Step-by-Step Process for Registering a Company in Greece

Introduction

Greece has become an increasingly attractive destination for international investors and entrepreneurs seeking to establish an EU foothold with competitive operating costs, strategic access to Southeastern Europe and the Mediterranean, and a modernizing regulatory environment. This guide explains the step-by-step process for registering a company in Greece, covering corporate structures, required documents, practical timelines, estimated costs, tax considerations (including the standard corporate tax rate), and post‑registration obligations. It is written for business professionals and advisers evaluating company formation and business registration in Greece.

Why choose Greece for company formation

Greece offers several advantages for company formation:

• Strategic location: Gateway between Europe, the Balkans, North Africa and the Middle East.
• EU market access: Companies formed in Greece benefit from EU regulatory and trade frameworks.
• Competitive tax environment: Greece’s standard corporate tax rate is currently 22% (note: industry-specific regimes and incentives may result in different effective rates).
• Talent pool and cost base: A skilled workforce with relatively lower labour costs than many Western European countries.
• Incentives: Investment support, tax reliefs and grants are available in targeted sectors such as renewable energy, shipping, tourism and R&D.
• Digitalization: Greece has streamlined many company registration steps through the General Commercial Registry (GEMI) and digital services, reducing administrative friction.

Choose the right corporate structure

Selecting the correct corporate structure is a critical first step. Common options include:

• IKE (Idiotiki Kefalaiouchiki Etairia) — Private Capital Company: Flexible, low minimum capital (possible to incorporate with €1), suitable for small to medium businesses and single‑member companies.
• EPE (Eteria Periorismenis Efthinis) — Limited Liability Company (LLC): Traditional LLC form; historically requires higher minimum capital (commonly cited around €4,500) and slightly different governance rules than IKE.
• AE (Anonymi Etairia) — Public Limited Company (S.A.): For larger enterprises, minimum share capital generally at least €25,000; required for businesses that may issue shares publicly or require a board of directors.
• Branch or Representative Office: Useful for foreign companies that wish to operate in Greece without forming a separate legal entity; branches must be registered and typically subject to Greek corporate rules for the branch’s activities.

Evaluate liability, capital requirements, governance, and reporting obligations when selecting a form. Most small and medium international startups now favor IKE for its flexibility.

Pre‑registration steps

1. Name reservation and availability check:
   • Check the proposed company name through GEMI (General Commercial Registry) to ensure uniqueness and compliance.
2. Decide share capital and shareholders:
   • Confirm who will be shareholders and directors/managers and the initial capital split. For IKE the minimum capital can be nominally low; for AE/EPE higher capital must be provided.
3. Registered office:
   • Secure a registered office address in Greece (lease contract or proof of property ownership).
4. Appoint a tax representative (if necessary):
   • Non‑EU residents commonly appoint a fiscal representative to handle tax formalities and interact with the tax authority (AADE).

Documents required

Typical documents needed to register a company in Greece include:

• Articles of Association / Company charter (statute) signed by founders.
• Identification documents of shareholders and directors (passport for non‑residents; national ID for Greek nationals).
• Tax Identification Number (AFM) for all shareholders and directors; non‑residents may obtain AFM through a Greek tax office or via a fiscal representative.
• Proof of registered office (lease, deed).
• Bank certificate proving payment/deposit of share capital (where required).
• Power of attorney if founders or directors do not appear in person.
• For corporate shareholders: corporate documents from the parent company (certificate of incorporation, board resolutions, powers of attorney), legalized or apostilled and translated if necessary.
• Financial statements or business plan may be requested by banks during account opening.
• Forms required by GEMI and tax authorities (provided by legal/accounting advisors).

Note: Some company types (e.g., AE) require notarization of founding acts. The exact document set differs by corporate type and whether incorporators are foreign or domestic.

Step‑by‑step registration process

1. Prepare the constitutive documents

Draft the Articles of Association (or adopt a model contract for IKE). Engage a Greek lawyer or notary to ensure compliance with Greek company law and sector-specific rules.

2. Bank deposit and capital verification

Deposit the required share capital into a Greek bank and obtain a deposit certificate where applicable (mandatory for AE and commonly required for EPE). For IKE the capital requirement is minimal and some packages allow formation without a significant initial deposit.

