Greece
Company Formation in Greece
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Company Formation
Company formation in Greece is a 15-stage process.
- Get approval of the company name from the Chamber of Commerce and Industry. This takes one day and costs approximately 40 euros.
- Submit the company documents with the Athens Bar Association. This takes one day and costs vary depending on the company capital.
- Sign the articles of incorporation in the presence of a notary public. This takes 5 days and costs approximately 50 euros.
- Deposit the capital in a bank account - this takes a day.
- Pay tax to the local tax authority for the amount of capital, this is charged at 1% of the total capital held. This must be paid within 15 days of signing the incorporation articles. This takes a day.
- Get a stamp from the Lawyers Pension Fund, which takes a day.
- Obtain certification from the Lawyers Welfare Fund, which takes a day and costs approximately 10 euros.
- Submit the incorporation articles and register with the secretariat of the court, who will issue a register number. This takes one day and there are minimal charges of approximately 10 euros.
- Submit a summary of the incorporation articles for publication in the Official Gazette, which takes 3 days. This costs approximately 280 euros.
- Register with the Chamber of Commerce and Industry, which takes one day and is simultaneous with stage 9. This costs approximately 150 euros.
- Register with social security authorities - this takes 1 day, and can be done at the same time as stage 9.
- Obtain a tax registration number and certificate to start operations from the tax office. This takes one day and can also be done at the same time as stage 9.
- Create a company seal to be used on company books and records. This takes 1 day (can e done at the same time as stage 9) and costs approximately 50 euros.
- The company needs to present its accounting books and tax records to the tax office to be hole-stamped. This takes one day, and can be done at the same time as stage 9.
- Within 8 days of hiring an employee, notify the Manpower Employment Organisation, which takes one day and can be done at the same time as stage 9.
Incorporation
There are several ways that a foreign company can become established in the Croatian market. The types of companies are:
- A Company limited by shares (AE): Minimum of two shareholders. Liability is limited to the amount contributed
- Limited liability company (EPE): Minimum of two partners, one with limited liability to the sole owner. Liability is limited to the amount contributed
- General partnership (OE): Minimum of two partners and there is no minimum capital. The partners' liability is joint and several
- Limited partnership (EE): Minimum of two partners and there is no minimum capital. The liability of active partners is unlimited. Liability of sleeping partners is limited to the amount contributed
Other types of partnership are silent partnerships, joint ventures and single traders. Types of business entities are a branch office and a representative office.
Company Formation
For a list of company formation companies please click on the 'Company Formation in Greece' tab located above.
Company formation in Greece is a 15-stage process.
- Get approval of the company name from the Chamber of Commerce and Industry. This takes one day and costs approximately 40 euros.
- Submit the company documents with the Athens Bar Association. This takes one day and costs vary depending on the company capital.
- Sign the articles of incorporation in the presence of a notary public. This takes 5 days and costs approximately 50 euros.
- Deposit the capital in a bank account - this takes a day.
- Pay tax to the local tax authority for the amount of capital, this is charged at 1% of the total capital held. This must be paid within 15 days of signing the incorporation articles. This takes a day.
- Get a stamp from the Lawyers Pension Fund, which takes a day.
- Obtain certification from the Lawyers Welfare Fund, which takes a day and costs approximately 10 euros.
- Submit the incorporation articles and register with the secretariat of the court, who will issue a register number. This takes one day and there are minimal charges of approximately 10 euros.
- Submit a summary of the incorporation articles for publication in the Official Gazette, which takes 3 days. This costs approximately 280 euros.
- Register with the Chamber of Commerce and Industry, which takes one day and is simultaneous with stage 9. This costs approximately 150 euros.
- Register with social security authorities - this takes 1 day, and can be done at the same time as stage 9.
- Obtain a tax registration number and certificate to start operations from the tax office. This takes one day and can also be done at the same time as stage 9.
- Create a company seal to be used on company books and records. This takes 1 day (can e done at the same time as stage 9) and costs approximately 50 euros.
- The company needs to present its accounting books and tax records to the tax office to be hole-stamped. This takes one day, and can be done at the same time as stage 9.
- Within 8 days of hiring an employee, notify the Manpower Employment Organisation, which takes one day and can be done at the same time as stage 9.
Incorporation
There are several ways that a foreign company can become established in the Croatian market. The types of companies are:
- A Company limited by shares (AE): Minimum of two shareholders. Liability is limited to the amount contributed
- Limited liability company (EPE): Minimum of two partners, one with limited liability to the sole owner. Liability is limited to the amount contributed
- General partnership (OE): Minimum of two partners and there is no minimum capital. The partners' liability is joint and several
- Limited partnership (EE): Minimum of two partners and there is no minimum capital. The liability of active partners is unlimited. Liability of sleeping partners is limited to the amount contributed
Other types of partnership are silent partnerships, joint ventures and single traders. Types of business entities are a branch office and a representative office.
Offshore Companies
By choosing to incorporate an offshore company, business owners and
investors can set-up a business outside the jurisdiction of its
operations. Offshore companies are traditionally, but not exclusively,
incorporated for lower fees and taxes. Business owners must abide the
regulations of the offshore jurisdiction, and must not trade within the
jurisdiction.
The benefits are vast. As aforesaid, reduced tax and fees are often
big factors when considering offshore incorporation. A company may also
choose and offshore location to:
- Simplify set-up and maintenance - entrepreneurs may find bureaucracy and red tape less of an obstacle in offshore jurisdictions
- Assume anonymity - the names of owners and directors are not for
public record, and references to the company may only be made in its
registered agent
- Ensure legal protection - for instance, some jurisdictions favour
corporate governance, meaning a company is only liable to offshore laws
as opposed to those in its areas of operation
- Protect assets - business owners may opt to arrange their assets
and transactions in such a way that protects them from liability
Characteristics of an offshore company:
- Memorandum and Articles of Association
- Certificate of Incorporation
- Registered Office/Agent
- Shareholders / Members
- Directors / Managers
- Company secretary
- Statutory Register
- Bookkeeping
Traditional locations for offshore incorporation are tax havens, such as the British Virgin Islands, Panama and Monaco. Other favoured areas include India, the Bahamas, Dubai, the Cayman Islands, Cyprus, Seychelles, Marshall islands, Delaware, Turks & Caicos Islands, Hong Kong, Jersey, Guernsey and the Isle of Man.
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