Greece

Starting a Business in

Greece

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Greece. 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.

This information 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 185 economies. The most recent round of data collection was completed in June 2012.

Compare Greece to 184 other economies.

YearNew business densityNumber of new limited liability companies
2008 0.856,416

  • Standardized Company

  • Legal Form: Eteria Periorismenis Efthinis (EPE)
  • Paid in Minimum Capital Requirement: EUR 4,500
  • City: Athens

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

According to article 9 of L.3853/2010, as in force, an attorney should be present at the signing of the Articles of Association of the company, if the company capital is more than 100,000 Euros.

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 1151
2 Precheck with GEMINET the name of the company, the tax identification number of the founders, the compliance with the social security fund 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.

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 EUR 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 EUR 6 and (b) every paper of the copies EUR 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

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.
1 day, simultaneous with previous procedure Included in procedure 4
* 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 2325
* 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
• 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


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 previous procedure 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 previous procedure no charge
* 10 Register the employees with IKA

The entrepreneur has to register of the employees with IKA, once the company has been created. This is done by email by the notary.
1 day, simultaneous with previous procedure no charge
* 11 Register with OAEE

Every entrepreneur has to register with the Social Security Organization for Self-Employed (OAEE) provided he is not already registered with another social security body, nor does he already have an existing OAEE number.
1 day, simultaneous with previous procedure EUR 111 per company founder
* Takes place simultaneously with another procedure.
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