What do I need to set up a Private Equity Company?
What are the stages of establishment?
Step 1: Check if a special license is required.
Step 2: Find Installation Space.
Step 3: Company Statute.
Step 4: Collection of starting documentation.
Step 5: Subscribe to the OAEE.
Step 6: Submit Documents to the One Stop Shop.
WHAT IS ONE STOP SERVICE?
GEMI Services operating in Chambers and Certified One-Stop-Shop Citizens Service Centers (KEPs).
In special cases where either the statutes are required to be drafted by a notary, or the partners want to be drafted by a notary, then One Stop Shop is the certified notary who will draft the notarial act.
WHERE CAN I FIND ONE STOP SERVICE?
On the website of the General Trade Registry (GEMI) www.businessportal.gr you will find a list of the entities that operate as a One Stop Shop (GEMI Chambers Services and Certified Notaries) by company type , address and contact information.
WHAT WILL I NEED TO PAY TO ESTABLISH THE COMPANY?
(Uniform Cost of Establishing a Company)
The Company Cost Setup Secretariat, which is 70 euros and if the founders are more than 3, the cost is increased by 5 euros for each additional founder.
The Company’s Cost Recommendation Secretariat is non-refundable.
- το τέλος καταχώρησης Γ.Ε.Μ.Η (10 ευρώ)
- the cost of registering with the Chamber, which is determined by each Chamber
- The Fee in favor of the Athens Bar Provident Fund, which amounts to 5,80 €
- Fee in favor of the Legal Fund, which amounts to 0.5% of the capital (capital contributions) if set up by private agreement. If notarized, the rate will vary and more information will be provided by the certified notary.
OTHER ECONOMIC CHARGES?
Notary Remuneration (if elected by IKE by a notary).
The cost of drawing up the contract is € 44.02, plus € 6 per sheet, plus VAT. 23%. The cost of the copies is 5 euros per sheet, plus VAT. 23%. It is collected by the Notary himself and is not part of the Single Cost of Recommendation Secretariat.
A lawyer’s fee if the partners or one of them wishes to be present. The law does not require the presence of a lawyer when setting up IKE. The remuneration is freely determined, collected by the solicitor himself and is not part of the Single Cost Recommendation Secretariat.
HOW DO I PAY PAYMENTS?
The payment of the amounts of the Single Cost Recommendation Secretariat as well as other payments on behalf of third parties or for the issuance of copies and certificates relating to the company shall be made in cash and if their value exceeds the amount of € 1,500 by bank check, or by depositing the total amount in the bank account of GEMI Central Service. and presentation of the Bank’s proof of deposit. Where feasible the payment can be made via electronic and / or telephone banking (web and / or phonebanking), credit or debit card and / or interbank.
When are the payments made?
The company’s Cost of Recommendation is paid after the submission and verification of the supporting documents, while the remaining amounts are paid prior to the registration of the company at GEMI.
AT WHICH BANK CAN I PAY?
To any bank by paying into the bank account of the GEMI Central Service. (kept at Piraeus Bank Number: 5051052381-136, IBAN GR19 0172 0510 0050 5105 2381 136)
WHAT ARE THE AMOUNTS PAYABLE IF THE COMPANY IS NOT FINALLY ESTABLISHED?
If the company formation is not completed for reasons related to the face of the partners and the company is not registered with GEMI, all amounts paid are refunded, except for the Cost of Establishing a Company. The refund shall be made within thirty 30 days, beginning on the next business day following the expiry of the remedy period.
The founders of the company or their representative, by submitting the documents to the One Stop Shop, designate a bank account to which the amounts refunded should be deposited if the company is not fully established.
WHERE CAN I FIND THE FORMS THAT MUST BE COMPLETED AND SUBMIT TO ONE STOP SERVICE?
The application forms are available on the website of the Ministry of Finance’s General Secretariat for Information Systems, in a printable format, which the founders can also access from the One Stop Shop. https://www.aade.gr/polites/katalogos-entypon
The other forms are available in the attached file as well as on the GEMI website.
WHAT SHOULD I DO BEFORE I GET IN ONE STOP SERVICE?
You have decided on some key elements about your company that should be included in your statutes.
The statute is the legal document of the company’s recommendation, but it also specifies all the key issues relating to the relations of the partners, the management of the company, issues relating to its life and its dissolution.
According to article 50 of the Law 4072/2012 the statute of IKE must contain at least:
- the name, home address and any email address of the partners. If the company is established as a sole proprietor, the name of the sole partner shall be published by GEMI. (Article 43 (4)
- corporate name (Article 44)
- the seat of the company, its purpose, its status as a Private Equity Company
- Partners’ contributions by category of contributions and their value (Articles 77 to 79)
- the capital of the company, the total number of company shares.
- the initial number of shares of each partner and the type of contribution they represent
- how the company is managed and represented (Articles 55 to 64)
- the duration of the company (Article 46). It should be noted that if the Articles of Association do not mention a term, the company lasts twelve years from its establishment.
However, it is possible to make use of the standard statutes, which are supplemented by the founders or the notary, only in respect of the elements that distinguish the company from others of the same type. It contains the necessary provisions and is accessible from the GEMI website. and to the extent that it is followed, the lawfulness of its provisions is presumed. See here the http://www.businessportal.gr/egkyklioi.php standard statute for PC.
For all this you can consult a lawyer, as each company has its own needs and may need your advice.
Have found the place where the company will be housed. This place will be your professional headquarters and will be in the municipality referred to in the Articles of Association (Article 45) and it is sufficient only to submit a responsible statement of address for the establishment of the company, with the authenticity of the signature of the person liable.
Make sure you are tax aware. All founders / members and administrator (s) of PC must be tax informed. If this does not happen you will either be asked to do so by the One Stop Shop or the company will not be able to start up if it does not.
Have you decide who your representative will be for the procedures for setting up the company.
WHAT SHOULD I GIVE TO ONE STOP SERVICE?
For the establishment of a private equity company and its registration with GEMI, the following documents are submitted to the One Stop Shop by the founders / applicants or their representative (model 2 of Annex I of K1-802 / 2012):
A. For the founders natural persons
- Police identity card for Greek nationals, identity card or passport for EU nationals, passport for non-EU nationals, as well as residence permit if they are resident in the country. If a representative of the founders comes to the One Stop Shop, the above may also be provided in a certified photocopier.
- Residence permit for pursuing an independent economic activity, in the case of non-EU nationals, who will be designated as managers in a PC.
- Completed forms “Tax Return Statement / Individual Change Data” (M1) and “Taxpayer Relationship Statement” (M7), where required, for issuing tax IDs to founders if they do not have them.
Β. For founders of domestic legal persons:
- An exact copy of the company’s consolidated statutes.
- For personal companies and LLCs, as long as their representative for the formation of the company is a person other than the legal representative and the company is to be set up by a notarial document, a special power of attorney is required. If the company is set up by a private document, authorization bearing the original signature of the legal representative of the company is sufficient, if this is provided in the Articles of Association or it results from a decision of the meeting of the partners.
- For LTDs decision of the shareholders meeting on the participation in the company being formed.
- For the SAs are presented the Official Gazette which shows the legal representation of the company, as well as the decision of the Board of Directors for the participation of the SA in the company being formed.