Setting Up A Company In Greece: Administrative Procedures

Published on September 30, 2025 and written by Cyril Jarnias

Greece, with its recovering economy and attractive living environment, is increasingly attracting foreign entrepreneurs. Whether you want to launch an innovative startup in Athens or open a restaurant on an idyllic island, establishing a company in Greece can prove to be an interesting opportunity. However, as in any country, it’s crucial to thoroughly understand the local administrative procedures to successfully carry out your entrepreneurial project. In this article, we’ll guide you through the main steps and requirements for creating your business in Greece.

Greek Legal Structures: Choose the Form That Fits Your Project

Before diving into administrative procedures, it’s essential to choose the most appropriate legal structure for your future business. Greece offers several options, each with its own advantages and disadvantages.

The Public Limited Company (AE) is the Greek equivalent of the French SA. It’s suitable for large-scale projects requiring significant capital. The minimum required capital is €25,000, and shareholders’ liability is limited to their contributions. This form is particularly suitable for companies aiming for stock market listing or having international ambitions.

The Limited Liability Company (EPE) is similar to the French SARL. It offers greater flexibility than the AE and is suitable for small and medium-sized enterprises. The minimum capital is set at €4,500, and partners’ liability is limited to their contributions. This structure is appreciated for its management simplicity and favorable taxation.

The Private Capital Company (IKE) is a legal form introduced in 2012 to encourage entrepreneurship. It requires only one euro of share capital and offers great flexibility in its management. It’s an interesting option for individual entrepreneurs or small structures.

The General Partnership (OE) and the Limited Partnership (EE) are options for entrepreneurs wishing to partner. They involve unlimited liability for partners, which can be a deterrent for some investors.

Launch Your Greek Company: Key Steps Not to Miss

Once your legal structure is chosen, you need to follow several steps to formalize the creation of your business in Greece.

1. Obtain a Tax Number (AFM) Every entrepreneur, whether Greek or foreign, must obtain a tax identification number (AFM) from the local tax office (DOY). This number is essential for all subsequent administrative procedures. To obtain it, you’ll need to provide identification, proof of address in Greece, and for non-residents, a tax residence certificate from your country of origin.

2. Check Company Name Availability Before officially registering your company name, you must check its availability with the Greek Chamber of Commerce and Industry. This step helps avoid potential conflicts with existing trademarks.

3. Draft the Company Statutes The statutes must be written in Greek and include all essential information about your business: name, corporate purpose, capital, share distribution, management procedures, etc. It’s strongly recommended to hire a local lawyer to ensure the statutes comply with Greek legislation.

4. Deposit the Share Capital For companies requiring minimum capital (AE and EPE), you’ll need to open a bank account in Greece and deposit the required amount. The bank will provide you with a deposit certificate, necessary for company registration.

5. Register with the General Commercial Register (GEMI) Registration with GEMI is a crucial step that formalizes the creation of your business. You’ll need to submit all required documents, including the statutes, capital deposit certificate, and identification documents of the founders. GEMI will assign you a unique registration number.

6. Obtain Necessary Licenses Depending on your business sector, you might need specific licenses or authorizations. For example, businesses in the tourism sector must obtain a license from the Greek National Tourism Organization (EOT).

Essential Documents: Prepare Your File Carefully

Creating a company in Greece requires preparing a complete file. Here are the main documents you’ll need to provide, regardless of the chosen legal structure:

• Identification documents of all founders (passport or ID card)
• Proof of address in Greece (lease agreement or property title)
• Greek tax number (AFM) for each founder
• Company statutes written in Greek
• Share capital deposit certificate (for AE and EPE)
• Minutes of the constitutive assembly
• Declaration of non-conviction of managers
• Lease agreement or property title for the company’s registered office

For Public Limited Companies (AE), additional documents are required:

• Valuation report of contributions in kind (if applicable)
• Appointment of the first directors and auditor
• Publication of the formation announcement in an official gazette

Limited Liability Companies (EPE) and Private Capital Companies (IKE) benefit from simplified procedures but must nevertheless provide:

• A declaration of business commencement to the tax authorities
• Registration with the Greek social security (EFKA) for managers and employees

Translation and Legalization of Documents

A crucial point not to overlook is the official translation of all non-Greek documents. Greece requires foreign documents to be translated by a sworn translator and, in some cases, apostilled or legalized. This step can take time and incur additional costs, so it’s important to anticipate it in your schedule.

