Greece offers plenty of tax-efficient business opportunities. The previously high headline rate of Corporation Tax has fallen in recent years, and currently sits at 29%.
If you know your way around there are various benefits for foreign investors to take advantage of. We know exactly where to look, so contact us to discuss our range of Greek company formation services.
A summary of Greece Corporate Taxes is available here.
Why is this a good time to open a company in Greece?
– There has been massive investment in infrastructure projects, largely financed by the EU
– Economic difficulties have made it cheaper to incorporate
– Unrivalled availability of skilled and unskilled workers
– Economy is recovering thanks to continued tourism and a slight political upturn
– Greek consumer spending is back on the rise, having been the EU’s highest pre-financial crisis
What are the main types of Greek company available?
There are four main forms of Greek company registration:
– Limited Liability Corporation (EPE)
– Stock Corporation (AE)
What are the main features of a Limited Liability Corporation (EPE)?
– The minimum share capital for an EPE company is €4,500
– At least half of this must be paid up in cash at formation
– The minimum number of shareholders is usually two
– This is a popular form of company due to the limited liability
– Statutory financial reporting is required
What are the main features of Public Limited Liability Corporation (AE)?
– This is the standard form of company used for major public companies
– The minimum share capital for an AE is €60,000
– It is widely adopted by Sole Proprietors because of its flexibility
– A board of directors and auditors is required
What are the main features of a Greek Partnership?
– It is available either as a General (OE) or Limited (EE) Partnership
– Foreign investors tend to prefer limited-liability EE Partnerships
– There is a minimum of two partners
– No minimum share capital is required, but it is usually €1000
– There is a much lower level of regulatory intervention
What are the main features of a Branch in Greece?
– Foreign parent must meet Greek share capital requirements
– Foreign parent responsible for all the legal and tax affairs of the Branch
– The Branch is required to register with the Greek authorities
– There is a minimum of one director
– There are no formal accounting requirements
– A local representative must be appointed, to be jointly and severally liable for payment of taxation
– A bank guarantee may also be required
What is the regulatory environment like in Greece?
The business environment in Greece is surprisingly liberal given the country’s reputation for bureaucracy.
– Regulatory standards are in line with other EU member states.
– There are no import restrictions or tariff barriers and capital and earnings can be freely repatriated.
– Greece has double taxation treaties with a number of other countries.
Nonetheless, it is important to note that Greek tax regulations are detailed, complex, and change frequently, and it is therefore strongly advisable to consult a local specialist for tax planning.
Are there financial incentives available in Greece?
The Greek government continues to offer investment incentives to promote regional development, environmental protection and energy-efficient initiatives. The scale of the incentive depends on the industry and the location.
Typically however it will involve grants, interest subsidies or tax allowances. There are special incentives for certain projects relating to mining and tourism.
How easy is it to close a Greek company?
Please contact us in order to discuss closing your company in Greece.
How easy is it to recruit staff in Greece?
Greece has significant unemployment and labour costs are among the lowest in the EU. The workforce is well educated however, and recruitment is straightforward.
If you want the pick of the crop, our recruitment specialists are ready to help.
What about banking facilities in Greece?
The Greek banking sector has changed beyond recognition in recent years. It has expanded rapidly as a result of deregulation and merger activity. Investors can choose from a range of private and state banking facilities including venture capital and finance for new companies.
Private banks may offer more flexibility than their state-owned counterparts. You will need to open a bank account in Greece, and we can advise you on this.