startupgreece.gov.gr S.A.Company Establishment Procedure Greece

Name of the Organization : Startup Greece
Type of Facility : S.A. Company Establishment Procedure
Country : Greece

Website : https://elevategreece.gov.gr/

S.A.Company Establishment Procedure :

Note : The following procedures do not pertain to companies that require an administrative approval or decision in order to commence their business activity

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Parties need to concur in order to establish a Public Limited Company :
A public limited company (SA) may be established by one or more persons, or become a single-member public limited company when all shares are concentrated in the hands of a single shareholder.

The founding members of a public limited company may be legal or natural persons.The natural persons have to be over eighteen years of age (according to article 127 of Greek Civil Code, as it was modified by article 3 of Greek Law 1329/83). Participation of a minor in the establishment of a public limited company is allowed only after magisterial permission.

Basic Characteristics of a company :
** A public limited company (SA) is a company with share capital and legal personality, and is liable for its debts with the company assets.
** According to article 1 of Greek Law 2190/1920, a public limited company (SA) is a trade company, even if its business scope is not related to trade.

A public limited company (SA) Basic characteristics :
** A relatively large capital stock that is required for its establishment.
** The capital is divided into equal units, otherwise called shares.
** Strict publicity rules during the company establishment procedures, as well as during its entire duration.

** A long duration (usually 50 years)
** The limited responsibility of the shareholders.
** Decision making procedures based on majority.
** The existence of two bodies: the General Assembly of shareholders and the Board of Directors.

Minimum Capital Required :
In order to establish a public limited company (SA), the minimum capital required is 24.000 Euros, although certain cases require a larger amount of capital. The capital should be deposited during the company’s establishment.

It is not compulsory for the capital to comprise only cash; it may also comprise contribution in kind, that is contribution of assets (e.g. property). However, if part of the initial capital (maximum 50%) comprises contributions in kind, an advance valuation should be carried out, according to article 9 of Greek Law 2190/1920.

Liability of Partners / Shareholders :
The total amount of capital. The company is liable for debts and obligations with its own assets, not the partners’ personal assets. In contrast to personal companies, the assets of a company are clearly distinguished from the assets of the founders/partners.

Register a Company :
One Stop Shop

One Stop Shop :
The certified notary public who draws up the notarial deed.At the website of the General Commercial Register (G.C.R.)  you may find the list of bodies that operate as One Stop Shops by company type, as well as their address, contact details.

Payment to Establish a Company :
The Company Establishment Note (70 Euros). If the founders are more than 3 persons, the cost is increased by 5 Euros for each additional founder.The Company Establishment Note shall not be refunded.

Additionally, you will need to pay:
** G.C.R. registration fee (10 Euros).
** Chamber registration fee depending on the respective Chamber.
** Duty paid to the Hellenic Competition Commission (1% of the capital stated in the Articles of Association).

Estimate the Cost of Company :
The website of the G.C.R. provides a free software that may be used to calculate the exact cost of registering a company, according to Greek Law 3853/2010, based on the type of company and capital (under construction).

Charges :
Notary fee.
Note: It will cost 44.02 € to draw up the contract plus 6€ per page, plus 23% VAT. The copies cost 5 € per page, plus 23% VAT. The fee is paid directly to the Notary Public and is not included in the Company Establishment Note.
Attorney fee, if required.

Attention: This fee applies to each attorney present. For instance, if a company is to be established by two parties and each party has their own attorney, then both attorneys shall receive a fee.
The fee is paid directly to the attorney and is not included in the Company Establishment Note.

Payments Procedure :
The Company Establishment Note and any other payments made to third parties or for acquiring copies and certifications concerning the company, are paid in cash; otherwise if the total amount exceeds 1,500€, payment may be made by bank cheque, or by bank deposit to the account of the Central Agency of G.C.R., in which case the bank deposit receipt must be produced.

Otherwise, if applicable, payments may be made via web and/or phone banking, credit or debit card, or inter banking systems.The Company Establishment Note is paid after the necessary documents have been submitted and checked, while the remaining amounts should be paid prior to registering the company at the G.C.R.

You may refer to any bank. Deposits are made to the bank account of the Central Agency of G.C.R. which is held at Piraeus Bank. (Account number: 5051052381-136, ΙΒΑΝ GR 19 0172 0510 0050 5105 2381 136)