A technology company headquartered in Germany decides to open a subsidiary in Athens to serve Balkan and Eastern Mediterranean markets. Its founders assume that company registration in Greece will mirror what they know from German corporate law. Within two weeks, they discover that the Greek legislative regime operates differently – document requirements are stricter, translation obligations are absolute, and a single missing apostille can halt the entire process for a month. The cost of that delay exceeds the original budget for legal fees several times over.
Company formation in Greece for foreign investors involves registering a legal entity through the Υπηρεσία Γενικού Εμπορικού Μητρώου (General Commercial Registry. Known as GEMI), preparing Greek-language articles of association. Additionally, appointing a board of directors or manager before the entity can legally operate. The process can be completed in five to ten business days once all documents are correctly apostilled, translated, and submitted. Foreign shareholders must obtain a Greek tax identification number before the registration procedure begins.
This guide covers every procedural step, the documentary checklist, cost ranges, common errors made by international clients, and a decision framework for choosing the right company structure in Greece.
The Greek corporate legislative system and its implications for foreign investors
Greek corporate legislation draws on the civil law tradition. The two most relevant structures for foreign investors are the private limited company and the Anonimi Etairia (public limited company, commonly abbreviated as AE). Most international businesses entering Greece opt for the private limited company form. It offers a simpler governance structure, lower capital requirements, and less administrative overhead than the AE.
Under Greek corporate legislation, a private limited company requires at least one shareholder. There is no restriction on foreign nationals holding shares. The company must maintain a registered office address in Greece. That address determines the competent authority for registration and, subsequently, the company's tax domicile.
Greek commercial legislation requires every company to have a Greek tax identification number – the Arithmos Forologikou Mitroou (tax registry number, AFM) – assigned to the company itself and to each shareholder and director individually. Foreign nationals must obtain their personal AFM before the registration process can proceed. This requirement surprises many foreign investors. Obtaining an AFM for a non-resident individual takes between three and ten business days, depending on the tax office and the completeness of the submitted documents.
Greece is an EU member state, so EU legislation on freedom of establishment applies. A company registered in Greece has full access to the EU single market. For investors considering Greece as an entry point into the EU, this access is a central strategic consideration. Cross-border structures involving Greece and another EU jurisdiction benefit from EU corporate law directives on cross-border mergers and company conversions. Investors weighing up comparable entry routes may find it useful to review our analysis of company formation in Portugal, which covers a similarly accessible EU civil law jurisdiction.
Step-by-step procedure: from decision to operational company
The Greek company registration process follows a defined sequence. Skipping or reordering steps is one of the most common causes of delay for foreign investors.
Step 1 – Obtain personal AFM numbers for all shareholders and directors. This is the prerequisite that foreign investors most frequently overlook. Each individual or corporate shareholder, and each director named in the articles of association, must hold a Greek AFM before the notary can proceed. Applications are made to the local tax office in Greece, either in person or through a legal representative holding a power of attorney.
Step 2 – Draft and notarise the articles of association. Greek corporate legislation requires that the articles of association for most company types be executed before a Greek notary as a symvolaio (notarial deed). The articles must be in Greek. Where founding shareholders are foreign nationals or corporate entities, their identity documents and corporate authorisation documents must be apostilled and accompanied by a certified Greek translation. A shareholder resolution authorising the formation of the subsidiary must be obtained from the foreign parent company, apostilled in the country of incorporation, and translated into Greek.
Step 3 – Register with GEMI. Following notarisation, the notary or the applicant's legal representative submits the registration application to GEMI, the General Commercial Registry. GEMI operates as a one-stop-shop for company registration. Upon successful registration, the company receives its GEMI registration number and its corporate tax identification number. The registration is published in the online GEMI register, which constitutes constructive notice to third parties.
Step 4 – Tax registration and VAT. The newly registered company must register with the competent tax authority to activate its corporate AFM and, where applicable, obtain a VAT registration number. Companies engaged in taxable supplies of goods or services must register for VAT before commencing commercial activity. This step takes between two and five business days in practice.
Step 5 – Opening a corporate bank account. Greek banks require certified copies of the GEMI registration documents. The articles of association, identification documents for directors and beneficial owners, and, in most cases, proof of the company's business activity. Anti-money-laundering due diligence requirements have made the bank account opening process more demanding in recent years. Allow two to four weeks for this step.
Step 6 – Register with social insurance authorities. If the company will employ staff in Greece, registration with the competent social insurance body is mandatory before the first employee starts work. Failure to register before employment commences is a common compliance gap that triggers administrative penalties under Greek employment legislation.