Timelines and Costs: Plan Your Budget and Schedule

Creating a business in Greece can be relatively quick thanks to the electronic one-stop shop system, but it’s important to allow enough time to gather all necessary documents and complete the procedures.

Average Timelines: – Obtaining tax number (AFM): 1 to 3 business days – Company name verification: 1 to 2 business days – Drafting and validation of statutes: 1 to 2 weeks – GEMI registration: 3 to 5 business days – Obtaining specific licenses: varies by business sector (can take several weeks)

In total, allow between 2 and 4 weeks to finalize the entire process, excluding potential delays for obtaining specific licenses.

Approximate Costs: – GEMI registration fees: between €10 and €100 depending on legal form – Publication fees (for AE): approximately €100 – Lawyer or accountant fees: between €500 and €2000 depending on file complexity – Translation and legalization fees: approximately €50 per page – Minimum share capital: €1 for IKE, €4,500 for EPE, €25,000 for AE

It’s important to note that these costs can vary depending on your specific situation and the region where you create your business. Additionally, don’t forget to budget for bank fees, mandatory insurance, and any sector-specific licenses.

After Creation: Your First Obligations as an Entrepreneur in Greece

Once your company is officially created, several obligations await you to ensure its proper functioning and compliance with Greek legislation.

Social Security Registration You must register your business and your employees with the Greek social security organization (EFKA) within 30 days of starting operations. This step is mandatory and covers social risks (illness, retirement, etc.).

Tax Declarations Greece imposes strict tax obligations on businesses. You’ll need to: – Maintain accounting compliant with Greek standards – File VAT returns (monthly or quarterly depending on your turnover) – Submit an annual corporate tax declaration

Specific Licenses and Authorizations Depending on your business sector, you might need to renew certain licenses or authorizations periodically. Make sure you know the specific requirements for your field.

Employment Obligations If you hire staff, you must comply with Greek labor law, which includes provisions on employment contracts, minimum wages, paid leave, and workplace safety.

Annual Reports Public Limited Companies (AE) and Limited Liability Companies (EPE) must submit annual reports to GEMI, including financial statements and minutes of general meetings.

Expert Tips for Successful Establishment in Greece

Creating a business in a foreign country can be challenging, but with proper preparation and the right advice, your project in Greece can become a success. Here are some recommendations to maximize your chances:

1. Master the Language and Culture Although many Greeks speak English, especially in large cities and tourist areas, proficiency in Greek will be a major asset for your administrative procedures and business relationships. Invest in language courses and familiarize yourself with Greek business culture.

2. Build a Local Network Personal relationships are very important in the Greek business world. Participate in networking events, join professional associations, and don’t hesitate to seek introductions to potential partners.

3. Choose Your Location Wisely Greece offers varied opportunities depending on the region. Athens is the country’s economic center, but other cities like Thessaloniki or islands like Crete may offer specific advantages depending on your business sector.

4. Stay Informed About Legislative Changes Greek legislation evolves regularly, particularly in tax and social matters. Subscribe to legal newsletters or regularly consult a local lawyer to stay updated.

5. Optimize Your Taxation Greece offers interesting tax incentives for certain types of investments. Explore available options, such as the “non-dom” status for foreign investors or tax benefits in certain geographic areas.

6. Anticipate Logistical Challenges If your activity involves imports or exports, familiarize yourself with Greek and European customs procedures. Greece’s geographical position can be an asset for accessing Balkan and Middle Eastern markets.

7. Invest in Technology Greece is rapidly modernizing its administration. Make sure you’re equipped for online procedures and electronic invoicing, which are becoming increasingly standard.

Creating a business in Greece offers many opportunities but requires meticulous preparation and a good understanding of the local environment. By following these steps and tips, you’ll be well-equipped to launch your entrepreneurial project in this country rich in history and economic potential.