Greece

Greece is a country situated in the very south of Europe on the Balkan Peninsula and small but numerous islands. It shares extensive borders with other countries, namely land borders with Albania, Macedonia, Bulgaria and Turkey. It sits on the shores of the Aegean, Ionian and Mediterranean Seas. Modern-day Greece is a developed country that has managed to preserve and carry the traditions and culture of its former state, Ancient Greece, throughout the centuries. With such a rich heritage, Greece is one of the most visited countries in the world.

Greek is the state's official language. The official currency is the euro.
The Republic is rich in minerals such as bauxite and lignite.
The Greek state has an active foreign policy, having concluded a large number of international treaties and having joined international organisations. It is a member of the European Union, NATO, the UN, the Council of Europe and the OSCE. Greece has double taxation agreements with a number of countries.

6 simple steps to purchase a company

  1. choosing a country

  2. choosing a bank

  3. payment (by any method)

  4. sending documents

  5. company registration

  6. bank account opening

Main advantages

Investors are interested in Greek companies mainly because of the following factors:

  1. Very low property prices
  2. Relatively low labour costs
  3. Roads, ports and rail infrastructure in Greece are now being rapidly modernised to attract foreign capital.
  4. Tourism is also developing at a rapid pace. A new trend has now emerged, which is that tourism lasts almost all year round, providing Greece with a high GDP.
  5. Low levels of bureaucracy.
  6. Unmatched availability of skilled and unskilled workers

Type of legal entity:

According to current Greek legislation, the incorporation of such companies is available to foreign persons:

(АО) — Anonymos Eteria (AE)

Is the most common form of legal entity for large businesses. A minimum share capital of 60,000 euros is required to establish a company. Greek AE is managed by the shareholders general meeting, which appoints a body responsible for day-to-day management decisions: the board of directors.

(ООО) — Eteria Periorismenis Efthynis (ЕРЕ)

It is a popular form of business for medium and small entrepreneurs. A minimum share capital of 18,000 euros is required to establish this type of company. The liability of the participants is also limited to a capital contribution. The General Meeting of Members ensures the management of the Greek EPE. A company may also have a single founder, however, in this case its name must include the words clarifying that its founder is one person.

Full Partnership - Omorythmos Eteria (OE)

Established by at least two partners, with no minimum share capital requirements and on the basis of an agreement signed by these partners. All partners have equal rights (general partners), moreover, they are fully liable for the obligations and debts of their company, i.e., including their property. They are prohibited from transferring their shares to third parties without a corresponding decision of the general meeting, under the threat of invalidating such a transaction.

Limited Partnership - Eterorythmos Eteria (EE)

Partners in limited partnerships are divided into general partners and non-general partners. The general partners have equal rights and are fully liable for the debts and obligations of the company, while the non-general partners are only liable to the extent of their shares. The company is managed by the general partners in accordance with the articles of association.

Features of company incorporation:

Based on an analysis of the current legislation in Greece regulating business entities, the following can be said regarding the specifics of the company registration procedure:

  1. Company registration takes place at the Greek Chamber of Commerce and Industry;
  2. A unique name must be chosen for the firm;
  3. It is compulsory to open an account in a Greek bank, into which the minimum amount of the share capital is deposited;
  4. Incorporation documents must be prepared and certified by a local notary;
  5. Create a certified seal;
  6. Register a local legal address;
  7. Provide information about the owners;
  8. Provide precise information about the company's line of business;
  9. The procedure usually takes about 10 days.

Taxes and fees in Greece

Greece's tax legislation is not very transparent, however, it has relatively low rates.

The corporate tax rate of 24% applies (29% for credit institutions).

The basic VAT rate is 24%. The reduced VAT rate of 13% applies to fresh produce, care for children, the elderly and disabled and accommodation in hotels or similar establishments, 6% (pharmaceuticals, theatrical performances) and 0% (domestic and international air and sea transport), among others. Dividends - 5%, Royalties - 20%.

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