3. Notarization (if required)

If forming an AE (and in some EPE cases), founders must sign the articles before a Greek notary public. IKE can be set up with simpler procedures, often without full notarization.

4. Register with the General Commercial Registry (GEMI)

Submit the incorporation file to GEMI. GEMI issues the Company Registration Number and enters the company into the public register. This step triggers publication obligations and is fundamental for legal existence.

5. Obtain Tax Number (AFM) and VAT registration

Register the company with the Independent Authority for Public Revenue (AADE) to obtain a Tax Identification Number (AFM) for the company and register for VAT (ΑΦΜ and ΦΠΑ). VAT registration may be automatic upon commencement of taxable activities.

6. Social security registration

Register with EFKA (Unified Social Security Institution) to set up employer contribution accounts and register employees.

7. Additional licenses / sector approvals

Obtain any special permits or professional licenses if operating in regulated activities (e.g., finance, healthcare, transportation, food services).

8. Open corporate bank account and complete KYC

Open a corporate bank account. Banks perform enhanced KYC/AML checks; expect requests for identity documents, proof of address, business plan and references. Physical presence of signatories may be required.

Timelines

Typical setup time for a straightforward company formation in Greece is approximately 4–6 weeks from the start of the process to full operational readiness. Breakdown:

• Document preparation and name reservation: 1–2 weeks
• Notarization (if required): 1–3 days
• GEMI registration: usually 3–10 business days, though delays can occur
• Tax and VAT registration: 1–2 weeks
• Bank account opening and KYC: 1–3 weeks (can be the longest single item)

Complex structures, foreign corporate shareholders, or industry‑specific licensing can extend the timeline.

Costs (typical ranges)

Costs vary by company type, complexity, and advisor fees. Approximate ranges:

• Share capital: from €1 (IKE) to €25,000+ (AE), depending on legal form.
• Notary fees: €200–€1,500+ (higher for AE and complex documents).
• GEMI registration fees and publication charges: combined €100–€400 (approximate; exact fees vary).
• Legal and accounting advisory fees: €500–€3,000+ depending on complexity and foreign shareholder requirements.
• Bank fees and capital deposit handling: bank charges vary.
• Translations and legalization/apostille for foreign documents: €100–€500+ depending on volume and consular charges.

These are indicative amounts; obtain firm quotes from local counsel, notaries and accountants before proceeding.

Tax and compliance overview

• Corporate tax rate: The standard corporate income tax rate in Greece is 22% (subject to change by legislation; special regimes may apply to certain sectors).
• VAT: Standard VAT rate in Greece is 24%, with reduced rates for certain goods and services.
• Withholding taxes, payroll taxes and social security contributions apply; employers are responsible for monthly filings and contributions to EFKA.
• Annual financial statements must be prepared in accordance with Greek accounting standards or IFRS (for larger companies) and filed with tax authorities and GEMI as required.
• Greece has transfer pricing rules, controlled foreign company rules and tax treaty network with many countries.

Consult a tax advisor to design a tax-efficient structure, assess incentives (e.g., R&D deductions, investment incentives), and ensure compliance with advance tax payment obligations.

Practical tips for foreign investors

• Get a local advisor: Engage a Greek lawyer and accountant early to navigate incorporation, tax registration and sector-specific rules.
• AFM for foreigners: Non‑resident shareholders and directors should obtain AFMs early; this can be done through a fiscal representative when necessary.
• Plan for bank KYC timescales: Banks can be stringent on documentation; prepare corporate and personal documents in advance, and consider multiple banks.
• Use the IKE form for SMEs: For many foreign entrepreneurs, the IKE offers fast, cost‑effective company formation with flexible capital and governance.
• Understand labour rules: Employment law and social security obligations are significant operating costs; get payroll and HR advice early.

Conclusion

Forming a company in Greece is a straight‑forward process when planned carefully: choose the appropriate corporate structure (IKE, EPE, AE, or branch), prepare and legalize the required documents, complete GEMI and tax registrations, and set up banking and social security registrations. Typical formation time is about 4–6 weeks for standard cases, while costs vary by company type, capital and professional fees. Greece’s strategic position, EU membership, modernizing administration and a standard corporate tax rate of 22% make it an attractive jurisdiction for businesses seeking EU market access. Always engage qualified local legal and tax advisers to confirm up‑to‑date fees, procedures and incentives tailored to your industry and investor profile.