The requirements for operating a branch of a foreign company in Greece are set out in Art. 50 of the Public Limited Companies Act (nomos 2190/20 – AktGG) and in Arts. 57–58 of the Limited Liability Companies Act (nomos 3190/55). Accordingly, before commencing operations of a branch by a foreign company, a tax number must first be applied for at the tax authority responsible for the branch, and an application to establish a branch must be filed with the prefecture at the future seat of the branch. The documents required for this are the following:
- Articles of association / memorandum of association of the foreign company, with apostille.
- Extract from the commercial register of the foreign company showing, inter alia, a minimum capital of the GmbH of €4,500 or of the AG of €60,000 (with apostille).
- Confirmation from the competent body at the company’s seat that the share capital or paid‑in capital has been fully paid.
- Confirmation from the competent body at the company’s seat that the company has not been dissolved and that deletion ex officio has not been requested.
- Resolution of the foreign company on the establishment of a branch in Greece stating the company’s purpose, the seat (municipality and address) and the name of the branch.
- Notarial appointment of a representative and of a person authorized to receive service of process for the foreign company in Greece (one person can be appointed in total).
- Resolution on the composition of the board of directors/management board in the case of an AG; appointment of the managing director in the case of a GmbH, with the names and functions of the respective persons, as well as a resolution on the appointment of the company’s representatives.
- Business and postal address of the branch in Greece.
- Resolution of the company on the purpose of the branch in Greece, as well as on the name of the branch, insofar as it differs from the name of the foreign company.
- Certificate of existence and of no objection from the tax office competent for the foreign company (which also shows the foreign tax number – with apostille).
- Official translation of all documents into Greek.
The branch of the foreign company receives its own Greek tax number under which it can then commence its business operations. Foreign AGs and GmbHs must keep category III books.
For offshore companies, with the legislative amendment of April 2010 the Greek legislator introduced an annual tax of 15% on real estate located in Greece. This was done to combat tax evasion, as many properties in Greece belonged to offshore companies. As a result, the owner of the offshore company was not taxed in Greece on the assets and the income deriving therefrom. Due to the high tax introduced on the real estate of offshore companies, these have lost their practical value in the context of tax‑saving models.
(Status: May 2010. All information without guarantee.)