Greek E.P.E. (Etaireia Periorisménis Evthýnis) requires €1 minimum capital - among EU's lowest. Formation takes 1-3 business days online via GEMI. Corporate tax: 22% flat rate. Greece offers Athens tourism/shipping hub, post-crisis economic recovery, Golden Visa for investors, strategic Mediterranean location, EU membership with lower costs than Western EU, and growing startup ecosystem. Gateway to Balkans and Eastern Mediterranean.
Formation Requirements
E.P.E. (limited liability company) minimum 1 shareholder (individual or legal entity). Maximum 50 shareholders (if exceeded becomes A.E.).
Manager (diacheiristis): Minimum 1 required. No residency requirement for shareholders/managers. Greek address required (virtual office acceptable).
Capital Requirements
Minimum share capital: €1 symbolic minimum since 2018 law (previously €4,500). Realistic minimum: €5,000-10,000 for banking and supplier credibility.
Payment: Must be deposited before GEMI registration. Bank certificate required. Greek banks require €5,000+ initial deposit for business accounts.
Formation Process
Draft articles of association (katastatiko). Can use standard template from GEMI portal or lawyer-customized version.
Register via GEMI (General Commercial Registry) online portal. One-stop shop includes tax registration (AFM), social security (EFKA), chamber of commerce.
GEMI Registration
Processing: 1-3 business days for complete registration. Filing fee: €100-150 depending on share capital and activity codes.
Receive GEMH number: General Electronic Commercial Registry number (company identifier). AFM (Tax ID): 9-digit fiscal number for all tax purposes.
Chamber of Commerce: Automatic registration included in GEMI filing. No separate application needed.
One-stop efficiency: Greek GEMI portal registers company, tax ID, social security, chamber membership simultaneously - among EU's most streamlined processes post-2018 reforms.
Tax Structure
Corporate income tax: 22% flat rate on profit (down from 28% pre-2019). Dividend withholding: 5% on dividends to individuals (combined ~26% effective rate).
No withholding to EU corporate shareholders (EU Parent-Subsidiary Directive). Lower dividend tax than most EU (typical 15-26%).
Tax Incentives
Investment incentives: 20-55% tax credit for investments in manufacturing, tourism, tech, green energy. Varies by region (islands/rural areas higher incentives).
R&D deduction: 130% deductible (30% bonus on R&D expenses). Startup exemption: New companies exempt from 22% tax for first year (100% exemption), second year (50% exemption).
Greek startup tax holiday: 100% exemption year 1, 50% exemption year 2 reduces effective tax to 0%/11%/22% first three years - among EU's best startup incentives.
Name Requirements
Check availability via GEMI portal. Name must be unique within Greece, distinguishable from existing companies.
Mandatory suffix: "Etaireia Periorisménis Evthýnis" or "E.P.E." (abbreviation standard). Greek characters required for official name (transliteration to Latin for international use).
Restricted Terms
Cannot use "Hellenic", "Greek", "Ellas" without authorization. Banking/insurance terms require Bank of Greece/Hellenic Capital Market Commission license.
"European", "Mediterranean", "Athens" generally acceptable. GEMI rejects 15% of name applications - higher than EU average (similarity strictness, Greek language requirements).
Annual Compliance
Annual financial statements: Must be filed to GEMI and tax authority (AADE) within 7 months of fiscal year end. Standard fiscal year: January-December.
Annual chamber fee: €150-400 depending on company size and chamber location (Athens higher). Audit required if 2 of 3 thresholds: Assets >€4M, revenue >€8M, employees >50.
Accountant Costs
Bookkeeping: €2,400-6,000/year for small E.P.E. Greek accounting 30-40% cheaper than Western EU but 20-30% more expensive than Romania/Bulgaria.
Audit (if required): €3,000-10,000/year depending on complexity. Many small companies choose voluntary audit for banking relationships.
Formation Costs
GEMI filing: €100-150. Notary: Not required for standard E.P.E. (major simplification vs pre-2018). Legal advice: €500-2,000 if customizing articles.
Registered office: €1,200-4,800/year virtual office in Athens. Bank account: €0-200 setup (most free for new companies).
Total first-year: €3,000-10,000 including €5,000 realistic capital. Mid-range EU formation costs (cheaper than Nordics, more expensive than Balkans).
Timeline
Reserve name: Instant check via GEMI (no formal reservation). Draft articles: 1-2 days using templates, 1 week with lawyer customization.
GEMI registration: 1-3 business days complete processing (company, tax, chamber). Bank account: 1-2 weeks (KYC checks for non-residents).
Total timeline: 1-2 weeks from start to active GEMH/AFM. Fast post-2018 reforms (previously 2-4 weeks with notary requirements).
Tax representative requirement: Non-EU residents need Greek tax representative (accountant/lawyer). Cost: €500-1,500/year. EU residents exempt.
OBI Trademark
Register trademark with OBI (Hellenic Industrial Property Organization). Cost: €170 for 1 class, €50 per additional class.
