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Greece (officially the Hellenic Republic) is a country that is located in Southern Europe. It is a member of the European Union. Despite the problems that were associated with the crisis in 2009, today Greek economy has a positive trend. Therefore, if you conduct international activities and want to register a foreign company then this country is an excellent option.

Benefits of registering a company in Greece

Among the advantages that may interest both beginners and experienced business persons, it is worth mentioning:

  • equal rights for Greek citizens and foreigners in business matters, the presence of a clear legislative framework that prevents officials from interfering in the activities of entrepreneurs;
  • availability of tax incentives for foreigners wishing to invest in the Greek economy – exemption from internal taxes, customs payments;
  • advantages of business immigration: residence permit for a businessman and his family members, free movement within the Schengen area, Golden visa for investments in Greece;
  • existence of agreements on avoidance of double taxation with 57 countries;
  • a high standard of living with lower living costs compared to most EU countries;
  • affordable prices in the real estate market.

Forms of companies in Greece

In Greece, there are the following company forms to register:

  • Partnerships: General (OE) and Limited (EE);
  • Limited liability company (EPE);
  • Joint Stock Company (AE);
  • Branch Office.

Limited Liability Company and Societé Anonyme (Joint-stock company) are the most common forms. Branches of foreign companies that operate outside Greece are also in demand. Branches are analogous to offshore because they are exempt from income tax and can benefit from a double taxation treaty.

How to register a limited liability company in Greece:

First of all, you need to choose a name for the company. It should be specific to your business. The next step is to describe the activities of the company and create its charter. Determine the period in which you decided to register a company in Greece (further, it can be extended).

Also, you need:

  • registered office space on the territory of the state;
  • the authorized capital of at least 4500 Euro;
  • indication of the shares of each of the participants in the authorized capital;
  • number of participants: at least 1;
  • minimum number of accountants: 1;
  • company manager (must have an identification number).

Registration of a joint-stock company in Greece

To register a joint-stock company in Greece, you need:

  • choose a title that is associated with the activity;
  • describe the activities of the company;
  • draw up a charter;
  • register an office space in a given country;
  • have a minimum capital of 60,000 Euro;
  • indicate the shares of participation of shareholders in the authorized capital;
  • minimum number of shareholders is 1;
  • Board of Directorsshould be from 3 to 7 people (each must have a tax number);
  • 2 accountants;
  • determine the period in which you decided to register a joint-stock company in Greece (further, it can be extended).

The cost and procedure for company registration in Greece

According to the Doing Business agency, Greece ranks 79th out of 190 countries in the world in terms of accessibility to starting and doing business. Far from the best indicator in the European Union and not only. Unfortunately, opening a business in Greece can take quite a long time and is accompanied by walking through various government offices.

Stages of business registration in Greece

  1. Obtaining from the tax authorities a form (Form A-7) indicating the absence of tax arrears, which allows you to start registering a new company. The procedure is free and done online.
  1. Registration of the company with the Greek Chamber of Commerce. The following conditions must be met:
    1. select a unique name for the company;
    2. open an account with a Greek bank, to which the minimum amount of the authorized capital is deposited;
    3. prepare constituent documents, certified by a notary;
    4. create a certified seal (cost 40 euros);
    5. registration of a legal address;
    6. information about the owners;
    7. information about the direction of the company’s activity.

The whole procedure takes up to 10 days and costs about 250 euros. The above documents are sent to the local court that assigns the registration number.

  1. Registration of employees in the personnel organization of employment in Greece. Carried out in a day online and free of charge.
  1. Registration with an insurance institution for self-employed. It is done during the day. The cost is 111 euros.

Taxes in Greece

The tax system in Greece is not very transparent and not very attractive to foreign investors. Moreover, the rates of some taxes only increase every year. It is largely due to the requirements of international financial institutions providing loans to the Greek government.

Greece’s main tax rates in 2021:

  • Corporate income tax – 24% (29% for credit institutions).
  • VAT. The basic rate is 24%. Reduced rates 13% (hotel services, products for the disabled), 6% (pharmaceuticals, theater performances), and 0% (domestic and international air and sea transport).
  • Dividends – 5% (from January 1, 2020)
  • Income tax. Progressive rate from 9% to 44%.
  • Real estate tax – from 0 to 2%, depending on the value of the property.

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