The Optimal Entry into the Greek Market
An investment project in most cases begins with establishing one’s own company in the target country. One form of establishment is the formation of a new (subsidiary) company in Greece.
Legal Form
When choosing a legal form, both liability considerations and tax aspects must be taken into account. Common legal forms include partnerships (OE = general partnership and EE = limited partnership) as well as capital companies – the classic public limited company (AE), the limited liability company (EPE), and the private capital company (IKE), which has existed since 2012.
Formation Procedure: The Electronic One-Stop Shop (e-ΥΜΣ)
The one-stop-shop procedure introduced in April 2011 has been continuously digitized in recent years and is now available as the Electronic One-Stop Shop (Ηλεκτρονική Υπηρεσία Μιας Στάσης, e-ΥΜΣ) at eyms.businessportal.gr. Founders can use it to fully form partnerships (OE, EE), the private capital company (IKE), the GmbH (EPE), and – when using a model articles of association – also the public limited company (AE) entirely online, without needing to visit an authority or a notary in person; signing is done electronically using TAXISnet login credentials or an advanced electronic signature. The General Commercial Registry (ΓΕΜΗ) remains the central registration authority; the tax number, chamber of commerce membership, and registration of the managing directors with the social security institution EFKA are handled automatically as part of the online formation. Only companies of “public interest” (including credit institutions and insurance companies), as well as individually customized articles of association, still require separate notarization or processing by the competent company department of the Ministry of Development.
Particularities of Greek Legal Forms
The Greek legislature has significantly lowered the capital requirements for capital companies: for the EPE (Greek GmbH), there has been no minimum capital requirement at all since 2013 – the shareholders determine the amount of capital freely; only the individual share must have a nominal value of at least €1. For the AE (public limited company), a minimum capital of €25,000 (previously €24,000) has applied since the reform of company law under Law 4548/2018 (in force since 1 January 2019).
The IKE Legal Form
The private capital company IKE (idiotiki kefalaiouchiki etairia, also known internationally as a “Private Company”) was introduced in 2012 by Law 4072/2012 and has since established itself, alongside the EPE, as an attractive, streamlined legal form. A minimum capital of one euro (€1) is sufficient for formation; shareholders may contribute capital contributions, non-capital contributions, or guarantee contributions (suretyship performance). Formation via the e-ΥΜΣ procedure is regularly completed within a few days, provided all required documents are available.