Company Law in Greece

Company law in Greece is based on the French system. Therefore, the main types of the companies that can be established in Greece are pretty much the same as the ones in France. The basic rules of the Greek company law were enacted by the Parliament in the 1920s. After becoming a member state of the European Union in 1980, Greece also applied to the European directives regarding corporate law. Business associations are governed by several statutes. The main rules on corporations are found in Art. 29 of the Commercial Code and Law 2190/1920. However, it is necessary to choose a suitable legal structure for the company before setting up a business in Greece.

TYPES OF COMPANIES

The company law in Greece states the possibility to establish one of the several types of companies governed by Greek system. A company limited by shares or stock corporation (AE), a limited liability company (EPE), a general partnership (OE), a silent partnership or a limited partnership (EE) are the options. 

Limited liability companies in Greece are governed by Law 3190/1955 and require at least one shareholder in order to be established. Stock corporations need at least two shareholders who can be natural persons or legal entities. According to the Law 3604/2007, a company limited by shares can also be incorporated by only one shareholder.

Partnerships require at least two parties that must come together in an agreement. Partnerships are usually regulated by the Commercial Code in Greece. The provisions of the Greek Civil Code might also apply in certain cases. A Greek partnership is a separate legal entity and cannot be replaced by its partners separately. The concepts of a limited liability partnership or a limited liability limited partnership are not found under the partnership law in Greece.

OTHER RULES

A Legislative Decree from 17th July 1923 regulates special provisions on corporations regarding commercial papers. This decree refers to bills of exchange, checks, commercial money orders, warehouse receipts or bills of lading. 

Foreign legal entities may choose to establish a branch in Greece. The articles of incorporation or articles of organization empowers them to perform legal purposes in Greece and the foreign legal entity is regulated by the company law in Greece in terms of taxes, labour and commercial relations.

BridgeWest offers company registration in Greece and additional services such as a local virtual office and accounting services.