Doing business in Greece
How quickly can I set up a business?
According to L. 4441/2016 the procedures for establishing commercial companies are introduced. In case special legislation that governs the establishment of a new company (including its tax registration) requires the permission of a state authority, above mentioned law is applicable given such permission is provided first. In terms of this law operation “One stop service” includes individuals or legal entities representing state, which are responsible for initiating, processing, and concluding, procedures for establishing commercial companies.
What are the legal requirements for setting up my business?
Depending on the legal form of the company to be established operation “One stop service” would be the Greek Commercial Registry or a notary. In terms of submitting supporting documentation for establishing a company “One stop service” information system and electronic “One stop service” are available.
Is there anything else that I should know?
According to L. 4608/2019 and L. 4635/2019, considering first the completeness of formal supporting documentation, for issuing any permission or approval for completing projects, for the establishment or operation of strategic investments, a 45-calendar day deadline is introduced.
Furthermore, according to L. 4712/2020 tax incentives are available for individuals who invest in R&D new companies (angel investors)
“In accordance with article 3 of Law 4935/2022 in case of a business combination (provided by Laws 4601/2019, 1297/1972, 2166/1993, 4172/2013) the new company arisen from the combination is given the incentive of reducing its payable income tax by 30%, as such tax is calculated based on company’s pretax profits and in accordance with Greek tax legislation, provided that the following prerequisites are satisfied:
- The total (in aggregate) average turnover of companies involved in the combination, taking into consideration the last three fiscal year period, is by minimum equal to 150% of such company’s turnover, which among all others (involved in the combination) has the greater average turnover during the above mentioned last three-year period.
- The companies involved in the combination are classified as very small, small, or medium sized companies (SMEs), according to the definition provided by article 2 of Appendix I of European Commission Regulation (EU) 651/2014 of 17th June 2014.
- The new company’s (arisen from the combination) turnover, that is the aggregate turnover amount of all companies involved in the combination, as presented in their recent approved and published financial statements or their recently submitted income tax reports, after deducting all intercompany transactions, is equal or greater than the amount of three hundred and seventy-five thousand euros (375.000).
- The new company (arisen from the combination) employs more than nine (9) full time employees”
“In accordance with article 6 of Law 4935/2022 the above-mentioned incentive can be applied for a maximum nine (9) fiscal year period starting from the year next to the date in which the business combination is concluded.”
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LONDON – Kreston Global has begun 2023 by welcoming eight new member firms on four continents: India, Uganda, Lebanon, Japan, Croatia, Bangladesh, Chile and Taiwan.
Stuart Brown, Global ESG Committee Member, recently commented on this significant development in Compliance Week.