Complete Guide to Company Formation in Greece: Requirements, Costs, and Timeline

Introduction

Greece has become an increasingly attractive jurisdiction for company formation due to its strategic location at the crossroads of Europe, Asia and Africa, improving business infrastructure, competitive labour costs, and a range of incentives for foreign investors. Whether you are an entrepreneur looking to register a startup, a small business owner seeking a local presence, or a multinational opening a subsidiary, understanding the practical steps, costs, timelines and compliance requirements for company formation in Greece is essential. This guide explains the corporate structures available, required documentation, estimated costs, and the typical 4–6 week setup timeline, plus post-incorporation obligations and practical tips for foreign investors.

Why register a company in Greece?

Greece offers several advantages for doing business:

• Strategic location: gateway to Southeast Europe, the Balkans and the eastern Mediterranean, with excellent maritime and transport links.
• EU membership: access to the single market, common regulations and EU funding programs.
• Skilled, multilingual workforce and competitive labour costs compared with many Western European markets.
• Growing sectors: tourism, shipping, renewable energy, technology, logistics and agribusiness provide diverse opportunities.
• Incentives and supports: national and regional development incentives, tax incentives for investment projects, and R&D subsidy schemes.

These factors make Greece a viable option for company formation, both for domestic entrepreneurs and international investors.

Common corporate structures (corporate structure)

Choosing the correct corporate form is the first step. The most commonly used vehicles are:

• IKE (Private Capital Company — Ιδιωτική Κεφαλαιουχική Εταιρεία): A flexible, modern corporate form widely used by startups and SMEs. It allows a low minimum capital (even as low as €1 in practice), limited liability for shareholders, and simple corporate governance options.
• EPE (Limited Liability Company — ΕΠΕ): A traditional limited liability company with more formal capital rules and governance than an IKE. Often used by small-to-medium businesses that require a slightly more structured setup.
• AE (Public/Private Limited Company — Ανώνυμη Εταιρεία): A joint-stock company suited to larger businesses or companies planning public offerings. It typically requires higher minimum share capital and fuller corporate governance and disclosure.
• Branch or representative office: Foreign corporations can operate through a branch or representative office. A branch is treated as part of the foreign parent and usually requires registration and tax reporting in Greece.
• Partnerships (OE/EE): General (OE) and limited (EE) partnerships exist for specialised trading arrangements but expose partners to different levels of liability.

For most foreign investors and startups, the IKE is the most popular choice due to simplicity, low capital requirements and limited liability protection.

Step‑by‑step company formation process in Greece

1. Preliminary checks and company name

   • Perform a name availability check via the General Commercial Registry (GEMI) and reserve the company name.
   • Decide on the corporate structure, shareholding, directors and registered office.

2. Obtain tax identification numbers

   • All shareholders and directors (including foreign nationals) must obtain a Greek tax identification number (AFM). This can often be done through the Greek tax authorities (AADE) or via a local representative.

3. Preparation of incorporation documents

   • Draft articles of association / memorandum and other statutory documents. For EPEs and AEs, documents must be executed by a notary. IKEs can often be incorporated with simplified documents and may be able to use template articles.

4. Bank account and capital deposit

   • Open a company bank account and deposit any required share capital. For IKEs minimum deposit can be nominal; for other forms (EPE, AE) minimum capital requirements apply.

5. Notarisation and registration with GEMI

   • Submit incorporation documents to a Greek notary (if required) and file the company with the General Commercial Registry (GEMI). GEMI issues the company registration number and incorporation certificate.

6. Tax and social registrations

   • Register for an AFM (tax number) and VAT (if applicable) with AADE. Register the company and employees with the social security organisation (EFKA) and municipal authorities as required.

7. Licences and permits

   • Obtain sector‑specific licences or permits if your business activity is regulated (e.g., financial services, food, transport, healthcare).

8. Commence operations

   • After registration and all necessary permits, the company can legally start trading in Greece.

Documents required for company formation

Typical documentation required includes:

• Valid passports or national IDs of shareholders and directors.
• Proof of address for shareholders/directors (utility bill, bank statement).
• Articles of association / memorandum and bylaws (drafted in Greek; translations may be required).
• Notarised powers of attorney for foreign founders (if they cannot attend in person) — often apostilled and translated.
• Certificate of incorporation and good standing for foreign corporate shareholders (if applicable).
• Lease agreement or proof of registered office in Greece.
• Bank deposit certificate showing paid-in capital (where required).
• Tax registration forms for AFM and VAT.
• Identification of beneficial owners per AML/KYC requirements.