The total elapsed time from initiating the AFM applications to receiving GEMI registration confirmation is typically three to five weeks for a well-prepared foreign investor. Poorly prepared submissions – missing apostilles, untranslated documents, incomplete shareholder resolutions – routinely extend this to two to three months.
For foreign investors also considering acquisition of an existing Greek company rather than a greenfield registration. Our overview of mergers and acquisitions in Greece sets out the due diligence and deal execution considerations specific to the Greek market.
To receive an expert assessment of your company formation requirements in Greece, contact us at info@ferrazwhitmore.com.
Documentary checklist and common errors by foreign clients
The documentary requirements for company formation in Greece are precise. Each category of error has a predictable cost in time and money.
The core document set for a foreign-owned company includes:
- Apostilled passport copies or national identity documents for each individual shareholder and director
- Apostilled corporate documents for any corporate shareholder – typically certificate of incorporation, certificate of good standing, and constitutional documents
- Shareholder resolution from the foreign parent authorising the formation of the Greek subsidiary and naming its directors
- Certified Greek translations of all foreign-language documents
- Proof of the registered office address in Greece
Error 1 – Apostille on the wrong document. Many foreign clients apostille their passport rather than the corporate resolution or certificate of good standing. An apostille on a personal identity document is irrelevant for the purpose of corporate registration. The apostille must be applied to the official document issued by the competent authority in the country of origin.
Error 2 – Outdated certificates. Greek practice requires that certificates of good standing and similar corporate documents be recent – typically issued within three months of the registration application. A certificate issued six months earlier is routinely rejected by the notary. International clients who prepare their documents too far in advance, or whose home jurisdiction takes several weeks to issue fresh certificates, must plan carefully around this constraint.
Error 3 – Incomplete articles of association. Greek corporate legislation sets out mandatory content requirements for the articles of association. These include the company's name, registered office, business purpose, share capital, share structure, and governance provisions. A vague or overly broad business purpose can cause delays at both the notarial stage and the tax registration stage. Tax authorities in Greece sometimes require clarification of the business purpose before assigning a VAT classification.
Error 4 – Failure to appoint a board of directors before registration. The articles of association must name the initial board of directors or, in the case of a private company, the initial manager. This appointment takes effect upon registration. Foreign investors who draft the articles before confirming the identity and AFM status of their intended directors create a bottleneck: if a named director lacks an AFM, the registration cannot proceed.
Error 5 – Assuming that a local address provider suffices as a registered office. Greek corporate legislation requires that the registered office be an actual place of business or a verifiable address in Greece. Certain commercial address providers meet this requirement; others do not. The tax authority and GEMI both conduct address verification. A registered office that fails verification leads to rejection of the registration or subsequent deregistration.
A non-obvious risk that surfaces later concerns the language of internal company documents. Shareholder resolutions, board minutes, and amendments to the articles of association must be maintained in Greek or accompanied by certified translations if they are to be relied upon before Greek authorities or courts. Foreign investors who maintain internal governance records exclusively in English find themselves in difficulty when they need to demonstrate compliance with corporate legislation or resolve a dispute before Greek courts.
Cost ranges and decision framework for different business scenarios
The direct costs of company formation in Greece fall into three categories: government and registration fees, notarial fees, and professional fees for legal and translation services.
Government and GEMI registration fees are determined by the type of company and the registered share capital. They are generally modest. Notarial fees are set by reference to the share capital value under the Greek notarial fee schedule. For a typical private company with a low nominal share capital, notarial fees run to several hundred euros. Translation costs depend on the volume and complexity of foreign documents. A standard set of apostilled corporate documents for one foreign corporate shareholder typically requires certified translation of ten to twenty pages.
Professional legal fees for managing the end-to-end process on behalf of a foreign investor vary based on the complexity of the shareholding structure, the number of jurisdictions involved, and the speed required. Clients should plan for legal fees in the range of several thousand euros for a straightforward single-shareholder structure. Multi-jurisdictional or multi-shareholder structures attract higher fees.
The total elapsed time and cost differ materially between three common scenarios:
Scenario A – EU-based corporate shareholder, simple structure. A single EU corporate parent registers a wholly owned Greek subsidiary. All documents originate within the EU, so apostille requirements are standardised. The process is typically complete in three to four weeks. This is the most straightforward scenario for foreign investors.
