Starting a business in Greece: your gateway to Europe, Africa and the Middle East

The IKE is a versatile vehicle popular with foreign investors entering the Greek market. It was designed to be flexible, sharing the core features of a limited liability company while operating within a more streamlined administrative framework. It requires a minimum capital of just €1 and allows for 100% foreign ownership by a single member. Shareholders benefit from liability limited to the value of their contributions, making it very appealing if you're looking for a fast and cost-effective Greece company setup. The IKE requires appointment of a director residing either in Greece or in another European Economic Area (EEA) country. While theoretically allowed, the appointment of non-EEA directors can delay company formation.

The AE is the equivalent of a public limited company or corporation and is the preferred structure for large-scale industrial projects and multinational subsidiaries. It carries greater prestige and is often preferred by Greek banks for major financing, making it suitable for companies planning to raise capital or list on the Athens Stock Exchange. That said, there are stricter regulatory demands, including a minimum share capital of €25,000, fully paid upon incorporation. It also requires a board of directors with at least three members and is subject to more rigorous auditing and reporting standards. One director must be EEA resident.

The EPE is a more traditional structure that sits between the flexible IKE and the formal AE. Its popularity has decreased due to the rise of the IKE, but it remains a valid option for mid-sized enterprises that prefer a more rigid and formal legal framework. It typically requires a notarised deed for its formation and any subsequent changes to its articles, providing a level of legal permanence that some partners find reassuring for long-term joint ventures.

A branch office provides a streamlined way for an established foreign company to operate in Greece without forming a separate legal subsidiary. The branch is legally considered an extension of the parent company, so no separate minimum capital is required. The parent company retains full legal and financial liability for all activities conducted on Greek soil. This structure is often chosen by foreign firms that want to centralise their global accounting and reporting while maintaining a direct physical presence to serve local clients or manage specific contracts.

For companies that are not yet ready to engage in commercial trading, the representative office is an excellent tool with which to explore the market. These offices are strictly non-revenue generating and are restricted to activities like market research, advertising and technical support for the parent company. Under Law 89, Greece offers an incentive where the office's taxable profit is determined by a fixed cost-plus markup on its operating expenses, making tax more predictable for multinational groups looking to set up regional shared-service or back-office hubs.

The total cost of establishing a company in Greece can depend on the legal entity you select, the complexity of your articles of association and your specific industry requirements.

• Digital and administrative registration fees: Greece company registration is primarily handled through the General Commercial Registry (GEMI). For many entity types, you can use articles of association templates provided by the electronic portal to keep government fees low. These costs cover the initial registration, the issuance of your company's unique registration number and the mandatory first-year publication of your company's status.

• Notary and legal authentication: While many modern entity types (like the IKE) can be formed without a notary if using standard templates, larger corporations (AE) often require notarised deeds. These fees are calculated based on the length and complexity of the document. You must also account for the costs of official translations, apostilles and the legalisation of your home country corporate documents by the Greek Ministry of Foreign Affairs.

• Chamber of Commerce and annual levies: Every Greek business is required to join its local Chamber of Commerce. This involves an initial registration fee and a mandatory annual subscription. All businesses are subject to an annual business fee (telos epitidevmatos), a flat tax required regardless of whether the company has generated a profit. However, this is being phased out by 2027.

• Physical headquarters: To receive a Tax ID and complete registration, a business must have a physical commercial address in Greece. This requires a formal lease agreement. Commercial agreements often involve a digital transaction fee, calculated as a small percentage of the annual rent.

• Tax and social security setup: Once registered with GEMI, your company is automatically assigned a Tax Identification Number (AFM). While there is no direct fee for the ID itself, you must register with the Electronic National Social Security Fund (e-EFKA). For directors and partners of certain entities, there are mandatory monthly insurance contributions. For businesses with employees, you must also budget for the employer's share of social security, which is a percentage added to the gross salary.

• Visa and residence permits: For non-EU founders and managers willing to relocate to Greece, there are costs associated with securing a residence permit for strategic investment or independent economic activity. These include government processing fees (paravolo), mandatory private health insurance and the costs of biometrics and legal representation.

• Professional and compliance services: Engaging specialised corporate lawyers and accountants is recommended when navigating the KAD (Activity Code Number) process, which determines your tax and licensing obligations. These professionals handle the communication with the tax office, ensure your digital keys (Taxisnet) are set up correctly, and manage the ongoing mandatory filing of financial statements to avoid compliance penalties.

• Capital requirements: While an IKE can be formed with a symbolic capital of just €1, other structures require a more substantial commitment. For instance, an AE requires a minimum share capital of €25,000.

