Greece is becoming an increasingly attractive jurisdiction for foreign entrepreneurs seeking reliable opportunities to establish and expand their businesses in Europe. Manimama Law Firm regularly receives requests for company registration in various countries. Over the past year, we have gained significant experience facilitating company incorporation in Greece.
At first glance, the process seems straightforward: register a company and open a bank account. However, foreign entrepreneurs with no ties to Greece often encounter certain challenges, as they must comply with all local legal and regulatory requirements. These complexities demand a comprehensive legal approach and a thorough understanding of procedural nuances.
In this article, we will outline how Manimama Law Firm successfully supports the company registration process in Greece. We will examine the key challenges, legal requirements, and practical solutions that help our clients efficiently establish their businesses in this jurisdiction.
Client Requests and Major Challenges
The primary requests from our clients are fairly standard: company registration and the opening of an operational bank account. However, this is where the main challenges arise. For foreign entrepreneurs not residents of Greece, it is essential to find an effective solution for establishing their tax presence in the country. Given the specific legal requirements in Greece, obtaining a tax identification number (AFM) is a prerequisite for company registration, while opening a bank account requires an in-person visit to the bank.
Through our collaboration with Greek partners, the legal team at Manimama Law Firm has identified the key challenges that arise during the business incorporation process:
- Compliance with local legal and tax requirements, including the mandatory acquisition of a tax identification number (AFM).
- Strict bank verification procedures must be completed before opening a corporate account.
- Proper document authentication and legalization, as Greek regulatory authorities impose high standards for document validation.
Thanks to our expertise, we streamline the process, ensuring that our clients can complete company registration efficiently, saving time.
Steps for Company Registration in Greece: Key Stages
With our extensive experience, we know how to structure the process to save our clients time and costs. That is why Manimama Law Firm has developed an effective incorporation strategy that helps clients avoid delays and unforeseen difficulties:
- Obtaining a Tax Identification Number (AFM)
This is the first and essential step in the company incorporation process. It can be arranged remotely, without personal presence, by issuing a power of attorney to Greek legal representatives. This step is crucial, as company registration in Greece cannot proceed without a valid tax number.
- Official Company Registration
Once the AFM is obtained, our legal team will prepare the company’s incorporation documents, which must be notarized according to Greek regulations. An important aspect to consider is that certain documents, which may be standard in other countries, require apostille certification in Greece. For example, banks may need an apostilled mobile phone number verification for account opening or even an apostilled birth certificate for shareholders.
- Opening a Corporate Bank Account
This is the most challenging stage, as Greek banks conduct strict due diligence on the source of funds and the company’s compliance with local regulations. Additionally, shareholders must visit the bank to deposit the company’s share capital. It is not uncommon for banks to reject account applications if the submitted documents fail to meet their stringent requirements.
How We Overcome These Challenges
- We prepare a complete checklist of required documents and guide clients through the compliance process to prevent delays.
- We ensure that all legal documentation is meticulously prepared to meet banking standards, minimizing the risk of rejection.
- We collaborate with local partners to stay updated on any regulatory changes and respond proactively.
By following this structured approach, Manimama Law Firm helps clients navigate the Greek incorporation process smoothly, ensuring compliance at every stage.
Legal and Accounting Support After Registration
To ensure that a business operates legally and avoids potential fines, it is essential to comply with all post-registration obligations imposed by Greek law. Many entrepreneurs underestimate the importance of proper legal and accounting support, which can lead to financial penalties or even the suspension of business activities.
1️. Registering the Company and Defining the Operational Address
Once the incorporation documents are issued, the company must be registered in all official records, and the operational address must be confirmed.
2️. Mandatory Accounting Support
Greek tax authorities enforce strict financial regulations, requiring every company to maintain proper accounting records and comply with local reporting obligations. Failure to submit financial reports on time can result in penalties for the company and its shareholders.
3️. Operational Bank Account
Even after opening a corporate bank account, it is crucial to maintain its active status and ensure compliance with banking requirements. If the account remains inactive or certain transactions raise concerns, the bank may suspend or request additional verification documents.
How We Assist Clients After Registration
- We guide clients through all necessary post-registration procedures to ensure full compliance.
- We help find reliable accountants to manage financial reporting and regulatory obligations.
- We provide advisory support on account management and bank interactions to prevent potential issues or account restrictions.
By ensuring proper legal and financial compliance, Manimama Law Firm helps businesses in Greece avoid regulatory risks and operate smoothly in the long term.
As conclusion
Registering a company in Greece as a foreign entrepreneur requires legal expertise, strategic planning, and a thorough understanding of local regulatory requirements. Each stage of the process has its complexities, and without proper legal support, unforeseen challenges can arise.
Thanks to the expertise of Manimama Law Firm, our clients navigate this process with confidence. We go beyond handling formalities—we develop tailored solutions, considering all the nuances that may impact both the successful registration and long-term operation of the company.
If you are considering Greece as a potential jurisdiction for business expansion, the Manimama Law Firm team is ready to share its experience and provide you with comprehensive legal support at every stage of the incorporation process. We will assist in establishing your company to help you mitigate compliance risks and ensure full alignment with local regulations.
Looking for a reliable legal partner in Greece? Contact us, and we will find the optimal solution for your business.
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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.
