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Establishing a company in Greece



Establishing a company in Greece


Establishment of a Limited by Shares Company (S.A.)

A Limited by Shares Company, in Greek law called “Anonymous Etairia” A.E.” for short, is formed according to the provisions of law 2190/20 as amended and currently in force by presidential decrees and laws. A Limited By Shares Company (corporation) is a stock company in which the liability of a shareholder is limited to the amount of contributions to the capital, which is represented by shares of stock.

Setting up

The formation of a Limited By Shares Company (S.A.) may be effected by two, at least, or more natural persons or legal entities and involves four stages:

• adoption of the statute
• subscription of the share capital
• administrative authorization
• publication

a) Adoption of the statutes

When forming a Limited by Shares Company the founders of the company must adopt the statutes of the company and sign the articles of incorporation before a notary.
The law provides the minimum content of the statutes which is: the name and the object of the company, the registered office, the duration, the amount and the way of paying in the subscribed capital, the kind, number, nominal value and the issue of the shares, the appointed auditors, the rights of the share holders, etc.

b) Administrative authorization

The statutes must be approved by the responsible prefecture- department of commerce in Athens or depending on where the corporation is to be established.

c) Publication/Registration

• After the signing of the notary deed containing the statutes, the company is registered in the
  Companies’ Registry of the local court (where the company’s registered office is located).

• A summary of the deed containing the names of the founders, the company name, the registered
  office, the object of the company and the capital, the way of representation of the company etc.
  must be published, under the supervision of the board of directors, in the Government Gazette,
  Bulletin of Limited By Shares and Limited Liability Companies. The company acquires legal
  personality only after completion of the above-mentioned procedure and the publication date of the
  Government Gazette is deemed as the date of incorporation of the company.

• Upon establishment, the company is required to register with the tax office and procure
  accounting and company books stamped by the tax authorities and also register with the local
  chamber of commerce. Top

Operational structure

The general meeting of the shareholders is the supreme governing body of a Limited by Shares Company having the right to decide on all matters concerning the company. The board of directors has the executive powers of the company.

a) Shareholders’ general meeting

The general meeting of the shareholders has the sole authority to decide on:

• amendments to the statutes including capital increases or reductions.
• election of directors and statutory auditors.
• approval of the company’s balance sheet.
• appropriation of annual profits and director’s fees.
• issuance of bonds
• amalgamation, extension of duration, or dissolution of the company.
• appointment of liquidators

An annual (ordinary) general meeting of the shareholders must be held within six months of the end of each fiscal year. Extraordinary general meetings may be held at any time. General meetings are held at the registered office of the company.

b) Board of directors

The management of a Limited by Shares Company is the responsibility of the board of directors. The directors are elected by the general meeting of the shareholders. A director needs not to be a shareholder. The statutes may delegate certain authority to one or more directors or executive directors of the company. Top


Currently, the cost is determined by the following factors:

• Capital concentration fee: 1% of the share capital
• Notary’s fees, dues, stamp duties, etc.: 735 Euro
• Attorney's fees: 1% of capital up to 15.000 Euro plus 0.5% of the capital in excess
  of 15.000 Euro.
• Government Gazette fees: 440 Euro.
• Tax office: 440 Euro for the registration of the company,
• Registration with the chamber of commerce: 176 Euro.
• Competition committee fee: 1‰  Top


    Setting up
    Operational structure

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