Guide to Company Incorporation in Greece

1. What is the minimum share capital of a Greek EPE (Limited Liability Company)?
In order to establish a limited liability company in Greece, or an EPE, the founders must provide a minimum capital of 4.500 EUR which must be fully paid up on signature of the Articles of Association. At least half of the capital has to be contributed in cash, and there is no maximum limit on the level of capital.

2. What is the minimum share capital for a Greek AE (Joint Stock Company)?
The total capital amount of a Greek AE should not be less than 60.000 EUR. The capital is divided into shares, each with a nominal value, and the capital can be made in both monetary and non-monetary contributions.

3. Are there any special requirements for establishing an EPE in Greece?
A Greek Limited Liability Company can be formed by at least two partners and there is no legal requirement as to their nationality. However the company has to managed by only one director who does not have to have Greek nationality, but if he is of a non-EU member state resident, he/she must obtain a residence permit. In case the administrators or legal representatives are foreigners they are obliged to register with the Greek tax authority in order to acquire a Greek tax registration number. Foreign legal representative or administrator has to apply for residence permit. In order to deposit the minimum capital, the company must open a bank account, and some banks may require presence of the account titular. However, some banks approve carrying out the formation procedure through a representative. As a result the presence of the managers of the company is not mandatory, but may be necessary. Usually all the procedures are carried out by a legal representative authorized through power of attorney.

4. How can I register for VAT in Greece?
After obtaining the registration certificate, confirming the incorporation of the company, the registration for VAT procedure must be started. The company must submit a statement announcing its existence at the District Tax Office in order to issue a registration number. The documentation required includes a certified copy of the company's articles of association, the registration certificate from the Chamber of Commerce and the receipt certifying the payment of capital concentration tax and a photocopy of the administrators' identity card. Usually no additional information is required, and the VAT number is issued in a short period of time.


5. How can I open a bank account in Greece?
Before applying for registration the founders of a Greek company must deposit the minimum capital in a bank account which will be unblocked upon issuance of the registration certificate. Most banks of Greece allow a legal representative authorized through power of attorney to carry out the procedures for setting up a bank account, provided the correct documents are filed. Foreign entrepreneurs may open a bank account at an overseas branch of any Greek bank and file its information. However the signature of the titular must be ratified, before the account can be opened.
 
6. How can I recruit personnel in Germany?
A company that wishes to hire personnel must take into consideration the work system of Greece is well structured, offering plenty advantages to employees. The workforce of Greece is highly trained and qualified in any business sector. The Internet is always a good solution to find employees, as there are many job portals, offering plenty selection applications. A recruitment agency can offer focused attention, and provide a company with the best suited candidates.

7. What is the average salary in Greece?
Having a well developed work system, the quality of life of Greece high, as employees benefit from many advantages and an average salary as high as 1900 EUR.

8. What is the overall economical situation in Germany?
The economy of Greece has been flourishing in the past decades, and even in the present, thoroughly suffering from world recession, Greece still has one of the strongest tourism industries, as well as shipping, which is the greatest in the world. In the present Greece has a mixed capitalistic economy, being mostly an agricultural country, over 20 % of the workforce being employed in this business sector. Even though foreign investment has dropped, efforts to revive it have been made, and the results are beginning to influence the economy in a positive way.

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