Greece Company Formation

Opening a company in Greece

Why open a company in Greece? What are the advantages of Greece?
Greece, a country that is part of the European Union, is a convenient solution for many entrepreneurs.

The local currency is the Euro (EUR), and living in the country is relatively cheap.

Greece is a convenient gateway to the European market, with cheap maintenance costs and a local market that understands the English language excellently.

The country's favorable location as a Mediterranean port, where major transportation routes intersect, allows goods to be exported to all European countries, thus reaching over 500 million consumers.

Greece is a perfect place for investment and business expansion. The Greek government is eager to boost the economy by providing incentives to foreign investors.

Investors see Greece as one of the most attractive investment destinations in Europe. Tourists are fascinated by Greek hospitality and friendliness, Greece's cultural heritage and the country's natural wealth.

The process of opening a company in Greece
Opening a company in Greece begins with the signing of a notarized power of attorney to open a company by a local agent. The document is then sent by courier urgently to Greece for processing by our local Greek agent. At this stage, we will issue the shareholders a personal VAT number, also called a tax number (TIN), and after this stage it will be possible to open a company in Greece in the name of the shareholders.

The company is opened and a company document is issued from the commercial registry (this is the Greek certificate of incorporation).

In Greece, there is no need for a local director or local shareholder. In Greece, you also do not need any European citizenship to open a company. You can open a Greek company even if you are an foreign citizen. This means that you can open the company with 100% shareholding in the name of an foreign citizen - in your name, or even in the name of an foreign company. The director can be foreign and there is no need for a local director.

Opening a bank account in Greece - current account for the company
Since it is a European country, more or less starting in 2018, anyone who wants to open a bank account is required to come to the country. However, the flight to the island country is very short and not difficult.

However, there is an alternative, which is opening an online bank account. Indeed, similar to our "Zero One" bank, there are online banks in Europe that would be happy to accept your company in Greece as a client.

Equity Capital
To open a company, equity of up to 1 euro is required.

In Greece, it is not required to actually deposit the aforementioned amount of equity.

Company VAT registration
After opening the company, after opening a bank account for the company, you can proceed and register the new company for VAT. The company will receive a VAT number and you can start trading.

EORI number
If you need it, we can obtain an EORI number for you so that you can import or export with the company within Europe.

EORI is an abbreviation for Economic Operators Registration and Identification number.

Maintenance of the company
The company requires annual maintenance of payment of fees, annual filings, a local address (which we will provide for you), as well as filings with the tax authority.

Tax in Greece
Corporate tax in Greece is only 22%.
For sales to the domestic Greek market, VAT is 24%.

Questions and Answers
Question: Is it necessary to physically fly to Greece to open a company in Greece?
Answer: The process of opening a company in Greece is carried out remotely and there is no need to physically arrive in Greece. There is no need to fly to Greece to open the company. The process of opening the company is carried out remotely without setting foot on Greek soil. However, to open a bank account for the company, you must fly and physically arrive at a branch.

Question: Who provides the local address for the new company in Greece?
Answer: We will provide the local address.

Question: How can I find a good accountant who can handle our new company in Greece?
Answer: We will connect you with a local accountant.

Question: If I want to come to Greece to open a bank account, what should I do?
Answer: We will try to arrange a meeting for you in advance at the branch to sign the account opening forms, so that everything is in order before you arrive, so that you do not have to wander around the city in order to find a branch that will accept you and open a bank account for your new company in Greece.

Question: What type of company in Greece should I open?
Answer: There is only one type of company in Greece, so there is no need to hesitate: the private company ("IKE"). This is the LLC company. This is a "share company".

Question: Do I need a European passport to open a company in Greece?
Answer: There is no need for a European passport. We can open a company in Greece for any foreign citizen as long as he has a valid passport.

Question: How long does it take to open a company in Greece?
Answer: The process of opening a company, including signing and sending the power of attorney, should take about 3 weeks. After that, the process of opening a bank account takes between 3-4 weeks, depending on the banks' willingness to accept the new company as a client. Of course, these times depend on third parties and are therefore only an estimate.

Question: Is it possible to open a company in Greece for a person with American citizenship or a person living in the United States?
Answer: Yes. We know how to open a company in Greece for a person with American citizenship or a person living in the United States.
At first glance, it seems trivial that a person with ties to the United States would be able to open a company in Greece, but we assure you that this is not the case. Today, all banks in Greece, without exception, refuse to open an account for a new Greek company if its owner has any ties to the United States.

Question: Is it possible to define that any foreign company will be the subsidiary of a company in Greece?
Answer: Yes, absolutely, we know how to do such a process with the foreign Registrar of Companies without any problems and in a completely smooth manner.

Question: How much does it cost to open a company in Greece?
Answer: Click here and contact us and receive an up-to-date price quote without obligation!