Introduction to setting up a Greek subsidiary
Greece is a favourable country for foreign investors looking to establish a subsidiary. It has relatively low labour costs and an advantageous location for reliable business links with southern Europe, the Balkans and the Middle East. In addition, the implementation of a new act (the ‘Simplification of procedures for setting up single-member and limited liability companies and other provisions’) has made the incorporation timescale much shorter.
What are the main formalities of a Greek subsidiary?
- The minimum share capital required for a limited liability corporation (EPE) is €4,500
- The minimum share capital required for a stock corporation (AE) is €60,000
- The Memorandum & Articles of Association of the subsidiary
- The resolution of the parent company detailing its decision to form the subsidiary
- A registered office in Greece
The documents shown above must be filed with the local Chamber of Commerce in order to register the subsidiary.
All required documents must be certified, apostilled and translated into Greek by a sworn translator.
What are the accounting requirements of a Greek subsidiary?
The subsidiary must register for taxation at the local Tax Office in order to obtain a Tax Identification Number.
Introduction of recently updated services means that certain taxation or financial transactions can now be completed online through the TAXISNET service, or on the phone via TAXISphone.
Tax accounts should be filed annually and VAT accounts monthly, in addition to an annual VAT return statement.
Please visit Accountancy in Europe for further information on accountancy services and tax rates in Greece.
Subsidiary Formation Packages
We have a wealth of experience setting up subsidiaries in Greece and can manage the process from start to finish on your behalf. Our subsidiary formation packages include services such as bank account set up, provision of an office, and registration of VAT. The stress of incorporating a subsidiary can be eliminated by putting your formation in our expert hands.
For further information on Greek subsidiaries please contact us using the form below.