Setting Up a Company in Greece as a Foreigner

Starting a company in Greece as a foreigner is very achievable, and in recent years the process has become noticeably faster thanks to one-stop registration and online services. Even so, the order of steps matters: a few early choices about company form, tax registration and ongoing obligations will shape how smooth the rest feels.

Common company forms

Most foreign founders in Greece choose between two main private company structures. Both limit your personal liability to what you put into the business, but they suit different situations.

• IKE (Private Company / Idiotiki Kefalaiouchiki Etaireia) — the most popular modern choice for small and medium businesses. It is flexible, can be formed by a single person, and its minimum capital can be very low (often described as starting from a token amount, though founders usually contribute more in practice). It is generally the lighter, cheaper option to set up and run.
• EPE (Limited Liability Company / Etaireia Periorismenis Efthynis) — an older, more traditional limited liability form. It is still used, but many founders now pick the IKE instead because it is simpler and more modern. The EPE tends to carry somewhat heavier formalities.

For larger or investment-heavy ventures, the AE (Société Anonyme / public limited company) exists; it carries a higher minimum capital and more governance requirements. Sole traders and some professionals operate as a simple atomiki epicheirisi (individual business), but that offers no liability protection. Which form fits depends on your plans, your partners and your tax position — and the rules and capital figures can change, so confirm current requirements with a lawyer or accountant before deciding.

Before you register: the groundwork

A few things are worth lining up early, because they unblock everything that follows.

Greek tax number (AFM)

Every founder — and the company itself — needs a Greek tax registration number, the AFM (Arithmos Forologikou Mitroou). As a foreigner you will usually obtain a personal AFM first. Non-residents from outside the country often need a tax representative in Greece to help arrange this. The AFM is the single most important identifier you will use, so getting it sorted early tends to save time later.

Bank account and identity documents

You will need valid identification (typically a passport, plus residence documentation if relevant) and, for the company, a Greek business bank account to hold capital and run day-to-day operations. Opening accounts can take time, and banks vary in what they ask of non-residents, so it helps to start this conversation sooner rather than later.

EU and non-EU founders

EU and EEA nationals can generally set up and run a business in Greece on broadly the same footing as locals. Non-EU founders can own and run a Greek company too, but residence and work status are separate questions from company ownership. Immigration rules are detailed and change often — check your own situation with a qualified adviser rather than assuming that ownership and residence are the same thing.

The registration steps

Greece has streamlined incorporation through the GEMI (General Commercial Registry) and one-stop-shop services, and for standard companies a model template can often be used to speed things up. In broad terms, the path looks like this:

1. Choose your form and name. Decide between the IKE, EPE or another structure, and check that your proposed company name and any trade name are available.
2. Prepare the founding documents. These are the articles of association (the company's statute). A standardised model can often be used, which is faster; a tailored statute usually involves a notary.
3. Register through the one-stop shop / GEMI. The company is entered in the commercial registry, which also handles much of the tax and social-security notification in a single flow.
4. Receive the company AFM and registration number. The business gets its own tax number and GEMI number, confirming that it legally exists.
5. Complete tax and VAT setup, and any licences. Activate the company's tax profile and register for VAT where required (covered below). Certain regulated activities need extra permits.

Many founders handle much of this online or through a professional, but a Greek-speaking accountant or lawyer often makes the difference between a clean filing and weeks of back-and-forth.

Tax number and VAT

Once the company exists, it operates under its own AFM. Most businesses also need to register for VAT (FPA / Foros Prostithemenis Axias). Greece applies a standard VAT rate, with reduced rates for certain goods and services and special lower rates on some islands. Rates and registration thresholds are set by law and do change over time — treat any figure you read as approximate, and confirm the current rate and thresholds with an accountant.

Companies are subject to corporate income tax on their profits, and there may be tax on distributed dividends. You will also have ongoing duties: keeping proper books, filing periodic VAT and income returns, and meeting deadlines through the tax authority's electronic systems. A local accountant (logistis) is not just helpful here — for most companies it is effectively essential, because filings are frequent and penalties for missing them tend to add up.

What founders should plan for

Beyond the formal steps, a few practical realities are worth budgeting for from the start:

• Social security contributions. Owners, managers and employees fall under the social-security system (EFKA), and contributions are a real ongoing cost to factor into your numbers.
• Accounting and compliance. Plan for regular bookkeeping and recurring filings, not just a one-time setup fee.
• Time and translation. Documents may need to be in Greek, and some foreign documents may need official translation or an apostille. Build in time for this.
• Banking friction. Account opening for non-residents can be the slowest single step, so it pays to begin early.
• Licences and premises. Some activities need sector permits or a registered address, which can affect your timeline.

None of this should put you off — many thousands of foreigners run companies in Greece — but going in with realistic expectations about cost and timing makes the whole experience far calmer.

Getting it right

This guide is general information, not legal advice, and the details — capital amounts, tax rates, thresholds and procedures — change over time and vary with your circumstances. Because your company form, tax position and residence status are all connected, the safest path is to speak with a qualified Greek lawyer and an accountant before you file, so that your structure fits your actual plans from day one.