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Company Formation In Greece​

Company Formation In Greece

Greece is an attractive destination for entrepreneurs looking to establish a business within the European Union. Its strategic location, EU membership, and access to international markets make it a popular choice for both local and foreign investors.

Foreign individuals and companies can register a company in Greece, although the exact requirements depend on the chosen business structure and the shareholders involved. Proper planning is essential to ensure compliance with Greek corporate, tax, and banking requirements.

CompyCo coordinates the company registration process in Greece through trusted local licensed professionals. We help you understand the requirements, coordinate the incorporation process, and support related services such as bank account opening, accounting, VAT registration, and payroll coordination.

Forms Of Companies In Greece

  • E.P.E. – “Etaireía Periorisménis Efthínis / Εταιρεία Περιορισμένης Ευθύνης” – Limited Liability Company
  • I.K.E. – “Idiotiki Kefalaiouchiki Etaireía / Ιδιωτική Κεφαλαιουχική Εταιρεία” – Private capital company
  • A.E. – “Anónimi Etaireía / Ανώνυμη Εταιρεία” – Public Limited Company
  • E.E. – “Eterórrithmi Etaireía / Ετερόρρυθμη Εταιρία” – Limited Partnership
  • O.E. – “Omórrithmi Etaireía / Ομόρρυθμη Εταιρεία” – General Partnership

What is the difference between E.P.E. and I.K.E?

The two most common private limited liability company types in Greece are the I.K.E. (Private Capital Company) and the E.P.E. (Limited Liability Company). While both provide limited liability protection to their shareholders, the I.K.E. has become the preferred choice for most foreign entrepreneurs due to its flexibility and simplified incorporation process.

One of the main differences between the two company types is the minimum share capital requirement. An I.K.E. can be incorporated with a minimum share capital of EUR 1, whereas an E.P.E. requires a minimum share capital of EUR 4,500.

The incorporation process for an I.K.E. is generally simpler and more flexible. In most standard incorporations, an I.K.E. can be established without the involvement of a notary, while an E.P.E. typically involves additional legal formalities. The I.K.E. also offers greater flexibility in its ownership and management structure, making it particularly suitable for start-ups and foreign investors.

Although both company types remain available, the I.K.E. is now the company structure most commonly chosen by international businesses establishing a presence in Greece due to its lower capital requirement, simpler administration, and more flexible corporate framework.

Fundamentals Of A Limited Liability Company

Corporate Tax in Greece

VAT in Greece

22%

24%

Fundamentals of limited liability companies in Greece
Limited liability companyE.P.E. and I.K.E.
Minimum Share capitalE.P.E. - min 4500 EUR, I.K.E. – 1 EUR
Registered office required

Yes

Physical office required

No

Min. number of Shareholders1 (partners)
Min. number of Directors1
Local Director required

No, but it is recommended

Other requirements

Non in general

Bank signatory must travel

Yes

Timescale for company formation

30 days for E.P.E., 7-14 days for I.K.E.

Timescale for bank account opening

approx. 7 days

Timescale for obtaining VAT number

1-7 days

Statutory audit requirements

Generally not for small business

Shelf companies availableNo

How can I register my company in Greece?

Establishing a company in Greece as a non-resident involves several legal and administrative steps. While the majority of the incorporation process can be coordinated remotely, certain formalities must be completed by the company shareholders or directors before the registration can proceed.

The incorporation process typically includes the following steps:

1. Choose the appropriate company structure
Select the legal entity that best suits your business objectives. Most foreign entrepreneurs choose an I.K.E. due to its flexibility and low minimum share capital.

2. Prepare the required documentation
Copies of identification documents and information about the shareholders, directors and the proposed business activities are collected. Depending on the circumstances, additional supporting documentation may also be required.

3. Sign a Power of Attorney and Tax Representation Authorisation
The shareholders and directors must sign a Power of Attorney before the Greek Embassy or Consulate in their country of residence, authorising our local Greek representative to complete the incorporation process on their behalf. During the same appointment, the necessary authorisation is also signed to appoint a Greek tax representative where required for the company.

