Greece

Starting a Business in

Greece

Listed below is a detailed summary of the bureaucratic and legal hurdles an entrepreneur must overcome in order to incorporate and register a new firm, along with their associated time and set-up costs.  It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income (GNI).

The information appearing on this page was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 183 economies. The most recent round of data collection for the project was completed in June 2011.

  • Standardized Company

  • Legal Form: Eteria Periorismenis Efthinis (EPE)
  • City: Athens

About This Topic

To see indicator data for all economies, see the Starting a Business page. To see how economies rank, see the Rankings page.

No. Procedure Time to Complete Associated Costs
1 File company documents with the Athens Bar Association

The fee for filing company documents with the bar association varies, based on company capital:
- EUR 29,347 to EUR 44,020: 1% of company capital.
- EUR 44,020 to EUR 1,467,351: 0.5%.
- EUR 1,467,351 to EUR 2,934,702: 0.4%.
- EUR 2,934,702 to EUR 5,869,405: 0.3%.
- EUR 5,869,405 to EUR 14,673,514: 0.2%.
- EUR 14,673,514 to EUR 29,347,028: 0.1%.
- EUR 29,347,028 to EUR 58,694,057: 0.05%.
- Over EUR 58,694,057: 0.01%.

The filing fee is payable only when company capital exceeds EUR 29,347. A fixed fee of EUR 10 is levied for certifying the signature of the attorney who signed said draft.
1 day EUR 1208
2 Precheck with GEMINET the name of the company, the tax identification number of the founders, the compliance with the social security funf and the tax compliance certificate

The founders or their representatives submit to a certified Notary Public (acting as a one-stop shop) all the required documents and fees for its establishment. The name and distinctive title can be orally proposed by the founders or their representative(s) to the One Stop Shop, in order to proceed with the pre-check of the company's name. Subsequently, the certified notary proceeds, among other with the pre-check and pre-registration of the company’s name and distinctive title with the Chamber of Commerce. Finally, upon the completion of all required procedures by the One Stop Shop and the preparation of the respective Articles of Association of the company under establishment, the founders or their representative(s) sign the Articles of Association of the company in front of the notary

According to the revised Notary fee : Nr K 32126/10.3.1988 (Government Gazette B/ 418/14.3.1988), there is a fixed amount of 44, 02 € which covers the first two pages.
Also, according to art.4 of Common decision of Ministers of Justice and Economy and Finance (Government Gazette B/599/5.5.2005) notaries collect fees for a) every additional paper 6 € and b) every paper of the copies 5 €.
The Chamber of Commerce and Industry examines, before giving the approval, whether the proposed company's name or title "is distinctly different from those recorded in the books" (according to Art. 4 paragraph 5 of Law 1089/1980).
1 day no charge
* 3 Sign the articles of Association before the notary


1 day (simultaneous with previous procedure) no charge
* 4 Once the signed articles of association are scanned and uploaded, pay for all the fees and obtain certification by the Lawyers Welfare Fund, the GEMI number and the tax registration number of the company

Capital tax on the concentration of capital must be paid-in within 15 days of the signing of the articles of incorporation; otherwise, a penalty is imposed.
1 day (simultaneous with previous procedure) EUR 2459
* 5 Submit summary of the Articles of Incorporation to the Printing Office for publication in the Official Gazette (Fyllo Efhmeridas ths Kyvernhsews)

A part of the fee is paid to a tax office, which issues a duplicate, and another part is paid to the National Printing Office. After the papers are filed with the Official Gazette, a protocol number is issued verifying submission. The actual publication of the company’s articles of incorporation by the National Printing Office may take 1 to 2 months, depending on the Gazette’s workload (when company financial statements are published, substantial delays may occur).
3 days (simultaneous with previous procedure) no charge
* 6 Register at the Chamber of Commerce and Industry

The following documents are required to register the company for taxes and social security contributions: notarized articles of incorporation that are stamped by the tax authority, the Lawyers’ Pension Fund, and the Lawyers’ Welfare Fund; the certification of the preapproval of company name by the Chamber of Commerce and Industry, a copy of the Official Gazette containing the published summary of the articles of association, a copy of the original articles of incorporation; and copies of the police identity cards of all company owners. It is possible that the founder can first file the protocol number and then file the published issue.
1 day, simultaneous with previous procedure EUR 146,48 + 2.4 % stamp duty
7 Deposit capital in a bank

The company must submit a statement on the commencement of its operations within 30 days of submitting its articles of association to the Secretariat of the Court of First Instance. The statement is filed with the District Tax Office of the company’s registered seat and must be supported by the following documents:
- Company’s official articles of incorporation (certified copy).
- Official Gazette announcement, with the summary of the articles of incorporation (two copies).
- Lease agreement or agreement for the free assignment of use of the office space to be used as the company’s registered seat, duly certified by the landlord’s competent tax authority.
- Registration certificate from the competent chamber of commerce.
- Social security certificate for the company’s partners, issued by the competent social security fund or, if applicable, a certificate of exemption.
- Receipt of payment of capital concentration tax (photocopy).
- Identity card of the company’s administrator and the individual’s tax registration number (photocopy).
- Authorization letter by the company’s administrator to the individual who will undertake all filing procedures before the tax authorities.
- Preprinted forms provided by the Greek tax authority.

Upon submitting these documents, the competent tax office furnishes the company with the tax registration number and the required certificate to start its business operations.
1 day no charge
* 8 Make a seal

A company seal is compulsory because all company books and records must be sealed before they are certified, and because the company seal must contain the company’s tax registration number and competent tax office.
1 day, simultaneous with procedure 9 EUR 40
* 9 Have the Tax Authority hole-stamp the company’s invoice and account books

Following issuance of the tax registration number, the company accountant first prepares the computerized accounting books, which must contain all required company information (address, contact information, and tax registration number). The company then presents the accounting books and the required tax records (invoices, dispatch notes, etc.) to the competent tax office for perforation.
1 day, simultaneous with procedure 9 no charge
* 10 Notify the Manpower Employment Organization (OAED) within 30 days of hiring a worker

In case of a newly-establisted company, the timeframe for the notification of OAED is extended to 30 days upon hiring the worker, for the first three months of the company's operation.
1 day, simultaneous with procedure 9 EUR 111 per company founder
* Takes place simultaneously with another procedure.
Explore Economy Data