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Starting a new business: Comparative Tables – Advantages – Disadvantages by the Accounting Company E.F.M.

Find out how to choose your New Company type from a handy comparative table with the minimum requirements, advantages and disadvantages of each form.

When setting up your company, beyond your capital and vision, you will also have to choose the type of your business (Personal, OE, EE, IKE, EPE, AE, MKO) that best suits your business’s needs. This choice is crucial as you will not want to start your business with the incorrect platform.

Unfortunately, in this challenging economic environment that the country has been experiencing during recent years, results from latest market surveys have shown that 50% of new businesses close in the first five years, while another 25-30% of them fail towards the end of the first decade. Virtually 75% -80% of new businesses “put a padlock” in the first decade since their establishment and only 20% manage to survive. Their survival is either accidental or due to some particular features that these unique businesses have in their DNA?

EFM Company however, which has already helped hundreds of businesses overcome this critical decade, has the experience and knowledge to help you set up and manage your business effortlessly.

As long as you have a business idea and you are envisioning the foundation of your business, you will be able to have a first glimpse of the types of businesses on the below comparison tables.

 

 

TABLES

 

Criteria

IKE

E.P.E

A.E

O.E.

E.E.

M.K.O

Personal

 

Type of business

Capital

Capital

Capital

Personal

Personal

Social Purposes

Personal

Α

Establishment procedures by Business Type

 

 

 

 

 

 

 

1

Founding Fund

1 €

2.400 €

24.000 €

0 €

0 €

0 €

0 €

2

Non financial contributions

YES

YES

YES

NO

NO

NO

NO

3

Ex-Founding Fund

YES

NO

NO

NO

NO

NO

NO

4

Minimum number of Partners

>2

>2

>2

>2

>2

>2

1

5

Partner Responsibility

IKE has the responsibility, not the Partners

Limited up to the amount of their Contribution

Limited up to the amount of their Contribution

Unlimited

A. 100% Unlimited for the O.E. partner. B. The EE partners have up to the amount of their Contribution

Unlimited

6

Representation and Management

A. The General Assembly and B. Its Managers

A. The General Assembly and B. Its Managers

A. The General Assembly and B. Its Managers

It’s Partners

It’s Partners

It’s Partners

It’s Partner

7

Duration

12 years

Infinite

> 50 years Usually

Infinite

Infinite

Infinite

Infinite

8

Starting Point of founding a new business

KEP or GEMI

Certified Notary

Certified Notary

KEP or GEMI

KEP or GEMI

Ministry of Labour

KEP or GEMI

9

Indicative Cost of Establishment – at GEMI

80 €

80 €

80 €

60 €

60 €

200 €

60 €

10

Other Financial Charges, eg Notary

44,02  plus 6 € per sheet plus Vat 24%

44,02  plus 6 € per sheet plus Vat 24%

500 € plus 6 € per sheet plus Vat 24%

0 €

0 €

0 €

0 €

11

Other Financial Charges, Lawyer if required

Not required, subject to agreement if necessary

Not required, subject to agreement if necessary

Not required, subject to agreement if necessary

Not required, subject to agreement if necessary

Not required, subject to agreement if necessary

Not required, subject to agreement if necessary

Not required

12

Contributions towards the Legal Fund

Not required

Not required

0,5%  or 1% of the Company’s Capital

0,5%  or 1% of the Company’s Capital

0,5%  or 1% of the Company’s Capital

Not required

Not required

13

Taxed fund capita

1%

1%

1%

0%

0%

0%

0%

14

Tax in favor of the Competition Commission on Capital

0%

0%

1‰

0%

0%

0%

0%

Β Taxation by Company Type  I.K.E. E.P.E. A.E. O.E. E.E. M.K.O.  Personal
1 Corporate Tax – 2019 24% 24% 24% 24% 24% 24% *
2 Corporate Tax – 2020 20% 20% 20% 20% 20% 20% *
3 Tax on Dividends 5% 5% 5% 0% 0% 0% 0%
4 Tax Prepayment 100% 100% 100% 100% 100% 100% 100%
5 Tax of Business 1.000€ 1.000€ 1.000€ 1.000€ 1.000€ 650€
C Advantages  Ι.Κ.Ε. Ε.Π.Ε. Α.Ε. Ο.Ε. Ε.Ε. Μ.Κ.Ο. Ατομική
1 Absence of Minimum Capital YES NO NO YES YES YES YES
2 Simple and quick start through GEMI YES YES NO YES YES YES YES
3 Ευελιξία στη λήψη αποφάσεων YES NO NO YES YES NO YES
4 Χρηματοδότηση Μέσω του Χρηματιστηρίου NO NO YES NO NO NO NO
5 Χαμηλό Κόστος Ίδρυσης Low Medium High Low Low Low Low
D Disadvantages  I.K.E. E.P.E.  A.E. O.E. E.E. M.K.O. Personal
1 High functional cost NO YES YES NO NO NO NO
2 Failure to raise Capital from the Stock Exchange YES YES NO YES YES YES YES
3 Bookkeeping of cash and bank accounts YES YES YES NO NO NO NO
4 Use of International Accounting Standards YES YES YES NO NO NO NO
5 Difficulty in Transferring shares NO NO NO YES YES YES
6 Financing YES YES YES NO NO NO NO
7 Mandatory Partner Insurance at EFKA (former OAEE) Only the administrators YES The members of the Board of Directors where they’re at the same time shareholders with more than 3% YES YES  –

 

YES

We would also like to inform you that depending on the activities of a new business establishment, there might be additional requirements and conditions like for example, the issuance of a health license.

The Business Consultants of EFM Accounting Company are here to bring you our high added valued knowledge perfectly tailored to your unique business, and not only in its first steps and throughout its course for domestic growth and distinction, but also through its recognition across international networks.

Contact us immediately for an assessment of your business proposal, so we can already prepare you with the best strategy to ease past the bureaucratic processes of the start.

 

We will hand to you the keys of your new business.

Company Recommendation Article

Stella TSiouli, Accountant – Tax Engineer

See Tax Calculation Example for IKE by clicking here

Contact Person:

1. Maria Georgoulopoulou 210-6858543 Class A Tax Engineer

2.Vana Giannaki 210-6858459 Class A Tax Engineer

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