Taras Miroshnychenko

Head of practice

E-mail

miroshnychenko@prikhodko.com.ua

Phone numbers

Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.

Opening and supporting a business in Greece

The Greek legal system has its own specifics, which are significantly different from both the Ukrainian and the European ones. Mistakes at the registration stage or neglect of local compliance can lead to significant fines, blocking of accounts or even criminal liability. The law firm “Prikhodko & Partners” offers a full range of services for registration and further support of a business in Greece, allowing the client to focus on development, not on bureaucratic challenges.

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Choosing a Legal Form

The first step to a successful business is choosing the right legal structure. Greek law offers several forms for conducting commercial activities, and our task is to choose the optimal one for your goals.

The most popular form among foreigners is the Private Limited Liability Company (I.K.E. — Ιδιοφική Κεφαλαιουχική Εταιρεία). This is the “golden mean” for small and medium-sized businesses. The advantages of I.K.E. are obvious: minimum authorized capital (only 1 euro), flexible management system, the ability to be a founder for one person (including a non-resident) and simplified reporting. For large-scale investment projects or public companies, it is advisable to consider a Joint Stock Company (A.E. — Ανώνυμη Εταιρεία), which requires stricter corporate governance and higher capital.

If you plan to conduct business through a branch of an existing Ukrainian company, we will help you register a Representative Office. It is important to understand: a representative office is not an independent legal entity and cannot conduct commercial activities on its own behalf (only marketing and preparatory activities), which protects the parent company from unnecessary tax risks.

Registration procedure: from submission to receipt of the AFM

The process of registering a business in Greece is centralized, but requires accuracy in the details. It consists of several stages, which we take on:

Obtaining a tax number (ΑΦΜ – Αριθμός Φορολογικό Μέτρωνου). This is the basis. Without an AFM, it is impossible to open a bank account, sign a lease agreement or register a company. The procedure involves the personal presence of the founder or an authorized lawyer at the tax office. We prepare all forms, translate and apostill the constituent documents, and also provide support during the visit.
Registration in the Trade Register (Γ.Ε.ΜΗ.). After receiving the AFM, the package of documents is submitted to the Unified Trade Register. This is where the legal “birth” of the company takes place: the uniqueness of the name is checked, data on directors, authorized capital and legal address are entered.
Opening a bank account. Greek banks (Piraeus, National Bank of Greece, Eurobank, Alpha Bank) are meticulous about the sources of funds. We support the KYC (know your customer) procedure, prepare a legal opinion on the ownership structure and ensure communication with the bank’s compliance department, which significantly increases the chances of opening an account without any problems.

Tax support and accounting

Greece offers a number of incentives for new companies, but tax administration here is strict. Our support includes full bookkeeping and tax accounting.

Key aspects that we draw the attention of clients to:

Profit tax: The rate for I.K.E. and A.E. is fixed and is 22% (current at the time of writing the article). For new companies, preferential regimes may be applied provided that new jobs are created.
VAT (VAT): Standard rate — 24%. There are reduced rates (13% and 6%) for certain categories of goods and services (food, pharmaceuticals, tourism). The obligation to file declarations is monthly or quarterly, depending on turnover.
Solidarity contribution and social contributions: Greece has a complex social security system (EFKA). Contributions for salaried employees and founders are mandatory and substantial. Our task is to legally optimize the payment structure in order to reduce the burden on the payroll without violating the law.

Legal support for current activities

Registration is just the beginning. Greek legislation is constantly changing, especially in terms of the digital economy and labor relations. We offer comprehensive subscription support, which includes:

Personnel audit and personnel registration: Preparation of employment contracts (which in Greece have a strictly regulated form), personnel reporting, registration of employees in the “ERGANI” system (the information system of the Ministry of Labor).
Contract work: Preparation and analysis of contracts with counterparties, taking into account the specifics of the Greek Civil Code and judicial practice.
Currency control and corporate governance: Support for decisions of general meetings, amendments to the charter, assistance in structuring international agreements to avoid double taxation between Ukraine and Greece.

Can I register a company in Greece without a personal visit?

Yes, it is possible, but with proper legal support. You can provide a notarized power of attorney (with an apostille) in the name of our lawyer. We will represent your interests in the tax office, bank and registry. However, to open an account in most banks, personal presence for identification may be required, or we can organize video identification according to a special protocol.

What is the minimum authorized capital for an LLC (I.K.E.)?

For I.K.E., the law establishes a minimum capital of 1 euro. However, for practical activities (renting an office, obtaining licenses), banks and counterparties often expect to see capital from 1,000 to 5,000 euros. We recommend forming the authorized capital based on the real needs of the business for the first 3-6 months.

Is it possible to obtain a residence permit or citizenship through investment in a business?

Yes, Greece has a Golden Visa program. An investment of €250,000 or more (in certain types of real estate or business) entitles you to a five-year residence permit for the entire family. However, if you register a regular operating company (for example, services or trade), a residence permit is not issued automatically. This requires proof of job creation and stable income. We provide separate support in immigration matters.

What are the risks of tax evasion in Greece?

The Greek Tax Service (ΑΑΔΕ) has digitized control in recent years. The system automatically blocks accounts for tax arrears of more than €500. Failure to file declarations within three months is punishable by fines of €250 to €1,000 for each unfiled report, as well as a penalty (0.73% for each day of delay). That is why having a local tax partner is critically important.

Do I need to open a company in Greece if I plan to work as a self-employed person (individual entrepreneur)?

Yes, it is possible. The form of individual entrepreneur (Ατομική Επιχείρηση) is the simplest. However, in this case you are fully liable for the debts of the company with all your property. In addition, the tax burden on an individual entrepreneur is calculated on a progressive scale, which may be less favorable for high incomes compared to the corporate rate I.K.E. We will help you calculate both options and choose the safest and most economically feasible one.

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Why choose Prikhodko & Partners?

Starting a business in Greece is a strategic decision that requires not only knowledge of the language, but also a deep understanding of local business customs and regulatory nuances. The Prikhodko & Partners team provides a full turnkey cycle: from choosing an organizational form and registration to accounting, tax optimization and legal protection.