Greek Limited Liability Company (EPE)

The EPE is the most common form of incorporation in Greece and it is equivalent to a Limited Company in the UK or a GmbH in Austria and Germany .It is a legal entity which is separate and distinct from the individuals who run it. For sole traders and for people in partnerships, the individuals’ personal assets are at risk if there is a claim against the organisation but shareholders in an EPE  or an IKE are liable to lose only the value of the share capital to which they subscribe. IKE is a flexible company only requiring 1 euro as a share capital.

All documents including  Power of Attorney  must be certified at the Greek Embassy if you are not travelling to Greece.

All directors and shareholders are required to have a Greek Tax ID (TIN)

GREEK SUBSIDIARY

When creating a subsidiary the corporate shareholder needs to provide the following

–           Articles of association in their latest version;
–           basic information about the parent company including the ID of the officers , contained in a Certificate of Good Standing
–          Certificate from the tax office, certifying that the company exists and has a valid tax Id number & VAT number;
–          Power of attorney signed by a named officer of the parent company
The above have to be presented as certified copies .

If the Greek entity will be involved in trading activities and not services, the company will require an actual office that can be considered sufficient for its purposes by the Greek tax authorities. Virtual offices are practically allowed only for companies that provide services.

In this case, a tax resident of Greece should be appointed, who will be appointed as the legal representative manager of the company. The manager does not necessarily own corporate shares, he may have an unpaid relationship with the company and be insured accordingly.

NOTE : The Legal representative, proxy, delegate and agent, who will be appointed must be the holder of a Greek TIN and must submit: a) If a citizen of an EU state : a true copy of the Police Identity Card or Passport

b) If it a citizen of a non-EU state : if residing in Greece, a Residence and Work Permit is required  or proof of submission of supporting documents for the Residence and Work Permit for independent financial activity or as a Legal Representative of companies, if based in Greece.

Registered Office

The term ‘registered office’ does not apply in Greece. Your Greek business requires a physical address that must be available to be inspected by the tax office at any time type of office required will depend on the business activities.

Directors

Only one director.    There is no explicit requirement for a resident director but, as the director must work with the local authorities and the tax office, this is recommended. In any event an EU resident director is preferable if there is no Greek representative.

Shareholders

Only a single shareholder is required, there is no restriction on shareholder nationality or residency.

Share Capital

The minimum share capital is EUR 18,000 and this must be fully paid up upon incorporation, with at least 50% paid up in cash.

The Duration of the Company or subsidiary must be known

Filing Requirements

All companies must file an annual financial statement and an annual return. Greek companies are exempt from auditing requirements if considered ‘small’.

Timescale

The incorporation process typically takes two weeks from the date that all documents and articles are filed with the Chamber of Commerce.

Greece Company Formation Fees

Your company will be incorporated using your chosen name and we will ensure that the procedure is as simple as possible.

Proof of Identity

Due diligence:  we require certified proof of residency, and a certified copy of the officers passport.

Travel

It is not a requirement to visit Greece to incorporate your company.