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).
88% of Greek companies use Latin-character transliteration alongside Greek official name - standard for international business, invoicing, banking.
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.
Greek accounting costs mid-range in EU - cheaper than Germany/France but more expensive than Eastern Europe. Quality variable - use Big 4 or established firms.
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.
Greek trademark office (OBI) has 10-14 month backlog - slowest in EU alongside Italy. EUIPO filing faster and broader protection.
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.
Piraeus port ranks #3 Mediterranean (after Algeciras, Valencia) - 5.6M TEU containers/year. COSCO investment increased capacity 400% since 2010.
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.
Athens English proficiency ranks 18th globally (EF Index) - better than France/Italy/Spain, below Nordics/Netherlands. Tourism industry highly English-fluent.
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.