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Greece - DOING BUSINESS


Local business incentives


Foreign investors are mainly encouraged to develop economy and tourism. Aids are granted to companies that introduce new products and new technologies within the Greek market, that modernise sites and production tools, protect environment by making for example energy savings. In Greece, the amount of aids (subsidies, loans...) varies with the geographical regions: 5 can be listed (A, B, C, D and Thrace). For further information on these aids, the following organisations should be contacted: ELKE and the Ministry of National Economy.


Legal forms of companies


Form Number of partners/shareholders Minimum and/or maximum capital Liability Registration fee Release of financial documents
Eteria Periorismenis Efthynis (EPE) is a Private Limited Company   Minimum 2 partners.
NB: 1 partner for an EPE with extended benefits (limited liability) to the sole owner.   		Minimum 18,000 € totally released up to this amount.   Liability is limited to the amount contributed.   180 €   No  
Anonymos Eteria (AE) is a Limited Company.   Minimum 2 shareholders   Minimum 60,000 € totally released up to this amount.   Liability is limited to the amount contributed.   600 €   Yes  
Omorithmos Eteria (OE) is a general partnership.   Minimum 2 partners   No minimum capital.   Partners' liability is joint and several.   Lower expenses as compared to an EPE or AE   No  
Eterorithmos Eteria (EE) is a limited partnership   Minimum 2 partners   No minimum capital.   Liability of active partners is unlimited.
Liability of sleeping partners is limited to the amount contributed.   		Lower expenses compared with an EPE or AE   No  


Registration and licensing procedures


In order to set up an EPE or an AE certain formalities are required. Status must be drawn up in a deed drawn up by a solicitor. The EPE registration deed must be registered with the county court of the district where the company is located. The AE registration deed executed and authenticated by a notary must be approved by the Chief Administrator of the Region. This approval is equivalent to the registration with the Register of Public Limited Companies.
One month for an EPE and two months for an AE are required to be registered, including declaration at the Tax Office and the declaration for starting a new business.



Foreign exchange control


Capital and profits of a company can be freely repatriated.


Regulations concerning equity investment


A majority holding interest in the capital of a Greek company by a foreign investor is legal, except in some sensitive sectors.  


FDI inflows in Greece




FDI inflows (millions US$) 2000 2001 2002 World rank
Foreign Direct Investments (F.D.I.) 50   661   1351   50 / 196
Sources : UNCTAD Database FDI/TNC


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Last modified in December 2003
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