Greece
Company Formation and Consulting Services in Greece
Build a trade bridge across the Aegean. We provide full support in accounting, tax compliance, and legal processes after formation.
Contents
- •Greek Company Types and Choosing the Right Structure
- •Company Name and AFM Number
- •Formation Process and GEMI Registration
- •Bank Account and Capital Requirements
- •Greek Tax System
- •Golden Visa and Investment Incentives
- •Social Security and Employer Obligations
- •Accounting and Financial Reporting
- •Conclusion
Greece, with its strategic geographic location, EU membership, and improving business environment, is an increasingly attractive destination for investors seeking access to Southeast European and Eastern Mediterranean markets. Recent reforms have significantly streamlined the company formation process.
1.Greek Company Types and Choosing the Right Structure
The main legal structures available in Greece are:
IKE (Idiotiki Kefalaiouchiki Etairia): Introduced in 2012, the private company is Greece's most popular and flexible company type. No minimum capital requirement (symbolic €1 is sufficient). Can be formed by a single person. Fast and low-cost formation process.
EPE (Etairia Periorismenis Efthinis): The limited liability company with a minimum capital of €4,500. Shareholders' liability is limited to their contributions. Less commonly chosen since the introduction of the IKE.
AE (Anonymi Etairia): The joint-stock company with a minimum capital of €25,000. Suitable for large-scale enterprises and companies planning an IPO. A board of directors is mandatory.
OE (Omorrythmi Etairia): General partnership where all partners bear unlimited liability. No minimum capital required.
EE (Eterorrythmi Etairia): Limited partnership with at least one general partner and one limited partner.
Atomiiki Epicheirisi: Sole proprietorship — the simplest form but with unlimited personal liability.
2.Company Name and AFM Number
Company names in Greece are checked through GEMI (Geniki Emporiko Mitroo — General Commercial Registry). The name must be unique and not confusingly similar to existing registrations. During formation, the company is assigned an AFM (Arithmos Forologikou Mitroou) — Greece's tax identification number. Foreign founders must first obtain a personal AFM through the local tax office (DOY).
3.Formation Process and GEMI Registration
Greece has significantly digitized its company formation process in recent years:
e-YMS (One-Stop Service) System: Online formation is possible through the one-stop service point. For IKE, the process is typically completed within 1-2 business days.
Required Steps:
1. Check company name availability in GEMI
2. Prepare articles of association (no notary required for IKE)
3. Submit application through e-YMS
4. GEMI registration and AFM assignment
5. EFKA (Social Security) registration
6. Open a bank account
The fact that IKE formation does not require a notary is a significant advantage. EPE and AE formations require notarial certification.
4.Bank Account and Capital Requirements
For an IKE, there is no minimum capital requirement — symbolic €1 is sufficient. However, adequate capitalization for business activities is recommended.
Opening a business bank account in Greece requires the GEMI registration certificate, AFM number, shareholders' identification, and proof of residence. Major banks include National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank.
• EPE: Minimum capital €4,500
• AE: Minimum capital €25,000
5.Greek Tax System
Greece's tax system has been improved with investor-friendly reforms in recent years:
• Corporate Tax: Flat rate of 22% (as of 2024)
• FPA (VAT): Standard rate 24%, reduced rates 13% and 6%. Certain exemptions apply on Aegean islands.
• Dividend Tax: 5% withholding rate
• Capital Gains Tax: Gains from share sales are subject to corporate tax
Greece has double taxation treaties with over 50 countries. Investment incentives include tax credits for new investments and a 200% super-deduction for R&D expenditure.
6.Golden Visa and Investment Incentives
Greece's Golden Visa program grants residence permits to non-EU citizens in exchange for real estate investment:
• Minimum €250,000 real estate investment (€500,000 in certain areas)
• 5-year residence permit, renewable
• Free movement within the Schengen area
• Covers family members
Other Investment Incentives:
• Tax reductions, grants, and leasing subsidies under the Development Law (Anaptyxiakos Nomos)
• Special tax advantages in free zones
• Incentives for renewable energy investments
• EU funds for technology and innovation projects
7.Social Security and Employer Obligations
Employers in Greece must register with EFKA (Elektronikos Ethnikos Foreas Koinonikis Asfalisis):
• Employer contribution: Approximately 22.29% of gross salary
• Employee contribution: Approximately 13.87% of gross salary
• Total: Approximately 36.16%
Greek labor law key rules:
• Written employment contracts are mandatory
• Probation period can be up to 12 months
• Minimum annual leave is 20 working days (21-22 after 5 years)
• 13th and 14th month salaries (Christmas, Easter, and holiday bonuses) are mandatory
• Standard working week is 40 hours
The minimum wage as of 2024 is €780 per month.
8.Accounting and Financial Reporting
All companies in Greece must maintain books in accordance with Greek Accounting Standards (ELP — Ellinika Logistika Protypa).
Key obligations:
• Preparation of annual financial statements
• Monthly or quarterly FPA (VAT) returns
• Annual corporate tax return
• Monthly payroll declarations
• Invoice reporting through the myDATA electronic bookkeeping system
IFRS may apply for larger companies. Working with a certified accountant is mandatory. We provide this service through our professional team.
Setting up a company in Greece is becoming increasingly attractive, particularly thanks to the IKE structure's flexibility, low capital requirements, and fast digital formation process. We provide full post-formation support in accounting, tax, and legal processes to ensure your business grows on solid foundations.
Greece's Economic Outlook
Greece has been in a strong recovery phase following the economic crisis of the 2010s. Tourism, shipping, agriculture, and energy are the cornerstones of the economy. The country benefits significantly from EU structural funds.
Tourism and Shipping
Greece has the world's largest commercial shipping fleet. Tourism accounts for approximately 20% of GDP. The country welcomes over 30 million tourists annually.
Strategic Location
Situated at the crossroads of Southeast Europe, the Eastern Mediterranean, and North Africa, Greece offers a strategic base for regional trade. Piraeus Port is one of the largest container ports in the Mediterranean.
Digital Transformation
Greece has made significant strides in digitizing public services in recent years. The gov.gr platform has brought many bureaucratic processes online.