4. Company registration and tax formalities
Once the required documentation has been received, our local Greek professionals proceed with the company incorporation, registration with the relevant Greek authorities, and the required tax registrations, including obtaining a VAT number where applicable.

5. Open a business bank account
Following the incorporation, the authorised bank signatory will normally be required to travel to Greece to complete the bank’s identity verification process. We arrange the bank appointment in advance, advise on the most suitable bank based on your business activities and requirements, accompany you to the meeting, assist with completing the bank documentation, and provide translation support throughout the appointment where required.

6. Commence business activities
Once the company has been successfully incorporated, the bank account has been activated and all required registrations have been completed, your business is ready to commence trading.

company registration in greece
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Why choose CompyCo for company registration in Greece?

Establishing a company in Greece as a non-resident often involves coordinating multiple professionals, authorities (General Commercial Registry (GEMI) , Independent Authority for Public Revenue (AADE) and Official Greek Social Security authority) and financial institutions. Registering a company in Greece from abroad can be time-consuming, particularly when dealing with legal procedures, documentation requirements and language barriers.

CompyCo acts as your single point of contact throughout the company registration process in Greece. We coordinate with our trusted local Greek accountants and legal professionals, ensuring each stage of the registration is completed efficiently while keeping you informed throughout the process.

Our coordination services include:

  • Advising on the most suitable company structure in Greece.
  • Coordinating the preparation and submission of the incorporation documents.
  • Arranging the required Power of Attorney and tax representation process.
  • Coordinating the company registration process with our trusted local professionals.
  • Advising on the most suitable business bank based on your company’s activities and requirements.
  • Organising your bank appointment in Greece and coordinating directly with the selected financial institution.
  • Assisting with communication and translation during the bank onboarding process where required.
  • Coordinating VAT registration, accounting services and ongoing compliance requirements.

Unlike working directly with multiple local service providers, CompyCo coordinates the entire process under one agreement. We invoice you for the complete service and arrange payments to the local accountants, legal professionals and the relevant government authorities on your behalf. This means you do not need to search for different providers, manage multiple engagements or make separate payments throughout the incorporation process, saving both time and administrative effort.

By working with a trusted network of experienced local professionals, we simplify registering a company in Greece, minimise unnecessary delays and provide a coordinated solution from company formation through to ongoing accounting and compliance support.

Bank Account Opening

Opening a business bank account is an essential step when registering a company in Greece. As part of their regulatory obligations, Greek banks carry out customer due diligence and assess each application individually based on the company’s ownership structure, business activities and the information provided during the onboarding process.

For companies with non-resident shareholders or directors, the authorised bank signatory will normally be required to travel to Greece to complete the bank’s identity verification process. In practice, Greek banks generally require the appointment to take place at the branch closest to the company’s registered office. For example, if your company is registered in Thessaloniki, the bank appointment will normally take place at the nearest branch in Thessaloniki rather than in Athens.

CompyCo coordinates the entire banking process by advising on the most suitable financial institution based on your business activities and requirements, arranging the bank appointment and coordinating with our trusted local Greek accountant. During the bank meeting, our local accountant accompanies you to the appointment, assists with completing the bank documentation and provides translation where required, ensuring the onboarding process runs as smoothly as possible.

Although an I.K.E. can legally be incorporated with a minimum share capital of EUR 1, we generally recommend contributing EUR 1,000 as the initial share capital when opening the business bank account. In our experience, banks are more comfortable onboarding companies that demonstrate a more realistic level of initial capital than the statutory minimum. As this amount becomes part of the company’s share capital and working capital, it remains available to fund legitimate business expenses after the account has been opened.

To date, every client who has followed our recommended banking solution has successfully opened a business bank account. However, the final decision always rests with the selected financial institution, which assesses each application in accordance with its internal onboarding policies and applicable anti-money laundering regulations.

Accounting & Taxation in Greece

All companies registered in Greece are required to maintain proper accounting records and comply with the country’s accounting and tax regulations. The exact obligations depend on the company’s size, legal structure and business activities.

