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Ease of Doing Business in

Greece

Greece Download Profile (1774.9KB, pdf)
Region OECD high income
Income Category High income
Population 10,823,732
GNI Per Capita (US$) 20,290
City covered Athens

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 61 58 down
3
68.67 68.67
0.00
Starting a Business 56 49 down
7
90.70 90.70
-
Dealing with Construction Permits 58 55 down
3
73.63 73.63
-
Getting Electricity 52 46 down
6
80.57 80.57
-
Registering Property 141 144 up
3
49.67 49.62 up
0.05
Getting Credit 82 78 down
4
50.00 50.00
-
Protecting Minority Investors 42 40 down
2
63.33 63.33
-
Paying Taxes 64 62 down
2
78.22 78.65 down
0.43
Trading across Borders 29 29
-
93.72 93.72
-
Enforcing Contracts 133 131 down
2
50.19 50.19
-
Resolving Insolvency 52 52
-
56.66 56.28 up
0.38

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 56

DB 2016 Rank: 49

Change in Rank: down7

DB 2017 DTF (% points): 90.70

DB 2016 DTF (% points): 90.70

Change in DTF (% points): 0.00

Standardized Company
Legal form: Private Company (IKE)
Paid-in minimum capital requirement: EUR 1
City: Athens
Indicator Greece OECD high income
Procedure – Men (number) info_outline 5.0 4.8
Time – Men (days) info_outline 13.0 8.3
Cost – Men (% of income per capita) info_outline 2.2 3.1
Procedure – Women (number) info_outline 5.0 4.8
Time – Women (days) info_outline 13.0 8.3
Cost – Women (% of income per capita) info_outline 2.2 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Obtain Tax Clearance form A7 from Tax Authority

    Agency: Tax Authority

    Before applying for a new company at GEMI, entrepreneurs need to obtain tax clearance form A7 with any Tax Authority Office. This form shows that the founders do not have any outstanding taxes and are able to start a company.
    Less than one day (online procedure)
    no charge
    2

    Submit with GEMI the application of establishment and its forms

    Agency: Chamber of Commerce and Industry office at One-Stop Shop

    The costs associated with the application for establishment are as follows:
    • Fixed fee for the incorporation of IKE (for 5 shareholders): €90
    • Fee for the submission of documents with GEMI: €10
    • Fee for the registration of IKE with the Chamber of Commerce: €10 (optional)
    • First year subscription fee with the Athens Chamber of Commerce: €100 (Different fees may apply for different Chambers)

    The Articles of Association of the company shall contain:
    a) the full trade name of the IKE;
    b) the domicile or an electronic address of the partners;
    c) the seal of the company;
    d) the objective of the company;
    e) verification that the company is private;
    f) the contributors of the partners by category and their value, in accordance with Articles 77 to 79, as well as the capital of the company;
    g) the sum of the company’s parts;
    h) the initial number of the parts of each partner and the category of contribution to which the parts correspond;
    I) how the company is managed and represented; and
    k) the duration of the company.

    Business founders need to submit a certified copy or copies of their IDs. Business founders also need to request to send notice to the Insurance Organization (OAEE) with regard to the company’s establishment.

    Given that after 01.01.2015, corporate acts and information shall no longer be published in the Government's Gazette and that they shall be published on the General Commercial Registry's (GEMI) website, it is obligatory that all companies maintain a ledger (merida) on which said actions and/or information shall be uploaded.
    10 days see procedure details
    3

    Make a company seal

    Agency: Seal Maker

    All company books and records must be sealed before they are certified. The company seal must also contain the company’s tax registration number and competent tax office.

    On May 31, 2013 the Government of Greece adopted the Law 4156/2013 abolishing the requirement to make and affix the company seal for corporations. However, it is still used in practice by banks, as the Bank of Greece has not issued a circular asking the banks to not require it. Thus, companies are still required to make a company seal in their daily practice.

    As of January 2015, IKE is required to keep electronically its c' category books and records. There is no obligation for handwritten company's books and records sealed by the competent Tax Authority.
    1 day EUR 40
    * 4

    Register the employees with IKA (Social Security Organization)

    Agency: IKA (Social Security Organization)

    The entrepreneur once the company has been incorporated has to register with IKA in its capacity as an employer. In parallel with the aforementioned registration, the entrepreneur shall acquire a username and password for the electronic services and for the online registration of the employees with IKA and, subsequently, with the Manpower Employment Organization (OAED).  

    Legal basis:
    No K1-802/23.3.2011 Common Minister Decision, the No K1-1084/24-5-12 Common Minister Decisiom and the no 32/ 2013 Circular of IKA
    Less than one day (online procedure, simultaneous with previous procedure)
    no charge
    * 5

    Register with OAEE (Insurance Organization for the Self-Employed)

    Agency: OAEE (Insurance Organization for the Self-Employed)

    The Director of IKE is legally obliged to registered with OAEE (Insurance Organization for the Self-Employed) while the registration of other members of IKE is optional. Registering more members of the IKE costs an additional EUR 111.10 per person.

    Legal basis:
    No K1-802/23.3.2011 Common Minister Decision, the No K1-1084/24-5-12 Common Minister Decisiom and the no 32/ 2013 Circular of IKA
    1 day, simultaneous with previous procedure EUR 111.10

    * Takes place simultaneously with previous procedure.