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GLOBAL INFO

Greece

COUNTRY:

GREECE

QUESTION:

ANSWER:

1.      What are the main company forms in your country?

a)     Societe Anonyme “S.A.” (or “A.E.” in greek),

b)     Limited Liability Company “L.L.C.” (or “EPE” in greek) and

c)     Private Company “P.C.” (or “I.K.E.” in greek).

2.      Which is the most preferred company form by foreign investors?

For larger investments the most preferred company form is S.A. (A.E.) and for smaller investments is P.C. (I.K.E.).

3.      What are the basic capital requirements of this company? (minimum amounts, types of capital, deadline of capital contribution)

For S.A. (A.E.): The minimum capital is 24.000,00 Euros. Special laws prescribe higher minimum capital in specific cases.

The amount of capital may not always be in cash, but it may also comprise of contributions in kind in a maximum percentage of 50%.

At least the minimum amount of capital must be paid up in full during the setting up of the company and the balance may be paid up within five years since the company’s establishment. This does not apply and the total of the capital amount must be paid up in full during the setting up of the companyy, in case there are contributions in kind or when the company is an  stock exchange listed company.

For P.C. (I.K.E.):  The minimum capital is 1,00 Euro.

The amount of capital may not always be in cash, but it may also comprise of contributions in kind as well as of guarantee contributions.

 The amount of capital must be paid up in full during the setting up of the companyy.

4.      What are the basic rules of shareholders liability for company debts in this company?

For S.A. (A.E.): Shareholders’ liability is limited to the value of their investment in the company and they have no personal liability for company’s debts.

For P.C. (I.K.E.):  Shareholders’ liability is limited to the value of their investment in the company and they have no personal liability for company’s debts. The only existing exception where a shareholder has a liability for the company’s debts, is if has undertaken a guarantee contribution.

5.      What are the basic management requirements for this company? (only natural persons, or nationals can be managers etc.)

For S.A. (A.E.): The management is carried out by the Board of Directors, which must consist of at least three members who can be individuals or even legal entities if so provided for in the Articles of Association. In this case, though, the legal entity shall appoint a natural person for its participation in the Board of Directors.

There is no restriction by the law regarding the Director’s nationality.

For P.C. (I.K.E.): The management is carried out by one or more Administrators who shall be natural persons.

There is no restriction by the law regarding the Administrator’s nationality.

6.      How long does the registration procedure of this company take?

For both S.A. (A.E.) and P.C. (I.K.E.): About 10 days since the relevant application and documents are filled to the competent Commercial Registry.

7.      What are the main costs of formation of this company in local currency?

For S.A. (A.E.): 1) Notary’s fees: approximately 600,00  Euros, 2) Registration costs: 80,00  Euros  and if the company’s founders are more that three,  there is a cost of 5,00  Euros  for each additional founder, 3) Competition Committee cost: 1% of the capital.

For P.C. (I.K.E.): Registration costs: 80,00  Euros 

8.      What is the average attorney’s fee of the formation of this company in local currency?

For S.A. (A.E.): Approximately 1.000,00  Euros 

For P.C. (I.K.E.): Approximately 500,00 – 600,00  Euros 

9.      What are the basic publicity requirements of this company (filing of company changes, financial reports, etc.)

There are several transparency and publicity requirements for both AE and IKE, including the obligation to file to the competent Commercial Registry any change to the Company’s Articles of Association, as well as the annual financial statements of the company.

10.   What are the main auditor requirements?

For both S.A. (A.E.) and P.C. (I.K.E.): The annual financial statements of the company are subject to inspection by either a Certified Auditor or a non Certified Auditor, depending on the company’s turnover and some other quantitative criteria.