L i m i t e d   L i a b i l i t y   C o m p a n i e s

There are two kind of corporations with limited liability, namely:

1. Limited liability company by shares, called “Societe Anonyme” and

2. Limited liability company without shares, called “EPE”



Societe Anonyme

1.1. The Societe Anonyme needs a minimum paid up capital of (60.000) euros, divided into shares with minimum nominal value (3) euros each.

1.2. The S.A. cannot be created by one person, but after creation even one remaining shareholder is sufficient, although at least two are recommended in order unnecessary formalities to be avoided.

1.3. The Board of Directors must consist of at least three persons, although four are recommended. The Board of Directors acts collectively, but general or restricted authorizations may be granted either to the Directors, or to third persons.

1.4. There are no restrictions regarding the person of the Directors or the Managing Director

1.4.1. If the Members of the Board of Directors are foreigners they need to obtain a V.A.T. Number in Greece.

1.4.2. If the Members of the Board of Directors are at the same time shareholders of at least 3%, they need to be registered with the Social Security Merchants' Fund (TEVE). 

1.5. It is not necessary to run business actively permanently.

1.6. If the shareholders are foreigners, their share capital is recommended to be remitted from abroad straight to the Company's bank account, in order to be recognized as a “direct investment”, if in the future any restrictions will occur.

1.7. For the creation of the company a Notary Public document (Articles of Association) and approval from the Prefecture is required.

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1.8. Declaration of the name of the company to the Chamber of Commerce is also required, to avoid confusion with other prior rights.

1.9. Declaration to the Tax Authorities and V.A.T. Number is also required.

1.10. Period of time for fulfilling all those formalities and establish the company is calculated to four to eight weeks.

1.10.1. Until recordal of the company into the Companies’ Register a provisory V.A.T. Number can be granted in the name of one or more of the shareholders, which, after registration, will become the official VAT number of the Company.

1.11. The first financial use may be extended up to the end of year succeeding the year of creation.


EPE

2.1. EPE needs a minimum paid up capital of (18.000) euros divided into “parts” of (30) drs or multiple of it.

2.2. An EPE can be created only by one person (physical or legal).

2.3. Even one partner is sufficient, although at least two are recommended in order unnecessary formalities to be avoided.

2.4. One at least Administrator is required and there is no restriction concerning his person.

2.5. Other persons may represent the company by proxy granted directly by the Administrator.

2.6. The authorization of the Administrator is unlimited; any restriction into his representing and bounding power focuses only his relationships with the company and the partners, but his acts vis-a-vie third parties are valid and commit the company.

2.7. For the creation of the company a Notary Public document (Articles of Association) and publication is required.

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2.8. Declaration of the name of the company to the Chamber of Commerce is also required, to avoid confusion with other prior rights.

2.9. Declaration to the Tax Authorities and V.A.T. Number is also required.

2.9.1. Until recordal of the company into the Companies’ Register a provisory V.A.T. Number can be granted in the name of one or more of the shareholders, which, after registration, will consist the Number of the Company.

2.10. Period of time for fulfilling all those formalities: approximately four weeks.

2.11. The first economical use may be extended up to the end of year succeeding the year of creation.


Note: All the formalities may be fulfilled by proxy by our Office.


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©  2003 Law Firm Thanos Masoulas & Partners

The information contained herein is not legal advice.
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