How to Open a Company in Greece

Main Types of Companies in Greece

Before registering your company, you must choose the appropriate legal structure. The type of company you choose will determine your liability, tax obligations and administrative requirements.

If you are starting out as an individual and want a simple, low-cost structure, a Sole Proprietorship (Ατομική Επιχείρηση) may be ideal, but remember that you will be personally liable for any debts.

If you prefer a limited liability company, an LLC in Greece, the most popular choices are the Private Company (IKE – Ιδιωτική Κεφαλαιουχική Εταιρεία) and the Limited Liability Company (EPE – Εταιρεία Περιορισμένης Ευθύνης). The IKE is the most flexible, requiring only €1 in capital, while the EPE is slightly more structured, with a minimum capital requirement of €4,500.

For larger companies or those looking to raise capital, an anonymous company (SA / AE – Ανώνυμη Εταιρεία) is the best option, although it comes with stricter governance and a minimum capital requirement of €25,000.

For partnerships, you can opt for a general partnership (OE – Ομόρρυθμη Εταιρεία), where all partners have unlimited liability, or a limited partnership (EE – Ετερόρρυθμη Εταιρεία), where at least one partner has limited liability.

How to Open a Company in Greece Step by Step

Starting a business in Greece involves legal, tax and administrative procedures.

Although the process has been streamlined in recent years, it is always advisable to work with a local Greek lawyer to ensure a smooth incorporation and to make sure your company starts off on the right foot!

That said, here are the top 10 steps you need to take to open a company in Greece.

1. Decide on the company structure: Choosing the appropriate company structure is the first and most important step in incorporating a company in Greece. Choosing the right type of company depends on your business objectives, the number of shareholders and the level of liability you are prepared to assume.
2. Choose a company name: The company name should reflect your brand identity while complying with Greek regulations. It is recommended that you conduct a name search through the GEMI online platform or at the local Chamber of Commerce to ensure availability. If the name is available, you can reserve it to prevent others from using it while you complete the registration process.
3. Draft the Articles of Association: The Articles of Association (Καταστατικό) serve as the foundation of your company, outlining its structure, purpose and operating rules. This document must include key details such as the shareholding structure, management rules and decision-making processes. This step is crucial because it establishes the legal framework of the company and determines how it will operate.
4. Register with the General Commercial Registry (GEMI): To formally incorporate your company, you must register it with the GEMI, which acts as the company registry in Greece. This step involves submitting your Articles of Association, business name approval and other required documents. Once registered, GEMI will issue a unique company registration number, confirming that your company is legally recognised. After registration, you will receive your company’s official documents, which are required for tax registration and opening a bank account.
5. Obtain a tax identification number (AFM): Every company operating in Greece must obtain a tax identification number (AFM – Αριθμός Φορολογικού Μητρώου) from the local tax office (DOY – Δημόσια Οικονομική Υπηρεσία). This number is essential for financial transactions, tax returns and invoicing. The company’s legal representative or an accountant can carry out this registration on your behalf. Your company cannot trade without an AFM, so this step should be completed as soon as possible after GEMI registration.
6. Open a business bank account: In order to carry out financial transactions, your company must open a company bank account with a Greek bank. This account will be used for capital deposits, payroll, supplier payments and tax obligations. It’s important to choose a bank that suits your business needs, especially if you require international transactions, online banking services or credit facilities. Some banks may also require proof of your company’s physical presence in Greece, such as a lease for office space.
7. Register with the Social Insurance Institute (EFKA): If your business hires employees or you are self-employed, you must register with EFKA (ΕΦΚΑ – Ενιαίος Φορέας Κοινωνικής Ασφάλισης), the Greek social security system. This registration ensures that you and your employees have access to healthcare, pension contributions and other benefits.
8. Obtain business permits and licences: Depending on the nature of your business, you may need additional permits or licences before you can start operating. Certain industries, such as food services, construction, retail and transport, require special permits from regulatory authorities. These licences ensure that your business complies with health, safety and environmental regulations.
9. Register for VAT and choose an accounting system: If your company’s annual turnover exceeds €10,000, you must register for Value Added Tax (VAT – ΦΠΑ) with the Greek Tax Authority (DOY). The standard VAT rate in Greece is 24%, but reduced rates of 13% or 6% apply to certain goods and services, such as food, tourism and healthcare. You are also required to keep proper accounting records and submit regular tax returns.
10. Start trading: Once all the legal and financial requirements have been met, you are ready to start trading in Greece! At this stage you should focus on marketing, hiring staff and setting up operations. Make sure you comply with Greek labour laws, which regulate employment contracts, wages and working hours.

Necessary Documents to Set Up a Company in Greece

As we have just seen, starting a business in Greece involves several legal and administrative steps, each of which requires specific documentation. These documents ensure that your company is legally registered, tax compliant and authorised to operate in your chosen industry.