Scenario B – Non-EU corporate shareholder. A parent company incorporated outside the EU must obtain apostilles under the Hague Convention or. If the country of incorporation has not ratified the Convention, use the legalisation chain through consular services. This adds two to four weeks and meaningful additional cost. Investors from certain jurisdictions should verify the applicable authentication route early in the planning process.
Scenario C – Individual foreign shareholder operating a business in Greece. An individual entrepreneur registering a private company faces fewer corporate document requirements but must address personal AFM registration. Proof of address, and, depending on their immigration status, residence permit documentation. This scenario is often faster than the corporate route but requires careful attention to the intersection of corporate legislation and immigration rules.
The decision between a private limited company and a branch office of a foreign company involves different trade-offs. A branch is not a separate legal entity. It does not require share capital and can be established with fewer formalities. However, a branch does not provide liability separation between the Greek operations and the foreign parent. For most international investors establishing a commercial presence in Greece, the private limited company is the preferred structure because of its liability limitation and cleaner governance architecture.
Investors should also consider whether Greece is the right EU entry point for their structure, or whether a holding company in another EU member state would better serve their tax and operational objectives. This analysis involves both Greek corporate legislation and EU-level considerations. Our team advising on corporate law in Greece regularly assists clients with this comparative structuring analysis.
To discuss the most efficient company structure for your investment objectives in Greece, reach out to info@ferrazwhitmore.com.
Self-assessment checklist before initiating the process
Company formation in Greece is the right approach if the following conditions are met:
- The investor intends to conduct commercial activity in Greece or use the Greek entity as an EU operational base
- A liability-separated legal entity is preferable to a branch or representative office
- The investor can commit to maintaining a Greek registered office address and local compliance obligations
- At least one director or manager is available to hold a Greek AFM and can be named in the articles of association
Before initiating the procedure, verify the following:
- All shareholders and intended directors have obtained or are in the process of obtaining their Greek AFM numbers
- All foreign corporate documents are current, apostilled, and not more than three months old at the point of submission
- A certified Greek translator has been engaged and is available to translate the full document set
- A Greek registered office address has been confirmed and will withstand GEMI verification
- The intended company name has been checked against the GEMI name register to avoid conflicts
If the procedure involves a non-EU parent company, verify the applicable authentication route – apostille or consular legalisation – before requesting documents from the home jurisdiction. Ordering documents through the wrong channel is an irreversible waste of time and money.
When the shareholding structure involves multiple jurisdictions or a parent company with a complex governance structure, the articles of association will require careful drafting. Provisions governing shareholder resolutions, board of directors composition, and reserved matters should reflect the investor's actual governance needs. A template set of articles downloaded from the internet frequently omits provisions that become critical when shareholders disagree or when the company needs to take a significant corporate action.
Frequently asked questions
Q: How long does company registration in Greece take for a foreign investor?
A: Company registration in Greece through the one-stop-shop service typically takes between five and ten business days once all documents are in order. Delays are most common when foreign documents require notarisation, apostille certification, and certified translation into Greek before submission. Planning for two to four weeks end-to-end is a prudent approach for international clients.
Q: Do foreign shareholders need to be present in Greece to register a company?
A: Physical presence is not required if a duly authorised representative holds a notarised power of attorney. That power of attorney must be apostilled and, where issued in a language other than Greek, accompanied by a certified translation. Many foreign investors complete the entire process remotely through a local legal representative. Engaging a lawyer in Greece with experience in foreign-shareholder registrations is the most reliable way to manage this remotely.
Q: Is there a minimum share capital requirement for a Greek private limited company?
A: A common misconception is that Greek company formation always requires substantial upfront capital. For the most widely used private company structure, corporate legislation sets a low nominal minimum share capital, making entry accessible for early-stage ventures. Certain regulated sectors impose higher capital thresholds, so the applicable requirement depends on the intended business activity.
About Ferraz & Whitmore
Ferraz & Whitmore is an international law firm based in Lisbon, advising business clients across 46 jurisdictions. Our corporate law practice supports foreign investors through the full company formation process in Greece – from pre-registration AFM applications and articles of association drafting to GEMI registration, tax enrollment, and post-incorporation compliance. We combine Portuguese civil law expertise with English common law tradition to serve clients who need cross-border legal solutions that work across multiple legal systems. As an international law firm in Greece and across Europe, we work with entrepreneurs, institutional investors, and in-house legal teams who require results-oriented counsel. The firm's corporate practice covers company formation, governance, and restructuring across EU and non-EU jurisdictions, supported by a network of local counsel. To discuss your company formation requirements in Greece, contact us at info@ferrazwhitmore.com.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.