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

Establishing a business in Greece offers a strategic gateway to the European market, combining a favourable geographic location with a growing economy. If you are considering expanding your operations or starting fresh in this vibrant country, understanding the process is crucial. This guide will walk you through the essential steps, legal requirements, and practical tips to successfully set up a company in Greece.

Navigating the Company Setup Guide Greece: Key Steps to Begin

Starting a company in Greece involves several stages, each with specific documentation and legal formalities. Here’s a clear roadmap to help you get started:

1. Choose the Type of Company

   Greece offers various business structures, but the most common for foreign investors are:

2. Sole Proprietorship (for small businesses)

3. Private Company (IKE) – Limited liability and flexible management

4. Limited Liability Company (EPE)

6. Société Anonyme (AE) – Suitable for larger enterprises




Selecting the right type depends on your business size, liability preferences, and tax considerations.




7. 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.

   
   

8. Draft the Articles of Association

   This document outlines the company’s purpose, capital, shareholder rights, and management structure. It must comply with Greek law and be notarised.

   
   

9. Deposit the Initial Capital

   Depending on the company type, a minimum capital deposit is required. For example, an IKE requires a minimum of €1, while an AE requires at least €25,000.

   
   

10. Register with the General Commercial Registry (GEMI)

    Submit all necessary documents, including the Articles of Association, proof of capital deposit, and identification of shareholders and directors.

    
    

11. Obtain a Tax Identification Number (TIN)

    Every company must register with the Greek tax authorities to receive a TIN, which is essential for tax filings and invoicing.

    
    

12. Register for VAT

    If your business turnover exceeds the threshold or you engage in VAT-taxable activities, you must register for VAT.

    
    

13. Open a Corporate Bank Account

    This account will handle all company transactions and capital deposits.

    
    

14. Register with Social Security and Labour Authorities

    If you plan to hire employees, registration with the relevant social security funds is mandatory.

    
    

10. Obtain Necessary Licences and Permits

Depending on your business sector, additional permits may be required.

Following these steps carefully will ensure a smooth company formation process.

Eye-level view of a modern office building in Athens

Understanding Legal and Tax Obligations in Greece

Once your company is set up, compliance with Greek laws and tax regulations is essential to avoid penalties and ensure sustainable operations.

• Corporate Tax: The standard corporate tax rate in Greece is 22%.

• Value Added Tax (VAT): The standard VAT rate is 24%, with reduced rates for specific goods and services.

• Social Security Contributions: Employers contribute approximately 24% of employee salaries to social security.

• Annual Financial Statements: Companies must prepare and file annual financial reports audited by certified accountants.

• Labour Laws: Greece has strict labour regulations regarding contracts, working hours, and employee rights.

  
  

It is advisable to work with local accountants and legal advisors to navigate these obligations effectively.

What is the 400K Golden Visa for Greece?

For investors looking to combine business opportunities with residency benefits, the 400K Golden Visa program is a significant incentive. This visa grants residency permits to non-EU nationals who invest at least €400,000 in real estate or business ventures in Greece.

Key features include:

• Residency for the investor and their family members

• Freedom to travel within the Schengen Area

• No minimum stay requirement to maintain residency

• Potential pathway to permanent residency and citizenship

  
  

This program is particularly attractive for international investors seeking to establish a company in Greece while securing residency rights.

High angle view of a luxury residential complex in Greece

Practical Tips for a Successful Company Setup in Greece

Setting up a company in a foreign country can be challenging, but with the right approach, it becomes manageable and rewarding. Here are some practical recommendations:

• Engage Local Experts: Hiring a local lawyer and accountant familiar with Greek business law and tax codes can save time and prevent costly mistakes.

• Understand Cultural Nuances: Business practices in Greece may differ from your home country. Building relationships and trust is key.

• Plan for Bureaucracy: Greek administrative processes can be slow. Patience and persistence are essential.

• Consider Location Carefully: Athens and Thessaloniki are popular business hubs, but regional cities may offer incentives and lower costs.

• Use Digital Tools: Many registrations and filings can now be done online, streamlining the process.

• Prepare for Language Barriers: Official documents are in Greek, so professional translation services may be necessary.

  
  

By following these tips, you can navigate the setup process with confidence.

Next Steps After Company Registration

Once your company is officially registered, your focus should shift to operational readiness and growth strategies:

• Develop a Business Plan: Outline your goals, target market, and financial projections.

• Build a Local Network: Connect with chambers of commerce, industry associations, and potential partners.

• Hire Qualified Staff: Greece has a skilled workforce, but recruitment should comply with local labour laws.

• Implement Marketing Strategies: Tailor your marketing to the Greek market, considering language and cultural preferences.

• Monitor Compliance: Keep up to date with tax filings, social security contributions, and regulatory changes.

  
  

Taking these steps will position your company for long-term success in Greece.

For those eager to learn more about how to set up a company in Greece, this guide serves as a solid foundation. With careful planning and expert support, your business venture in Greece can thrive.

Setting up a company in Greece is an exciting opportunity that requires careful preparation and understanding of local requirements. By following this comprehensive company setup guide Greece, you can confidently embark on your business journey in this dynamic market.