The Greek Private Company (IKE) is the most common way through which you can establish a company in Greece
In order to set up a Greek Private Company, there are a list of bureaucratic and legal steps that a foreign entrepreneur must complete.
If you want to incorporate and register a Private Company (IKE) in Greece, you can find the basic steps on the following Article , along with a detailed summary of those procedures, and the estimated time and cost for each step.
Useful Information about the Greek Private Company
- A form of limited partnership and the capital consists of share parts.
- Minimum capital requirements is € 1.00.
- There is an administrator instead of the board of directors.
- IKE is governed by its articles and memorandum of association and its accounts must be published.
- Statutory audit requirements as per EU directives.
- A single partner can control this form of incorporation.
- Double entry accounting and reporting system.
- Management’s and Partners’ Liabilities: The legal representatives (administrators) are liable with their personal property for the company’s tax and insurance obligations. In addition they are liable against third parties when the liability is proved that are made by them (administrators).
- It is very similar to EPE with the difference that is not obliged to the formalities governing the EPE, it is a more flexible to administer form of company and the setup costs are lower than EPE.
- Needed time for incorporation: 5 working days after the needed documentation is selected
Pros and Cons about the Greek Private Company
A Private Company is subject to the same corporate tax, and in general the same taxation treatment as a SA and also as the Ltd, type of companies.
The main significant differences between PC and the two types of companies ( SA and LTD) is the shorter time period required for the incorporation.
The main significant difference between PC and SA is the absence of the minimum required capital for the Private Company
In the contrary the absence of minimum required capital for PC implies more reduced solvency and credit rating than SA .
Information about the Incorporation Package for a Greek Private Company
IKE – Private Company Incorporation Package
Business founders need to submit a certified copy or copies of their IDs or their passport. They also need to request to send notice to the Insurance Organization (EFKA) with regard to the company’s establishment.
- Establishment of the company through the General Commercial Register
- Drafting of the statute of the company (Articles of Association)
- Drawing up of the required documentation and declarations
- Issuance of the certificate stating the absence of tax and insurance debt, if required
- Issuance of the TIN number for the company and the founders
- Check of the name and the distinctive trade name
- Submitting all the necessary documentation and declarations in order to register the company in the General Commercial Register
- Submitting all the necessary documentation in order to register the legal representative in the Social Insurance Registry (if needed)
- Payment for all the provided fees required for the company establishment (General Commercial Registry, Social Insurance Registry, Chamber’s Subscription Fee etc)
Atlas Consulting Fees depends on:
- the location
- the business activity
- the complexity of the business activity and company formation
Are there any Government fees on the Greek Private Company Incorporation?
Government Fees:
The costs associated with the company formation application are as follows:
- 100,00 euros for the annual subscription to the Companies House (GEMI)
- 30,00 euros fees for publications (3 publications, 10 euros each)
(Different fees may apply for different Chambers)
• First year subscription fee with the Athens Chamber of Commerce: €100 (Different fees may apply for different Chambers)
Do you want more information about the Private Company? Contact us now!
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There are several ways of doing business in Greece even though the most famous one it the Greek limited liability company, called Private Company (IKE)!We can provide you with the necessary information in order to choose the right entity for your business needs.There are pros and cons in every occasion.
We are here to help you choose wisely the entity that suits to your business needs. Concentrate to your business growth and allow us to take good care of your company incorporation and much more!
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