How to set up a Greek Private Company (IKE)

by | 10/10/2018 | A.TL.AS Consulting News | 0 comments

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How to set up a Private Company (IKE) in Greece?

There are a list of  steps that a foreign entrepreneur/ investor must follow in order to set up a Greek Private Company P.C. (IKE).
If you want to incorporate a limited company in Greece without hassle, there is a new legal form of limited companies called a Private Company (IKE) that can be incorporated easily and effortlessly.
You can find the basic steps on the following list, along with a summary of those procedures, and the estimated time.
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Step 1: Obtain a Tax Identification Number (TIN) from Tax Authority (for the founders)

 

The founders of a Private company (IKE) might be:
  • Natural persons
  • Legal Persons

Natural Persons could be:

  • Greek citizens

In that case they should hold identity card and their Tax Identification Number.

  • EU citizens

In that case they should hold identity card or valid passport in order to obtain a TIN number. Moreover, on a case-by-case basis and as long as they are engaged in a commercial activity in their country, they are obliged to designate a tax representative in Greece. Atlas Consulting is providing such service for you.

  • Non EU citizens

In that case they should have a valid passport and a residence permit if they wish to be company’s managers, otherwise, only the passport is enough.

Also, where applicable, and if they undertake commercial activities from their country, they should appoint their tax representative in Greece.

Legal Persons could be:

  • For EU legal persons
  • For non EU legal persons

General requirements

The founding members may be natural or legal persons. Natural persons should have attained the age of eighteen (18).

Procedure:

Before applying for a new company at GEMI, entrepreneurs and the members of the new company (both natural persons and legal persons) need to register to the Tax Office and get a Tax Identification Number TIN.

If the origin of the shareholders are not from Greece, the natural person must assign a Tax representative in order to get the TIN and in case that one of the member of the new company is a legal person, there must be assign a Legal Representative.

Agency: Tax Authority

Time: Less than one day

Atlas Consulting Fees: we will be happy to give you a quote!

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Step 2: Find a tax seat for your new company

In order to setup a business in Greece, you will need a registered office within Greece to which all communications and notices can be addressed.

For certain activities i.e. service providers can be a virtual registered office (we provide Registered Address Services) but for other activities like trading or manufacturing  regular premises (commercial place) must be rented.

 

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Step 3: Prepare the Statutes of the company

You must cooperate with a competent Tax Accounting – Legal firm in order to guide you through this procedure and in order to prepare all the necessary applications and forms for  you.

The Articles of Association of the company is not necessary to be written by a lawyer. However, we believe that a competent lawyer have to support the new company anyway.

We are taking care of drafting the Statutes according to the guidelines of the Law with the review of our Legal team.

Agency: our Legal Department 

Time: 1-2 working days after the collection of the proper information

Costs: are included in our Incorporation package

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Step 4: Register the new company to the General Commercial Registry (GEMI)

After the preparation of all the necessary documents and the Statutes of the company, we proceed with the Registration of the new company.

Simultaneously with the Registration of the New company, we will also get:

  • the Tax Identification Number of the Company
  • the VAT Registration of the Company
  • the Klidarithmos of the Company (the online codes that are necessary for the online tax submissions)

Agency: Companies House – General Commercial Registry One-Stop Shop

Time: 1-5 working days after the collection of the proper documentation

All the government costs are included in our Incorporation package

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Step 5: Register with EFKA (National Insurance Organization)

The Director of IKE, according to Circular OAEE No. 44/27.7.2012, is legally obliged to registered with EFKA (National Insurance Organization) while the registration of other members of IKE is optional. The Director must be a Greek citizen or EU citizen with working permit.

The regular fees are paid monthly and are starting with 167  euros per month minimum.

If you want to set up a Private Company without paying EFKA or in case that you are not eligible to be the Director of IKE, we have solution for this.

In case you are interested for this solution, please send us an email.

Agency: EFKA

Time for registration: 1 day

Cost of EFKA Registration: they are included in our All in One Company Formation Package. 

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Step 6: Make a company seal

The company seal must also contain the company’s tax registration number and the tax office. On May 31, 2013 the Government of Greece adopted the Law 4156/2013 abolishing the requirement to make and affix the company seal for corporations. However, it is still used in practice by banks. Furthermore, companies are still required to make a company seal in their daily practice.

You can order a seal to a  Seal Maker or a Book Store.

Time: 1 day

Cost: is included in  our All in One Company Formation Package. 

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Step 7: The new IKE-P.C. in ready to start doing business

Private Company Formation Solutions

Our Basic Package for Private Company Formation includes:

  • Tax Identification Numbers for all the founders (individuals+ legal entities)
  • Preparation and filing of all necessary paperwork to register the new company
  • Preparation of the Articles of Association (both in greek and english)
  • Check of the name and the distinctive trade name
  • Establishment and registration of the company through the General Commercial Register in the Companies House
  • Company’s Tax Registration – Tax Identification Number
  • Social Security Registry for the Director of the company
  • Tax- Business Consulting during the period of Setup

Optionally, we could also provide the following services:

  • Open the commercial bank account of the new company
  • Provide you with a Registered Address (if applicable)
  • Issuance of a general certificate from the General Trade Register (certification by Apostille ad translation into the language of the applicant)
  • Issuance of the registered statute in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)
  • Issuance of the certificate of the existing representative office in the General Commercial Register (certification by Apostille ad translation into the language of the applicant)