Greece company registration

DOING BUSINESS IN GREECE IN 2019

Since 2003, Healy Consultants Group PLC has assisted our Clients with starting companies in Greece. Our services include i) Greece business registration ii) government license registration iii) corporate bank account opening in Greece and abroad iv) employee recruitment v) visa strategies and vi) office rental solutions.

Summary table of Greece company registration

SummaryLLCPrivate capital companyFree zone LLCLLPRepresentative office
Also known asEPEIKEΕλεύθερη Ζώνη LLCΣυνεταιρισμός Περιορισμένης ΕυθύνηςAντιπρόσωπος
Best use of company?All products and servicesAll products and servicesManufacturing and export tradingProfessional servicesMarketing and research
How soon can you invoice Clients/sign sales contracts?3 weeks4 weeks4 weeks4 weeksCannot invoice
How soon can you hire staff?3 weeks4 weeks4 weeks4 weeks5 weeks
How soon can you sign a lease agreement?1 week1 week1 week1 week1 week
How long to supply corporate bank account numbers?4 weeks4 weeks4 weeks4 weeks4 weeks
How long to supply company registration/tax numbers?3 weeks4 weeks4 weeks4 weeks5 weeks
Corporate tax rate on annual net profits?29%29%0%29%No income
Limited liability entity?YesYesYesYesNo
Government grants/incentives available?YesYesYesYesNo
Government approval required for foreign owners?NoNoNoNoNo
Resident director/partner/manager/legal representative required?NoNoYesNoYes
Minimum paid up share capital?€4,500None€4,500None€1
Can bid for Government contracts?YesYesYesYesNo
Corporate bank account location?Piraeus BankNational Bank of GreeceEurobank Ergasias SAAlpha BankAttica Bank
Can secure trade finance?YesYesYesYesYes
VAT payable on sales to local customers?24%24%24%24%No sales
Average total business set up engagement costs?€12,600Request a proposalRequest a proposalRequest a proposal€13,600
Average total engagement period?2 months2 months2 months3 months2 months

Greece company registration summary

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  • Advantages and disadvantages

    Advantages of Greece company registration

    Greece business registration advantages and disadvantages

    1. It is possible to register a new company in Greece within three weeks, with only one shareholder and one director, who can be of any nationality and place of residency. The minimum paid-up capital for the company is only €4,500 and our Clients do not need to travel to complete Greece company formation procedures;
    2. While Greece suffers from an economic meltdown since 2008/09, there are still advantages to do business in Greece:
      • Foreigners investing in Greece are welcomed and can purchase existing Greek companies at prices far below their book value. There is also no restriction on foreign investment in Greece, from both inside and outside the EU;
      • The Greek economy is supported by a strong merchant shipping industry, which has remained the largest in the world and which benefits from attractive tax advantages, which the Tsipras Government has committed to maintain in spite of the current economic difficulties known by the country;
      • Greece is a member of the EU, and enjoys the same trade benefits as all other EU members. As the largest economy in the Balkans, Greece offers great access to the (non-UE) Balkan market, with favorable trade agreements with every Balkan nations;
    3. Opening global corporate bank accounts to assist companies to trade in Greece and abroad is easy. Healy Consultants works with internationally recognized banks such as HSBC and Citibank to provide corporate bank account services in Greece;
    4. One of the major drivers of economic growth in Greece is its Tourism sector. This is due to the inflow of an ever-increasing number of tourists as well as the implementation of world-class infrastructural projects within Greece. The nation had approximately 27.2 million tourists in 2017 which resulted in a revenue of US$16.2 billion, contributing to 18% of its GDP.

    Disadvantages of Greece company registration

    1. The Greek sovereign crisis is not over. While the country managed to secure increased financial support from other European Union countries in August 2015, the country has committed to implement an austerity program which the IMF and other economists expect to lower business opportunities over the coming years;
    2. Companies formed in Greece are liable to corporate income tax on their worldwide earnings at a standard rate of 26%. They can also be required to register for VAT and to charge their local customers VAT at a rate of 19%. The Greece tax rates have changed several times over the past 3 years, and more changes are likely;
    3. Greece has one of the most restrictive environments for doing business because the economy has i) restrictions and regulations regarding trading across borders, ii) poor bureaucratic system which further causes weak enforcement of contracts and iii) time-consuming procedures for getting electricity and registering property.
  • Best uses for a Greek company

    1. Our Clients often find attractive to start a company in Greece in the seashipping and F&B industries;
    2. It is also currently interesting to consider buying private equity in Greece, due to low price/book value ratios.

Company registration

  • Time to incorporate: Three weeks
  • Cost to set up: €12,600
  • Minimum capital: €4,500
  • Physical office required: No

Required appointments

  • Shareholders: 1
  • Directors: 1
  • Company secretary: No
  • Resident director: No

Key facts

  • Corporate tax rate: 26%
  • Corporate tax base: Worldwide
  • Shelf companies: No
  • Main company type: IKE company

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Contact us

For additional information on our company registration services in Greece, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Grace Odhiambo, directly: