startupgreece.gov.gr Limited Liability Company Establishment Procedure Greece

Organization : Startup Greece
Facility : Limited Liability Company (E.P.E.) Establishment Procedure
Country : Greece

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

E.P.E Establishment Procedure :

How Many Parties Need To Concur In Order To Establish A Limited Liability Company?
As a rule, in order to establish a limited liability company, at least two parties will have to concur, either natural or legal persons.

Related : How to Search For Trademark, Partnerships In Patent Greece : www.statusin.org/26796.html

However, a limited liability company may be established by a single natural or legal person (single-member limited liability company) under certain circumstances; that is, the founder (legal or natural person) of a single-member limited liability company cannot establish a new single-member limited liability company.

In addition, a single-member limited liability company cannot be the sole shareholder of another single-member limited liability company.

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 limited liability company is allowed only after magisterial permission.

Basic Characteristics Of A Company :
A limited liability company is a company with share capital and legal personality, and is liable for its debts with the company assets.

According to article 3 of Greek Law 3190/1955, a limited liability company is a trade company, even if its business scope is not related to trade.

However some trade activities, such as banking, insurance, stock exchange, portfolio management, mutual funds management, leasing, promotion and implementation of high technology investments (only venture capital) and athletic activities are expressly excluded from the scope of limited liability companies.

Further basic characteristics include :
** The capital stock is divided into participation units, each of which comprises of company shares, of a minimal value of 30 Euros each.

** Specific publicity rules during the company establishment procedures, as well as during its entire duration.
** Specific duration (although failure to record the duration does not constitute reason for dissolution).

** Limited liability of the partners.
** Decision making procedures are based on majority (more than half of the total number of the partners who represent more than half of the company capital).

** The existence of two bodies : the General Assembly of Partners and the Manager or Managers.

What Is The Minimum Capital Required For Establishing A Company?
The capital of a limited liability company is determined by the partners, without restrictions. 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.

What Is The 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.

Where Should I Refer To Register A Company?
One Stop Shop
What Is A One Stop Shop?
The certified notary public who draws up the notarial deed.

Where Can I Find A One Stop Shop?
At the website of the General Commercial Register (G.C.R.) businessportal.gr you may find the list of bodies that operate as One Stop Shops by company type, as well as their address, contact details.

What Do I Need To Pay To Establish A Company? (Company Establishment Note)
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 Lawyers Welfare Fund in Athens, which amounts to 5.80€.