The documents required to incorporate a company in Greece include:

• Shareholder & Director Identification Documents: All shareholders, directors and legal representatives must provide valid identification. If they are non-Greek citizens, a certified and translated copy of their passport may be required.
• Company Name Approval Certificate: Confirms that the chosen company name is unique and not already registered.
• Articles of Association (Καταστατικό): The legal document outlining the company’s structure, management and operating rules. It includes details such as the company’s purpose, shareholding and governance model.
• Certificate of Incorporation: Official document proving that the company is legally registered in Greece. This certificate contains the company’s General Commercial Registry (GEMI) number.
• Tax Identification Number (AFM) for the company: A unique number required for tax returns, VAT registration and invoicing.
• Proof of Business Address: Proof of the company’s place of business, usually a lease or title deed.

Here’s a table summarising the main documents required and where to get them.

Capital Requirements

The minimum capital required to start a business in Greece depends on the legal structure you choose.

For the most flexible and popular option, the Private Company (IKE), the minimum capital is just €1, making it an accessible choice for entrepreneurs.

Similarly, General Partnerships (OE) and Limited Partnerships (EE) have no minimum capital requirement, although partners in an OE have unlimited liability.

In contrast, a limited liability company (EPE) requires a minimum capital of €4,500, while the anonymous company (SA – AE), typically used for large businesses, requires a minimum capital of €25,000, of which at least 25% must be paid at the time of registration.

While the capital requirements are the same for both EU and non-EU nationals, non-EU nationals may face additional administrative steps, such as securing a residence permit or appointing a local legal representative for certain company types.

Taxation

Companies operating in Greece are subject to different corporate taxes depending on their legal structure and annual turnover.

The corporate tax rate for most companies, including private companies (IKE), limited liability companies (EPE) and anonymous companies (SA – AE), is currently 22% on net profits.

Sole proprietorships and small businesses are taxed progressively, with rates ranging from 9% to 44%, depending on their annual income.

In addition, companies with an annual turnover of more than €10,000 must register for Value Added Tax (VAT – ΦΠΑ), which applies at a standard rate of 24%, with reduced rates of 13% and 6% for certain goods and services.

For more information on this topic, read our full guide on taxes in Greece.

Hiring and Employment Regulations

When opening a company in Greece and hiring employees, it is essential to comply with employment law, which regulates employment contracts, working conditions, wages, and benefits. A labor lawyer in Greece will help you to comply with all the laws and regulations.

Greece has a minimum wage, currently set at €780 per month (from 2024) for full-time employees. The standard working week is 40 hours, with a maximum of 48 hours including overtime, which is subject to additional pay regulations.

Employers are required to provide written employment contracts outlining the terms and conditions of employment, salary and job responsibilities.

Greek labour laws provide strong protections for workers, including paid holidays (at least 20 days per year for full-time employees), maternity leave, severance pay and protection against unfair dismissal. In addition, companies must comply with occupational health and safety regulations.

In addition to corporate tax and VAT, companies in Greece must also comply with social security contributions, which are paid to the Unified Social Security Fund (EFKA), which covers both employers’ and employees’ obligations. Employers contribute around 22.29% of gross wages, while employees pay around 13.87%.

Best Cities, Regions, and Islands to Open a Company in Greece

Choosing the right location for your business in Greece depends on factors such as industry opportunities, infrastructure, tax benefits and access to talent.

Each location in Greece offers unique business advantages, whether you’re looking for technological innovation, tourism growth, manufacturing or international trade.

Depending on your business model, you can also take advantage of government incentives, EU funding programmes and strategic tax benefits in different regions.

Athens – Greece’s business and start-up center

Athens is the economic and business center of Greece, making it the best location for startups, technology companies and international businesses. The city offers a thriving ecosystem for entrepreneurs, financial services and innovation, with several incubators, co-working spaces and access to venture capital. Key initiatives such as Egg – Enter Grow Go and the Athens Center for Entrepreneurship and Innovation (ACEin) provide valuable support for new businesses.

With lower costs compared to other European capitals, Athens attracts digital nomads, fintech companies and multinationals looking to set up operations in Greece. The city also serves as a gateway for import/export businesses thanks to its strategic location and proximity to the Port of Piraeus, one of Europe’s largest shipping hubs.

Thessaloniki – An emerging hub for trade and innovation

Thessaloniki is Greece’s second largest city and a major center for trade, logistics and technology. Its proximity to the Balkans and Eastern Europe makes it a strategic hub for companies involved in transportation, manufacturing and cross-border trade. With a strong university and research presence, Thessaloniki is also a hotspot for innovation and technology start-ups, supported by initiatives such as the Thessaloniki Innovation Zone.

Compared to Athens, Thessaloniki offers lower business costs, a high-quality workforce and government incentives for companies investing in Northern Greece. Its modern infrastructure, international port and access to European trade routes make it an ideal choice for companies looking to expand beyond Greece.

