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Company Establishment, Comparative Chart – Advantages – Disadvantages of the Accounting Company E.F.M.

Learn how to choose your New Company type through a handy comparative Chart with the minimum requirements, advantages and disadvantages of each form.

When setting up your business, beyond your Capital and vision, you will be faced with choosing the right type (Individual business, Private Capital Company, L.T.D, S.A., General Partnership, Limited Partnership, Non-Profit Organization). Your choice is crucial because you would not want to start your own business effort by making your first mistake.

Unfortunately, in the financial environment in the past few years, the results of recent market surveys have shown that 50% of new business closes in the first five years, while another 25-30% of them fail until the end of the first decade. Essentially, 75% -80% of new businesses are closing in the first decade since their founding and only 20% manage to survive. Their survival is accidental or is it due to some particular features that these unique businesses have in their DNA?

Our Group has already helped hundreds of entities overcome the crucial decade, has the discretion and expertise to assist you in setting up your business endeavor, the foundation of your company and throughout the subsequent course of your business.

As long as you have a business idea and you are envisioning the foundation of your business you can for a first picture see the comparative Charts of your business types listed below.COMPARATIVE COMPANY ESTABLISHMENT CHART (INDIVIDUAL BUSINESS, PRIVATE CAPITAL COMPANY, L.T.D, S.A., GENERAL PARTNERSHIP, LIMITED PARTNERSHIP, NON-PROFIT ORGANIZATION) WITH ADVANTAGES AND DISADVANTAGES

 CriteriaPrivate Capital CompanyL.T.DS.A.General PartnershipLimited PartnershipNon-Profit OrganizationIndividual Business
 Type of BusinessCapitalCapitalCapitalPersonalPersonalSocial PurposePersonal
ΑEstablishment procedures by Company Type       
1Founding Chapter1 €2.400 €24.000 €0 €0 €0 €0 €
2Contributions in kindYesYesYesNoNoNoNo
3Excess FundingYesNoNoNoNoNoNo
4Minimum number of Partners>2>2>2>2>2>21
5Responsibility of PartnersThe responsibility of the PCC and not the PartnersLimited up to the amount of their ContributionLimited up to the amount of their ContributionUnlimiteda. General Partners 100% & Personal Assets
b. Limited Partners up to the amount of their Contribution
6Representation and ManagementΑ. The General Assembly and
Β.The Administrators
Α. The General Assembly and
Β.The Administrators
Α. The General Assembly and
Β.The Administrators
Its PartnersIts PartnersIts PartnersIts Partners
7Duration12 yearsInfinite> 50 years usuallyInfiniteInfiniteInfiniteInfinite
8Starting point – Recommendation pointCustomer service center or General Commercial RegistryCertified NotaryCertified NotaryCustomer service center or General Commercial RegistryCustomer service center or General Commercial RegistryMinistry of LabourCustomer service center or General Commercial Registry
9Indicative Cost of Establishment – in the General Commercial Registry80 €80 €80 €60 €60 €200 €60 €
10Other Economic Charges, eg Notary44,02 plus 6 € per sheet plus 24%44,02 plus 6 € per sheet plus 24%500 € plus 6 € per sheet plus 24%0 €0 €0 €0 €
11Other Financial Charges, Lawyer if requiredNot required, subject to agreement if necessaryNot required, subject to agreement if necessaryNot required, subject to agreement if necessaryNot required, subject to agreement if necessaryNot required, subject to agreement if necessaryNot required, subject to agreement if necessaryNot required
12Contributions to the Fund of LawyersNot requiredNot required0.5% or 1% of the Company’s Capital0.5% or 1% of the Company’s Capital0.5% or 1% of the Company’s CapitalNot requiredNot required
13Fund raising capital1%1%1%0%0%0%0%
14Finally, in favor of the Competition Commission on Capital0%0%1‰0%0%0%0%
ΒTaxation by Company Type P.C.C.L.T.DS.A.G.P.L.P.N.P.Ο.Individual business
1Corporate Tax29%29%29%29%29%29%29%
2Tax on Dividends15%15%15%0%0%0%0%
3Tax Prepayment100%100%100%100%100%100%100%
4Business tax1.000€1.000€1.000€1.000€1.000€650€
CADVANTAGESP.C.C.L.T.DS.A.G.P.L.P.N.P.Ο.Individual company
1Absence of Minimum CapitalYesNoNoYesYesYesYes
2Simple and quick start through the General Commercial RegistryYesYesNoYesYesYesYes
3Flexibility in decision makingYesNoNoYesYesNoYes
4Funding Through the Stock ExchangeNoNoYesNoNoNoNo
5Low Foundation CostsLowModerateHighLowLowLowLow
DDISADVANTAGESP.C.C.L.T.DS.A.G.P.L.P.N.P.Ο.Individual business
1High Operating CostNoYesYesNoNoNoNo
2Failure to raise Capital from the Stock ExchangeYesYesNoYesYesYesYes
3Maintenance of a fundYesYesYesNoNoNoNo
4Keeping double-entry booksYesYesYesNoNoNoNo
5Difficult Share TransferNoNoNoYesYesYes
7Compulsory Partner Insurance in Single social security institution (former Freelance insurance agency)Only the managersYesThe members of the Board of Directors Where they are at the same time shareholders with more than 3%YesYes –




Furthermore, we would like to inform you that the establishment of a new Business depending on its activity is likely to require additional criteria and conditions, e.g. Issuance of a health license.

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

Contact with us, to study your own business proposal, to suggest our business plan for your firm, and take on all the bureaucratic procedures of the start.

We will hand over your new business with the “Key in Hand”.

Article of Establishment of Company

Stella Tsiouli, Accountant – Tax Consultant

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