At Hawksford, we follow a structured, step-by-step process to ensure a smooth, efficient and compliant company formation. The approach is customised to your specific needs and objectives.

We typically begin with a comprehensive consultation to gain a thorough understanding of your business objectives, operational requirements and long-term goals. This provides the basis for determining the most appropriate legal structure, jurisdiction and licensing framework for your business.

Based on the initial consultation, we will put together a strategic setup plan covering your company's formation and registration in Greece, corporate structuring and any applicable legal considerations.

Our team can also assist with preparing and submitting the required documentation, ensuring accuracy and compliance with Greek regulations. This includes drafting legal documents, completing application forms and getting necessary approvals from the relevant government authorities.

We can manage the entire incorporation process through the General Commercial Registry (GEMI) and the digital One-Stop Shop (e-YMS). Our team will handle your corporate name and distinctive title reservation, ensuring your brand meets Greek legal standards and passes the mandatory non-confusion check against existing entities. We will also oversee the automated issuance of your Tax Identification Number (AFM) and the activation of your Taxisnet credentials, coordinating with the Hellenic Ministry of Development for any required sector-specific professional licences.

As all directors and shareholders residing outside of Greece must have a local tax ID, our team can assist with the completion of these procedures via a Power of Attorney.

Important note: applying for tax IDs is a time-consuming process, which can take up to six weeks. In certain instances, it is advisable to register the company with a single Greek director, and to appoint additional non-resident directors after the initial setup. In any case, we ensure all statutory formalities are met, so you can secure your operating certificate and begin trading across the EU.

When required, we can also manage the entire visa and residency process for you and your staff, navigating Greece's legal requirements and the streamlined single permit system. Our team can handle the end-to-end submission of documents to the Ministry of Migration and Asylum and coordinate directly with Greek authorities to secure the necessary National Type-D Visas. Once in Greece, we can facilitate mandatory health certifications and biometric appointments, overseeing the transition from entry visas to long-term biometric residence cards.

We can help with the opening of a corporate bank account in Greece, providing guidance on the required documentation and liaising with the bank. With our extended portfolio of clients, we maintain trusted relationships with banks.

After the initial setup, our team can continue providing ongoing support. This can include helping with office setup logistics and other essential services necessary for your business operations in Greece.

We can also support you with ongoing accounting and tax compliance, including corporate tax, value added tax (VAT) registration and filing, financial statement preparation and bookkeeping.

When setting up your business in Greece, the timeline is driven by the digital e-YMS One-Stop Shop system, which has made the initial phases of incorporation much faster. Yet the process of becoming fully operational is still influenced by administrative requirements for non-EU owners and the vetting processes of the Greek banking sector.

Other factors that can affect your timeline include the specific legal structure chosen; the complexity of your business activity, particularly for those requiring permits; and the thoroughness of KYC procedures while activating a corporate bank account.

We are dedicated to supporting the setup process and providing realistic timelines for each stage. This can help facilitate effective planning and preparation for operations in Greece.

• Chosen legal structure: Your choice of entity type can directly impact the speed of registration. While an IKE can be formed almost instantly using standard digital templates, an AE often requires notarised deeds and a more extensive capital certification process, which can add several days to the initial filing.

• Complexity of business activity: Regulated business activities, such as food services, manufacturing or fintech, require secondary operating licences. These may involve inspections from the Ministry of Development or local municipalities and take longer than the basic commercial registration.

• Specific location requirements: While strategic projects using Fast-Track licensing can benefit from priority processing, investments in protected areas or those requiring specialist environmental impact assessments (EIA) will be subject to more rigorous and slower approvals.

• Efficiency of document processing: The speed of your setup is highly dependent on the readiness of your documentation, especially for foreign parent companies. Ensuring that all overseas corporate records are correctly apostilled, translated by certified Greek professionals and uploaded to the GEMI portal without errors is critical to avoid delays.

As your trusted partner, our focus is on delivering an efficient setup process. Besides outlining the key steps and highlighting potential constraints, we can work with you to ensure your documentation is accurate and submitted on time, reducing the risk of delays. This can provide you with a more structured approach to planning your expansion into Greece.

• Initial planning and document preparation: 1 to 2 weeks

• Tax ID applications for non-Greek shareholders and directors: 3 to 4 weeks

• Company registration: 2 weeks

• Visa and security processing (if required): Typically around 30 days

• Bank account opening: 4 weeks

While providing these estimated timelines, we place a strong emphasis on consistent communication and proactive management of the entire setup process. This ensures that the fastest possible setup is achieved within the bounds of the prevailing legal framework and regulatory requirements.

For further information or a more detailed timeline, please get in touch with our team.