Note: Documents in foreign languages generally need a certified translation into Greek and notarisation/apostille consistent with the Hague Convention where applicable.

Costs and capital requirements

Costs vary by company type, level of professional support and regulatory fees. Typical cost items and ranges:

• Share capital:

  • IKE: nominal (in practice from €1 upwards); many startups choose at least a few hundred euros to demonstrate substance.
  • EPE: commonly requires minimum share capital in the low thousands (commonly cited around €4,500), though exact thresholds can change.
  • AE: higher minimum capital (commonly €25,000 or more for many AE formations). Note: exact minimums vary by company type and legal changes; confirm with local counsel.

• Government and registration fees:

  • GEMI registration and filing: usually modest (€50–€300 depending on filings and company type).
  • VAT registration and tax filings: administration only, registration itself typically free.

• Notary fees:

  • For EPE and AE incorporations expect notary fees ranging from a few hundred to over €1,000 depending on complexity.

• Legal and accounting fees:

  • Legal drafting and advisory: €500–€3,000 depending on scope.
  • Accountant and payroll setup: initial €300–€1,500 plus monthly accounting fees thereafter.
  • Translation and document legalisation: €100–€500.

• Bank fees and deposit: depends on the bank and whether capital must be deposited.

Overall, a basic IKE formation with minimal professional assistance can cost approximately €1,000–€3,000. More complex EPE/AE formations with higher capital and more services can cost several thousand euros more.

Corporate tax and other tax considerations:

• Corporate income tax: The standard corporate tax rate in Greece is 22% (corporate tax rate varies by specific circumstances, incentives and sector). Special regimes and tax incentives may reduce effective taxes for qualifying investments.
• VAT: standard rate is generally 24% (reduced rates apply to certain goods and services).
• Withholding taxes, employer social security contributions and local taxes also apply depending on activity and payroll.

Typical timeline (4–6 weeks)

A realistic timeline for company formation is typically 4–6 weeks. Key timing factors:

• Name reservation and AFM issuance for foreign nationals: a few days to 1–2 weeks depending on documentation and whether representatives appear in person.
• Drafting and notarisation of incorporation documents: 1–2 weeks.
• GEMI registration and issuance of registration certificate: several days to 2 weeks.
• VAT registration and banking setup: additional days to a couple of weeks.
• Sector licences or permits (if required) may add substantial time.

Note: IKE formations can sometimes be completed faster — in some cases within 2–3 weeks if all documents are in order and authorities process electronically — but 4–6 weeks is a prudent planning estimate for most foreign investors.

Post‑incorporation compliance

After incorporation you must address ongoing obligations:

• Accounting and bookkeeping: maintained according to Greek GAAP; monthly or quarterly filings may be required.
• Annual financial statements: audited and filed, depending on company size and thresholds.
• Corporate tax returns: filed annually; preliminary tax payments or instalments may apply.
• VAT returns: periodic filings (monthly or quarterly).
• Payroll and social security contributions (EFKA): timely monthly filings and payments for employees.
• Beneficial owner and AML/KYC reporting: update GEMI and tax authorities as required.

Non‑compliance can trigger fines, so engage a local accountant and legal adviser for continuous compliance.

Practical tips for foreign investors

• Use a local service provider: an experienced Greek lawyer or accountant will speed the process, help with translations, notary steps and tax registrations.
• Consider the IKE for flexibility: for small businesses and startups the IKE usually provides the best balance of low capital, limited liability and straightforward administration.
• Plan for AFM requirements: foreign directors/shareholders often need a tax number; appointing a local authorised representative can help manage administrative steps.
• Check sector-specific licensing early: regulated activities (food service, shipping, finance, healthcare) often require additional permits and inspections that can delay start-up.
• Consider incentives: research national or EU incentives, R&D credits and regional grants that may apply to your business.

Conclusion

Company formation in Greece is accessible for both local entrepreneurs and foreign investors, with the IKE providing a modern, cost-effective route for startups and SMEs. While the standard corporate tax rate stands at 22% (corporate tax rate varies depending on circumstances and incentives), total costs and procedures depend on the chosen corporate structure, required capital and regulatory requirements. Expect a typical setup time of 4–6 weeks for most straightforward formations, and budget for notary, registration, legal and accounting fees. Engaging local professional advisors early will smooth the process, ensure compliance with Greek legal and tax rules, and help you take advantage of incentives that improve the economics of establishing a business in Greece.