Setting Up a Company in Greece: A Full Company Setup Guide Greece

Ioannis Grimpilas
7 hours ago
5 min read

Establishing a business in Greece offers a unique opportunity to tap into a vibrant market with strategic access to Europe, the Middle East, and North Africa. The country’s improving economic landscape, combined with supportive government policies, makes it an attractive destination for international investors. However, navigating the legal and administrative requirements can be complex without the right guidance. This company setup guide Greece will walk you through the essential steps, helping you understand the process clearly and confidently.

Understanding the Company Setup Guide Greece: Key Steps to Start Your Business

Starting a company in Greece involves several stages, each with specific requirements and documentation. Here’s a clear breakdown of the process:

Choose the Type of Company
Greece offers various business structures, but the most common for foreign investors are:
Private Company (IKE): Limited liability, flexible management, and low minimum capital.
Société Anonyme (AE): Suitable for larger enterprises, requires higher capital and stricter governance.
General Partnership (OE) and Limited Partnership (EE): Less common for foreign investors due to unlimited liability concerns.

Reserve Your Company Name
The company name must be unique and approved by the General Commercial Registry (GEMI). This step ensures your brand identity is protected.
Draft the Articles of Association
This document outlines the company’s purpose, share capital, management structure, and operational rules. It must be notarised by a Greek notary.
Deposit the Share Capital
Depending on the company type, you must deposit the minimum required capital in a Greek bank. For an IKE, this can be as low as €1, while an AE requires at least €25,000.
Register with the General Commercial Registry (GEMI)
Submit all necessary documents, including the notarised articles, proof of capital deposit, and identification of shareholders and directors.
Obtain a Tax Identification Number (TIN) and VAT Number
Registration with the tax authorities is mandatory for tax compliance and invoicing.
Register with Social Security and Labour Authorities
If you plan to hire employees, you must register with the relevant social security funds and labour offices.
Open a Corporate Bank Account
This account will be used for all company transactions and capital management.

Each step requires attention to detail and adherence to Greek regulations. Working with local experts can streamline the process and avoid common pitfalls.

Eye-level view of a modern office building in Athens

What is the 400K Golden Visa for Greece?

The 400K Golden Visa is a residency-by-investment programme designed to attract foreign investors to Greece. By investing a minimum of €400,000 in real estate, investors and their families gain residency permits, allowing them to live, work, and travel freely within the Schengen Area.

This visa is particularly appealing for those looking to combine business opportunities with lifestyle benefits. It also offers a pathway to permanent residency and citizenship under certain conditions.

For business owners, the Golden Visa can facilitate easier access to the Greek market and provide a stable base for company operations. It’s important to note that the investment must be maintained for at least five years to retain residency rights.

This programme complements the company setup process by providing an additional incentive for international investors considering Greece as their business hub.

Legal and Tax Considerations When Setting Up a Company in Greece

Understanding the legal and tax environment is crucial for sustainable business operations. Here are some key points to consider:

Corporate Tax Rate: Greece currently applies a corporate tax rate of 22%, which is competitive within the EU.
Value Added Tax (VAT): The standard VAT rate is 24%, with reduced rates for specific goods and services.
Double Tax Treaties: Greece has agreements with many countries to avoid double taxation, which benefits international investors.
Labour Laws: Employment contracts, working hours, and employee rights are regulated by Greek labour law, which tends to favour employee protection.
Accounting and Reporting: Companies must maintain accurate accounting records and submit annual financial statements audited by certified accountants.
Intellectual Property: Register trademarks and patents with the Hellenic Industrial Property Organisation to protect your brand and innovations.

Navigating these legal and tax requirements can be challenging, but they are essential for compliance and long-term success.

Practical Tips for a Smooth Company Registration Process

Setting up a company in Greece can be straightforward if you follow these practical recommendations:

Engage a Local Consultant or Lawyer: Their expertise will help you avoid delays and ensure all paperwork is correctly filed.
Prepare All Documents in Advance: This includes passports, proof of address, and any required translations or notarizations.
Understand the Language Barrier: Official documents and procedures are in Greek, so professional translation services are often necessary.
Plan for Timeframes: Company registration can take from a few weeks to a couple of months depending on the company type and completeness of documentation.
Consider Your Business Location: Some regions offer incentives or lower costs, so choose your office location strategically.
Open a Bank Account Early: This is essential for capital deposit and operational transactions.
Stay Updated on Regulatory Changes: Greek business laws can evolve, so keep informed to maintain compliance.

By anticipating these factors, you can reduce stress and focus on growing your business.

High angle view of a business meeting with documents and laptops

Next Steps After Company Registration: Growing Your Business in Greece

Once your company is officially registered, the journey continues. Here are some steps to consider for successful business growth:

Develop a Local Network: Building relationships with suppliers, clients, and government agencies is vital.
Leverage Government Incentives: Greece offers grants and subsidies for certain sectors and innovation projects.
Invest in Marketing and Branding: Tailor your approach to the Greek market and cultural preferences.
Hire Skilled Local Talent: Accessing the local workforce can enhance your operations and market understanding.
Ensure Ongoing Compliance: Regularly file taxes, social security contributions, and financial reports.
Explore Expansion Opportunities: Greece’s strategic location can serve as a gateway to neighbouring markets.

Remember, setting up a company is just the beginning. Strategic planning and local insight will help you achieve long-term financial success.

If you want to learn more about how to set up a company in Greece, this guide is a great starting point to understand the essentials and prepare for your investment journey.

Setting up a company in Greece is an exciting venture filled with potential. With the right preparation and support, you can navigate the process smoothly and position your business for growth in this dynamic market. Whether you are investing in real estate, technology, or other sectors, Greece offers a welcoming environment for international entrepreneurs ready to make their mark.

By Ioannis Grimpilas, Managing Director, BLUE WHITE CONSULTING

About the Author: Ioannis Grimpilas is the Founder and Managing Director of BLUE WHITE CONSULTING, a Greek real estate advisory firm specializing in development management for international investors. With over 30 years of experience in real estate and €50M+ in delivered projects, Ioannis and his Team have helped Austrian, Canadian, French, Australian, German, American, Brazilian, just to name a few, investors successfully enter and profit from the Greek market.