Establishment of Companies in Greece

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Establishment of Companies in Greece

You have decided to establish a subsidiary in Greece and you are searching for the right firm that will undertake on your behalf the overall procedure for its establishment and operation in Greece.

A difficult decision since apart from the economic cost, there is the question of whether the candidate office is suitable, whether it meets the conditions for you to place your trust in it, and if so, whether it can offer high added value services.

Another matter is whether this office is organized as a one stop supplier, providing accounting, taxation, legal, registered office services, notary services, etc.

The experience, abilities and reliability of E.F.M.’s consultants will meet even your highest standards, offering a sense of security in the launching of your investment in Greece from the first minute you contact us, and all this at a perfectly reasonable cost

We can provide integrated services
for a broad range of business activities.

So it is not by chance that our clientele includes customers with global presence in all five continents, in Commercial, Industrial, Pharmaceutical, Service provision fields, etc.
Forming a Company in Greece:

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Company Formation in Greece

ESTABLISHMENT – INCORPORATION OF A COMPANY IN GREECE

The procedure for the registration of a Greek Company is quite simple and fast, since only a few documents and a maximum of 20-25 days are required for the company’s registration, and most importantly, you do NOT need to visit Greece, since we take care of the entire procedure.

A. Establishment of a Limited Liability Company. An ordinary form of company in Greece:

11 Steps for commencing a business activity in Greece

The Limited Liability Company form is frequently chosen in Greece when establishing a subsidiary company. In this case the foreign parent company usually appears as a shareholder.

The partners of E.F.M. will assist you in all matters for the creation of a limited liability company in Greece.

  • Company Incorporation
  • Procedure for incorporation of Company.
  • Opening of account at a Greek Bank
  • Payment of share capital.
  • Issue of Corporate Stamp & Seal
  • Registration of company in VIES.
  • Finding work space for purchase or rental.
  • Finding and hiring staff.
  • Guidance for the supply of all necessary equipment for the operation of your company.
  • Guidance and advice on the following:
  • Keeping company books
  • Monthly monitoring of accounting matters.
  • Computerization
    • If you do not require a physical registered office in Greece, we can host your company in our offices.
  • Virtual personal secretary
  • Professional address, Fax line
  • Telephone line that can be answered in the name of your company.
  • Acceptance and forwarding of mail
  • Email service
  • Fully furnished and equipped office

Our legal department undertakes your support on an ongoing basis.

Example

Consider that the company ALFA & BETA IKE presented net pre-tax profit for the year 2015 € 100.000,00. What will be the tax that will result in each case and what would be the cash advance.

Answer

The tax on the profit of the company’s use of 2015 is calculated as follows:

100.000,00 x 29% = 29.000,00 income tax plus another 29.000 euros as tax advance for the next year (which will be paid either in one lump sum at the time of filing the income tax return, or gradually in seven (7) equal monthly installments, with the first one to be paid upon the submission of the declaration whereas the other 6 ones at the last working day of each following month).

Graphic Chart

  • Tax
  • tax in Advance
  • Net Profit

The tax on the profits of the company

Therefore: € 29,000 main tax 29,000 euros as tax advance for next year

Total EUR 58,000 either in one lump sum or in 7 equal monthly installments of 58,000 / = 8285.71 euros per month.

Establishment companies LLC, Ltd, SA

Β. PPC establishmentPrivate Capital Company

  • Private Capital Company (called in Greek “IKE”) may be also established by a single partner.
  • Registered office.
  • Securing only the administrators of the company at O.A.E.E. (social security fund).
  • Establishment of the company with a minimum capital of € 1.
  • The registration of IKE is being carried by the Commercial registry of businesses (called G.E.M.I).

Step 1: Check if it is required any special professional license.

Step 2: Registry address.

Step 3: Articles of association.

Step 4: Collection of required documents upon each case

Step 5: Pre-registration at O.A.E.E (social security fund)

Step 6: Submission of documents at the Commercial registry at one stop services

Private Capital Company (called IKE) is a new form of company introduced by N.4072 / 2012. Private Capital Company is a limited liability company.

The profit of a Private Capital Company is taxed by the income tax rate of 29% whereas its dividends are taxed with 10%. The tax advance for the next year is 100%.

Example

Consider that the company ALFA & BETA PPC presented net pre-tax profit for the year 2015 € 100.000,00. What will be the tax that will result in each case and what would be the cash advance.

Answer

The tax on the profit of the company’s use of 2015 is calculated as follows:

100.000,00 x 29% = 29.000,00 income tax plus another 29.000 euros as tax advance for the next year (which will be paid either in one lump sum at the time of filing the income tax return, or gradually in seven (7) equal monthly installments, with the first one to be paid upon the submission of the declaration whereas the other 6 ones at the last working day of each following month).

Graph Chart

  • Tax
  • Tax in Advance
  • Net Profit

The tax on the profits of the Private Capital Company (PCC).
Profits will be distributed to shareholders

Therefore: € 29,000 main tax  29,000 euros as tax advance for next year

Total EUR 58,000 either in one lump sum or in 7 equal monthly installments of 58,000 / = 8285.71 euros per month.