If you plan to start a business in Europe, Greece is an excellent choice for registering your company. 

The Manimama team has conducted in-depth research, analyzed the main subtleties of incorporating in Greece, and is ready to share its results and help you choose the right jurisdiction. 

What are the main advantages of incorporating a company (business) in Greece?

1.Promising location

Greece is a major hub for transport and trade, situated at the crossroads of Europe, Asia, and Africa. The Port of Piraeus is one of the key ports in Europe for maritime transportation between the EU, the Mediterranean, and Asia. The country’s modern infrastructure facilitates the swift movement of goods within and beyond its borders. This makes Greece an attractive location for logistics centers and international trade.

2. Favorable tax system

Greece offers tax incentives for foreign investors and newly established companies, including tax breaks for investments in sectors such as tourism, agriculture, and energy. Additionally, Greece provides reduced tax rates for startups and companies that invest in research and development.

3. Supportive environment for startups and innovation

The Greek government actively supports the development of startups and technology companies through various funding programs, tax incentives, and support for innovative projects. Greek legislation also provides protection for intellectual property rights, which is crucial for innovative and technology-driven companies.

4. Highly skilled workers

Greece has a strong human capital potential due to its robust technical universities that train specialists in IT, finance, and engineering. Many young professionals gain international experience, making them competitive in the global labor market.

5. Well-developed infrastructure

Greece has modern infrastructure, including one of the largest ports in Europe, Piraeus, which is crucial for maritime transport between Europe, Asia, and Africa. Modern airports and continually upgraded road and rail networks facilitate the efficient transportation of goods.

6. Access to the european market

Greece is a member of the EU, providing access to a single market of over 450 million consumers, free from customs barriers, and allowing the free movement of goods, services, and capital among member states. Furthermore, participation in the common market enables Greek companies to innovate and leverage modern technologies, gaining access to new markets and opportunities.

How to register a company in Greece and what are the main requirements for such registration?

Step 1. Initial setup

• Initiating a preliminary project assessment, assessing risks, choosing the type of company, preparing the necessary documents and obtaining the necessary permits, determining the time frame, budget, and resources required to complete the process
• Preparation and filing of the package of documents

Step 2. Company registration

• Business name registration through the Chamber of Commerce and Industry
• Getting the tax identification number (TIN) from the Independent Authority for Public Revenue (AADE) (for the founders)
• Setting up a company with the General Electronic Commercial Register (GEMI)
• Registration with the AADE and granting of a tax identification number to the company
• Opening a bank account and depositing a minimum share capital for the future company
• Registration with the e-National Social Security Fund (e-EFKA) and receiving an employer register number
• Getting permits and licenses

Requirements for registering a company in Greece on the example of a  Limited Liability Company (LLC) / Εταιρεία Περιορισμένης Ευθύνης (ΕΠΕ):

• Shareholders: the company must have a minimum 1 shareholder, who can be a natural person or other corporate body. The nationality and residence of the shareholder(s) are irrelevant.
• Director: the company is required to have at least 1 director. There aren’t any residency/nationality requirements.
• Company secretary: no requirement.
• Minimum share capital: there is no minimum share capital requirement.
• Legal address: the company must have its registered address in Greece.
• Liability: the members’ liability is limited to their respective investments in the company.
• Accounting: annual accounts and annual reports are to be filed yearly.

What do you have to know about taxes when registering a company in Greece?

Corporate income tax (CIT):

• The standard rate is 22%.
• The tax return may be submitted up until the last day of the sixth month from the end of the tax year.

Personal income tax (PIT):

• Individuals who are Greek tax residents are liable to income tax in Greece on all their worldwide income earned in a particular tax year, whereas non-residents are taxed in Greece only on income earned in Greece, irrespective of their nationality or place of residence.
• Depending on the income category the following PIT rates are applying (salaries, pensions, and business profits):
  • first €10,000 – 9%
  • next €10,000 – 22%
  • next €10,000 – 28%
  • next €10,000 – 36%
  • above €40,000 – 44%

Value-added tax (VAT):

• The standard rate is 24%.
• The reduced rates are 13% (staple goods, such as bread, milk, meat, fish, vegetables, coffee, live animals, products to meet the needs of persons with disabilities, farming supplies, etc.; services such as stays at tourist accommodation establishments, provision of domestic care services for the young, elderly, sick, etc., operation of restaurants, cafés, confectioneries and related enterprises, etc.) and 6% (some types of medicines, preparations and reagents for use in human medicine; some types of books, newspapers and magazines; music, printed or in manuscript, whether or not bound or illustrated; electrical energy, natural gas, and district heating (teleheating); etc.) and and the 0% rate, which pertains to intra-community and international transport.
• VAT returns must only be submitted online via the special TAXISnet network.

For readers 

Manimama provides assistance in choosing the right jurisdiction for company incorporation and in registering a business specifically in Greece. We have a good understanding of the tax and legal peculiarities of specific jurisdictions, which helps our clients make an informed choice based on their unique needs and development strategies. In our work, we take into account factors affecting the business environment, such as the level of competition, access to financial and human resources, as well as opportunities for further growth and development in different jurisdictions. 

By choosing our company formation service in Greece, you are working with a law firm that values integrity, competence, and client satisfaction. Let us help you set up a company in Greece and pave the way for your business success!

Our contacts

If you want to become our client or partner, feel free to contact us at support@manimama.eu.

Or use our telegram @manimama_sales and we will respond to your inquiry.

We also invite you to visit our website: https://manimama.eu/.

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The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.