Processing: 10-14 months (longer than most EU offices). Opposition period: 3 months after publication. File via OBI e-filing.
EUIPO Preference
EUIPO trademark (€850): Covers 27 EU countries including Greece. Greek trademark (€170): Greece only, cheaper but slower processing.
Recommendation: File EUIPO directly for faster processing (6-8 months vs 10-14), broader protection. Only file Greek if budget-constrained or Greece-only business.
Tourism Industry Dominance
Greek tourism: 33M visitors annually (3x population), €20B+ tourism revenue (20% of GDP). Peak summer season June-September.
Hospitality opportunities: Hotels, vacation rentals (Airbnb management), restaurants, tour operators, yacht charters, travel tech.
Golden Visa Program
Real estate investment: €250,000 minimum (increasing to €500,000 in 2024 for Athens/popular areas). Grants residence permit for investor + family.
Business investment: €250,000+ in Greek company also qualifies. Path to Greek/EU residency for entrepreneurs.
Greek Golden Visa (€250,000 real estate) among EU's cheapest residency-by-investment programs - cheaper than Portugal (€500,000), Spain (€500,000). Increasing to €500,000 in Athens 2024.
Shipping Industry
Greek shipping dominance: Controls 20% of global merchant fleet capacity (world's largest). Piraeus major Mediterranean port (owned by COSCO China).
Shipping services: Ship management, chartering, marine insurance, classification societies, legal services. Ecosystem around shipping headquarters in Piraeus/Athens.
Maritime Tax Regime
Tonnage tax: Ships under Greek flag taxed on tonnage (not profit) - highly favorable. Crew exemptions: Seafarers exempt from income tax (attracting maritime talent).
Limited relevance for most startups but critical for maritime/logistics businesses.
Strategic Location
Mediterranean gateway: Access to Balkans (Albania, North Macedonia, Bulgaria), Middle East (Turkey, Cyprus), North Africa. EU's southeastern border.
Port infrastructure: Piraeus, Thessaloniki major cargo hubs. Rail/road connections to Central/Eastern Europe via Balkans.
Time Zone
EET (GMT+2): 1 hour ahead of Central Europe, same as Romania/Bulgaria. Overlaps Western EU business hours 08:00-17:00 CET.
Flight connections: 2-3 hours to London, Paris, Frankfurt, Rome. Direct flights to Middle East, North Africa.
Startup Ecosystem
Athens startups: Viva Wallet (fintech unicorn, acquired by JP Morgan), Workable (HR tech), Blueground (proptech), Beat (mobility, acquired by Daimler/Free Now).
Emerging ecosystem: Post-crisis recovery attracting returnees (Greek diaspora), EU funding, startup visas. Talent drain reversing slowly.
Government Support
Elevate Greece: Government startup support program. Grants, mentoring, tax incentives. €300M+ funding 2021-2027.
EU funds: €32B structural funds 2021-2027 (high per capita). Infrastructure, digitalization, green transition opportunities.
Common Mistakes
Using €1 capital only: Banks, suppliers don't take seriously. Use €5,000-10,000 minimum for credibility.
Not leveraging startup tax exemption: Many new companies miss 100%/50% tax holiday first two years. Elect at formation.
Underestimating bureaucracy: Despite GEMI improvements, Greek public sector still slower than Northern EU. Build extra time for permits, licenses.
When Greek E.P.E. Makes Sense
Choose Greek E.P.E. if: Tourism industry (hotels, travel, hospitality), shipping/maritime services, targeting Greek/Balkan/Mediterranean markets, Golden Visa residency goal, startup tax holiday eligible, EU access at lower costs.
Best for: Tourism/hospitality, shipping services, import/export (Mediterranean gateway), real estate (Golden Visa), businesses serving Greek diaspora, Balkan regional expansion.
Consider alternatives if: Need fast bureaucracy (Nordics), biggest EU market (Germany/France), lowest costs (Romania/Bulgaria), tech hub (Estonia/Ireland).
Language Barrier
Business language: English widely spoken in Athens business/tourism sectors (70%+ young professionals). Greek required for government interactions.
GEMI portal: Available in Greek and English (improved accessibility). Tax authority (AADE): Greek-language primarily, limited English support.
Post-Crisis Recovery
Economic growth: 5-7% annual GDP growth 2021-2024 (recovering from 2010-2018 crisis). Investment grade rating restored 2023 (BBB-).
Reform progress: Digitalization, bureaucracy reduction, tax simplification ongoing. GEMI one-stop shop example of improvements.
Challenges Remaining
Public sector efficiency: Still slower than Northern EU despite reforms. Corruption perception improving but legacy issues.
Talent drain: Brain drain to Germany/UK/US during crisis. Slowly reversing with economic recovery, startup ecosystem growth.
Trademark Lens verifies Greek company name availability before €3,000-10,000 formation costs including €5,000 realistic capital.