Typical accounting and tax obligations include:

  • Maintaining accounting records in accordance with Greek accounting legislation.
  • Preparing and submitting annual financial statements.
  • Filing annual Corporate Income Tax returns (currently 22%).
  • Registering for VAT where applicable.
  • Filing VAT returns in accordance with the applicable reporting period (monthly or quarterly).
  • Applying the correct VAT rate, with the standard rate being 24% and reduced rates of 13% and 6% applying to certain goods and services.
  • Maintaining payroll and fulfilling social security reporting obligations where the company employs staff.
  • Complying with any additional reporting requirements applicable to the company’s business activities.

CompyCo coordinates all ongoing accounting and tax compliance through our trusted local Greek accountant, including bookkeeping, VAT compliance, payroll, annual financial statements, corporate tax returns and communication with the relevant authorities, providing a single point of contact for your ongoing compliance requirements.

Company Set Up In Poland

How can you employ staff without setting up a company in Greece ?

If your business wishes to hire employees in Greece but does not require a permanent business presence, it may not be necessary to register a Greek company. Depending on your business activities and the applicable legal and tax requirements, a foreign company can employ staff in Greece without incorporating a local legal entity.

This solution enables businesses to recruit employees in Greece while continuing to operate through their existing foreign company. However, the foreign employer must comply with the applicable Greek employment, payroll, tax and social security obligations.

CompyCo coordinates the entire employment registration process through our trusted local Greek professionals, including employer registration, payroll setup and ongoing compliance, allowing your business to employ staff in Greece without the need to establish a Greek company.

As every business has different operational and tax considerations, we recommend obtaining professional advice before employing staff in Greece through a foreign company.

Why choose Greece for business?

Greece has become an increasingly attractive destination for international entrepreneurs looking to establish a presence within the European Union. Its strategic location at the crossroads of Europe, Asia and Africa, combined with a competitive business environment and access to the EU Single Market, makes Greece an appealing jurisdiction for many industries.

Some of the main advantages of doing business in Greece include:

  • Strategic location connecting Europe, Asia and Africa.
  • Full access to the European Union Single Market.
  • Competitive corporate tax environment.
  • Flexible company structures, including the I.K.E. with a minimum share capital of EUR 1.
  • Growing technology, logistics, tourism and maritime sectors.
  • Access to an educated and multilingual workforce.
  • Modern transport infrastructure and international ports.
  • Opportunities to expand throughout South-East Europe and the Mediterranean region.

Greece is particularly attractive for technology companies, international trading businesses, logistics providers, consulting firms, tourism-related businesses and companies seeking an EU presence.

If you are considering expanding your business into Europe, Greece offers a combination of strategic location, competitive operating costs and access to one of the world’s largest single markets.

Still have questions about registering a company in Greece? Below we answer some of the most common questions asked by foreign entrepreneurs looking to establish a business in Greece.

Frequently Asked Questions About Registering a Company in Greece

Yes. Foreign individuals and companies can register a company in Greece. Depending on the circumstances, certain legal formalities, such as signing a Power of Attorney before a Greek Embassy or Consulate, may be required to complete the incorporation process.

The I.K.E. (Private Capital Company) is the most commonly chosen company structure by foreign entrepreneurs due to its flexibility, simplified incorporation process and minimum share capital requirement of EUR 1.

The incorporation timeframe depends on the chosen company structure and business activity.  An I.K.E. can generally be incorporated within 7–14 days, while an E.P.E. usually takes longer.

Yes. In most cases, Greek banks require the authorised bank signatory to attend an identity verification appointment in person at the branch responsible for the company’s registered office.

No. A local director is generally not required, although appointing one may simplify certain administrative procedures depending on the circumstances.

Yes. Depending on your business activities and the applicable legal and tax requirements, a foreign company may be able to employ staff in Greece without incorporating a local legal entity.

Companies are generally subject to Corporate Income Tax at 22%. The standard VAT rate is 24%, with reduced VAT rates of 13% and 6% applying to certain goods and services.

Yes. CompyCo coordinates the entire company registration process through trusted local Greek professionals, including incorporation, tax representation, business bank account opening, accounting and ongoing compliance.

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