Formal registration of companies has many immediate benefits for the companies and for business owners and employees. Legal entities can outlive their founders. Resources are pooled as several shareholders join forces to start a company. Formally registered companies have access to services and institutions from courts to banks as well as to new markets. And their employees can benefit from protections provided by the law. An additional benefit comes with limited liability companies. These limit the financial liability of company owners to their investments, so personal assets of the owners are not put at risk. Where governments make registration easy, more entrepreneurs start businesses in the formal sector, creating more good jobs and generating more revenue for the government.
Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Greece. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.
| No. | Procedure | Time to Complete | Associated Costs |
|---|---|---|---|
| 1 | File company documents with the Athens Bar Association | 1 day | EUR 1151 |
| 2 | Precheck with GEMINET the name of the company, the tax identification number of the founders, the compliance with the social security fund and the tax compliance certificate | 1 day | no charge |
| * 3 | Sign the articles of Association before the notary | 1 day, simultaneous with previous procedure | Included in procedure 4 |
| * 4 | Once the signed articles of association are scanned and uploaded, pay for all the fees and obtain certification by the Lawyers Welfare Fund, the GEMI number and the tax registration number of the company | 1 day, simultaneous with previous procedure | EUR 2325 |
| * 5 | Submit summary of the Articles of Incorporation to the Printing Office for publication in the Official Gazette (Fyllo Efhmeridas ths Kyvernhsews) | 3 days, simultaneous with previous procedure | no charge |
| * 6 | Register at the Chamber of Commerce and Industry | 1 day, simultaneous with previous procedure | EUR 146,48 + 2.4 % stamp duty |
| 7 | Deposit capital in a bank | 1 day | no charge |
| * 8 | Make a seal | 1 day, simultaneous with previous procedure | EUR 40 |
| * 9 | Have the Tax Authority hole-stamp the company’s invoice and account books | 1 day, simultaneous with previous procedure | no charge |
| * 10 | Register the employees with IKA | 1 day, simultaneous with previous procedure | no charge |
| * 11 | Register with OAEE | 1 day, simultaneous with previous procedure | EUR 111 per company founder |