permits you to immigrate by investing in Greece.
- Eventually, Greece offers top-notch infrastructure for communication and logistics, in addition, trains, ports, and road infrastructures of Greece.
- Along with all this, its modern online systems have dramatically reduced bureaucratic burdens.
- The government of Greece continues to provide incentives to investors to boost the development of regional areas in addition to environmental protection and energy-efficient initiatives.
- Tax incentives were introduced in Greece for all employees of businesses which resulted in the growth of businesses and firms in various areas.
Procedure to register a company in Greece
When beginning the incorporation process to register a company in Greece, the entrepreneurs must realize that every one of the companies registered in Greece needs to follow these procedures for company registration in Greece.
Step 1: Business Name Registration
The first step for Greece company registration is to choose a name for your business and later check the availability of the company name, which can be verified to check the authenticity of the business name through the Chamber of Commerce and Industry.
Step 2: Get the Tax Identification Number (TIN) from the Tax Authority (for the founders)
If the primary source of the shareholders is not a citizen of Greece, then a native person needs to be hired as a Tax representative to obtain the TIN.
Step 3: Registered office address for your brand-new business
To register a company in Greece, it is necessary to have an established office within Greece, where all correspondence and notices are addressed.
Step 4: Write the Statutes for the company
A summary of the AOA should be given by the National Printing Office, for it to be published in the Greek National Gazette. You need to work with a skilled Tax Accounting to get your Articles of Association of the business.
Step 5: Register the new business with General Commercial Registry (GEMI)
After the completion of all the documents required as well as in the case of the Statutes of the business, the next step is to register a company in Greece with the General Commercial Registry. It will take about 1- 5 working days following the gathering of all the necessary documents.
Step 6: Sign up for EFKA (National Insurance Corporation)
The director of IKE is legally bound to sign up at EFKA (National Insurance Organisation) and registration for the other IKE members is voluntary. Directors must be Greek citizens or EU citizens with valid working permits.
Step 7: Create a seal for your business
The seal of the company must include the tax registration number as well as an address for the office of taxation. Additionally, businesses are required to create a company seal as part of their routine.
Eligibility criteria for Greece company registration
- Capital Requirement- Private Company can be established with a share capital of only 1 euro. A Partnership firm can be established with a minimum share capital of 1000 Euros.
- The number of shareholders– Private Company can be established with one shareholder
- The number of directors– Private Company can be established with one director.
- Registered office address- A registered office address is essential to register a company in Greece as all the notices and mail would be sent to the registered address.
Documents Required for Company Registration in Greece
The following documents must be submitted for the Greece company registration process:
- Copies of Valid Passports
- ID proof
- Entire details of the Director & the Shareholders
- Original replica of Articles of Incorporation of the first legal person’s founding
- The evidence to support the repayment of corporate capital, when it is required by law, for the company registration in Greece.
Business Structures for Greece Company Registration
Before a business can be established, the right business structure must be picked for Greece company registration.
There are a variety of business structures available, such as the following:
1. Limited Liability Company
LLC is among the most commonly used types of business structures specifically for small and medium-sized companies. In Greece, it is possible to choose LLC business structures that have at the very least one shareholder and a director.
It can be a legal entity or an individual regardless of nationality. The liability of shareholders is restricted to the amount of capital they invest.
2. Private Company
Like a limited liability business, it also has only one director and one shareholder who could be a person or legal entity, regardless of nationality. Between the two types of business structures, the fundamental distinction is that in this instance, the company can be established with a share capital of only 1 euro.
3. Public Limited Company
This structure of business requires three directors and one shareholder that could be either legal entities or individuals, regardless of their nationality.
4. Partnership
Entrepreneurs can register limited or general partnerships. For general partnerships, partners don’t have limited liability, unlike limited partnerships.
So, the majority of international investors from Greece prefer a limited liability partnership that is more flexible and has the benefit of limited liability in the form of obligations and debts. Two members must be registered as the partnership, and have the minimum capital for shares of 1000 Euros.
5. Branch Office
Branch Offices in Greece are possible to establish with a single director and shareholder. The parent company is accountable for the actions that the branch offices carry out since the branch office does not get recognized as an entity separate from the parent company.
6. Representative Office
The Representative Office is established to assist in promoting the parent company’s services and commodities as well as to conduct market research. The Representative Office is not able to carry out any commercial or profit-making activity.
Benefits of company registration in Greece
Many reasons motivate business owners to register a company in Greece. In this article, we’ve listed a few of them.
1. A well-developed infrastructure
Greece provides top-quality infrastructure for communication and logistics, in addition, trains, ports, and road infrastructures of Greece are currently being upgraded. This has facilitated the process of conducting business significantly.
2. Liberal regulation environment
Greece has a very open business environment given its reputation for bureaucracy. Modern online systems have dramatically reduced bureaucratic burdens.
3. Low costs for labor
The labor expenses in Greece are relatively low. Businesses can save money by establishing a business in Greece.
4. Tax incentives
Registration of companies in Greece has helped foreign investors due to tax-efficient opportunities for business available in Greece. Tax incentives were introduced in Greece for all employees of businesses which resulted in the growth of businesses and firms in various areas.
5. Incentives for investment
The government of Greece continues to provide incentives to investors to boost the development of regional areas in addition to environmental protection and energy-efficient initiatives.
Tax System of Greece
If the possibility of registering your company in Greece appears to be in order it is possible that you need to be aware of these important aspects that the Greece tax system offers:
- The corporation income tax (CIT) rate is 24%
- The personal tax rate on income (marginal)is 44% plus donations to solidarity
- The VAT rate is 24%
Tax rates for withholding (for non-residents)
- Dividends 5%,
- Interests – 15%,
- Royalties 20%
Tax rates on capital gains
- Corporate equals standard CIT rates,
- The individual tax rate is 15%.
Conclusion
Greece has an open business environment and well-developed infrastructural facilities that make the nation an attractive location to set up a business. With a population of almost 10 million, Greece offers business owners access to a trained labour force at a reasonable cost. Additionally, the country’s superior transportation system makes it simpler for enterprises to conduct international commerce.
If you wish to set up a business in Greece and require assistance with company registration in Greece, you can speak with our professional expert at Odint Consulting, they will help you throughout the process to register a company in Greece.
FAQ’s
To start any business of any legal type in Greece it is necessary to possess an operating Greek Tax ID number (TIN) and you must use your TAXIS password and credentials.
The Greece Limited Liability Company needs at the very least one shareholder.
The incorporation of a company in Greece will cost EUR 5,4000 for a year and the annual costs for the company after two years are EUR1,900.
The full foreign-owned ownership option is an alternative for Greece’s business creation.
An international company may trade with Greece by itself or with an affiliate office.
