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Guide to starting a business in Greece

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.

This information was collected from World Bank: Doing Business 
No.ProcedureTime to CompleteAssociated Costs
1File company documents with the Athens Bar Association1 dayEUR 1151
2Precheck 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 certificate1 dayno charge
* 3Sign the articles of Association before the notary1 day, simultaneous with previous procedureIncluded in procedure 4
* 4Once 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 company1 day, simultaneous with previous procedureEUR 2325
* 5Submit 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 procedureno charge
* 6Register at the Chamber of Commerce and Industry1 day, simultaneous with previous procedureEUR 146,48 + 2.4 % stamp duty
7Deposit capital in a bank1 dayno charge
* 8Make a seal1 day, simultaneous with previous procedureEUR 40
* 9Have the Tax Authority hole-stamp the company’s invoice and account books1 day, simultaneous with previous procedureno charge
* 10Register the employees with IKA1 day, simultaneous with previous procedureno charge
* 11Register with OAEE1 day, simultaneous with previous procedureEUR 111 per company founder
* Takes place simultaneously with another procedure.
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