Patras – A center for research, technology and renewable energy

Patras is a dynamic university city known for its strengths in science, technology and research. Home to the Patras Science Park, the city attracts biotechnology, IT and renewable energy companies, making it a prime destination for R&D-driven start-ups. Its strategic location near Italy and the Ionian Sea also enhances its role as a trade and logistics hub.

With a highly educated workforce and access to EU funding for research-intensive projects, Patras is an excellent choice for entrepreneurs looking to innovate. The city is also growing in the renewable energy sector, attracting investment in solar, wind and green technology projects.

Crete – Ideal for tourism, agriculture and energy

Crete is one of Greece’s largest and most self-sufficient regions, offering excellent opportunities in tourism, agribusiness and renewable energy. The island’s world-renowned hospitality industry welcomes millions of visitors annually, making it a top destination for hotels, restaurants, and vacation rentals. In addition, Crete is a leading producer of olive oil, wine, and organic foods, offering strong export opportunities.

With increasing investment in solar and wind energy, Crete is also becoming a leader in renewable energy projects. The local government offers tax incentives and funding for businesses that contribute to sustainable tourism and green technology, making it an attractive option for environmentally conscious entrepreneurs.

Rhodes – Luxury tourism and real estate investment

Rhodes is a booming center for luxury tourism, hospitality and real estate development. With its long tourist season and high visitor spending, the island offers profitable opportunities for hotels, boutique resorts and high-end services. Its status as a major cruise ship destination also benefits retail, entertainment and cultural tourism businesses.

For investors, Rhodes offers excellent real estate opportunities, with growing demand for vacation homes and high-end rental properties. Government incentives for tourism businesses further enhance its appeal, making it a prime location for those wishing to enter the luxury travel market.

Mykonos & Santorini – High-end business and luxury markets

Mykonos and Santorini are Greece’s most exclusive destinations, known for luxury hospitality, gourmet dining and high-end retail. These islands cater to affluent international travelers, creating opportunities for boutique hotels, designer fashion and fine dining restaurants. Businesses in yachting, event planning and premium services are thriving in these markets.

Despite high operating costs, the profit potential is significant as businesses in Mykonos and Santorini command premium prices. Investors in hospitality and real estate are benefiting from strong demand, making these islands an excellent choice for entrepreneurs targeting an affluent clientele.

Corfu – Tourism, trade and expat friendly businesses

Corfu is a vibrant island with a strong British and Italian expat presence, creating opportunities for international businesses, boutique hotels and property investment. The island’s mix of cultural tourism and natural beauty makes it an attractive destination for entrepreneurs in the hospitality, food and luxury services sectors.

Beyond tourism, Corfu’s proximity to Italy and Albania enhances its role as a hub for import/export businesses. The island also offers EU grants and incentives for small tourism businesses, making it an attractive choice for those looking to start a business with government support.

Volos – Greece’s industrial and manufacturing hub

Volos is a major industrial and manufacturing city, known for its strong manufacturing sector and strategic location. The city’s port and rail connections make it an important hub for shipping, distribution and trade. With its well-established infrastructure, Volos is a top choice for construction, engineering and manufacturing companies.

Unlike tourism-oriented locations, Volos offers lower operating costs and access to a skilled workforce, making it ideal for industrial investment. The Greek government also offers incentives to companies investing in industrial growth and innovation.

Ioannina – A growing hub for IT, education and agri-tech

Ioannina is emerging as a hub for technology, education and smart agriculture. The city’s strong university presence ensures a steady flow of skilled graduates, making it an attractive location for tech startups and IT companies. In addition, Ioannina’s focus on agriculture and agritech innovation is driving new opportunities in organic farming, food technology and smart irrigation systems.

Entrepreneurs benefit from government funding and EU grants that support research-based companies. With an affordable cost of living and access to skilled talent, Ioannina is an excellent choice for companies focused on education, technology and sustainable agricultural solutions.

Ongoing Compliance Requirements

Once your company is established in Greece, you must comply with ongoing legal, tax and financial obligations to remain in good standing with the Greek authorities. These include annual filings, tax reporting, social security contributions, and potential audits.

As a business operating in Greece, key compliance requirements include:

• Filing annual tax returns and VAT reports on time.
• Keeping payroll and social security payments up to date.
• Conducting audits if required by law.
• Updating GEMI records for any company changes.

Failure to comply with legal and tax obligations in Greece can have serious financial and operational consequences for businesses.

Businesses that miss tax filing deadlines or fail to submit VAT reports can face heavy fines, interest charges and legal penalties imposed by the Greek Tax Authority (AADE).

In addition, businesses that fail to pay social security contributions (EFKA) on time risk further fines and potential restrictions on their operations.

Non-compliance can also result in the deregistration of the company from the General Commercial Registry (GEMI), effectively closing the business and making it difficult to operate legally. In extreme cases, Greek authorities can freeze bank accounts, seize company assets, or take legal action against business owners.