How to Set Up an Entity in Greece

Establishing a legal entity in Greece can be an appealing option for global businesses looking to access the European Union market from a Mediterranean hub. Greece offers a strategic location at the crossroads of Europe, Asia, and Africa, and recent reforms have improved its attractiveness for foreign investment.

The process is relatively straightforward compared with many other jurisdictions, thanks to the presence of the electronic one-stop registration platform. However, prospective investors should be aware of certain layers of bureaucracy—filing with the registry, obtaining tax and social security registrations, and meeting local labor law and banking requirements. The main benefits include limited liability, access to EU trade frameworks, while key challenges often relate to language, document formalities, and ongoing compliance.

Disclaimer: This content is for informational purposes only and does not constitute legal, tax, or financial advice. Always consult official sources before acting.

What does “opening an entity” mean in Greece?

In Greece, “opening an entity” means registering a local company (or branch), obtaining legal personality, getting a tax number, and (if applicable) registering for VAT and employer obligations. Foreign investors typically choose a locally incorporated company (subsidiary) rather than a branch.

Entity overview in Greece

Below is a summary of the key features of setting up a company in Greece. Note that the registration process may differ in detail depending on the legal form chosen.

Step-by-step guide: How to open an entity in Greece

Step 1: Choose the right structure

In Greece, citizens can establish several legal forms of business, including a sole proprietorship, a general or limited partnership, an IKE, an APE, or an AE. Residents, whether Greek or EU nationals, follow the same registration framework but may need additional documentation for tax and social security purposes. Foreigners—both EU and non-EU investors—can also form or own companies under these same structures, provided they appoint a local tax representative and comply with any residency or identification requirements.

The IKE is often preferred for its low minimum capital and flexibility, while the AE is suited for larger operations, often those planning public listings or significant capital investments. Liability, governance, and tax implications differ by form: the IKE and EPE limit shareholder liability, while partnerships generally do not.

Step 2: Verify business name availability

You must check and reserve a company name (distinctive title) via the one-stop service of the GEMI. The portal allows you to perform a name availability search and reserve the name. Ensure the name includes the Greek legal form designation and avoid similarity to existing businesses.

Step 3: Prepare incorporation documents

Required documents typically include:

• Identification of shareholders and directors (passport copy, proof of address)
• Articles of Association / Memorandum of Association (“Καταστατικό”) drafted and (for some forms) notarised.
• Proof of registered business address in Greece (e.g., lease or title deed).
• For foreign-owned companies: certificate of incorporation of the parent company, board resolution authorizing establishment of the Greek entity, apostille, and Greek translation where required.
• Banking reference/deposit slip for the capital (if applicable) and tax identification number for founders (if already obtained).
  Note that exact forms vary by entity type; if using the standard “Model AoA” for some company forms, the notary requirement may be eliminated.

Step 4: Register with GEMI

The filing is done via the GEMI one-stop shop service. You submit the documents, pay the fee, and obtain the company registration number (GEMI number). Once registered, the company obtains legal personality and can commence business operations.

Step 5: Register for tax and social security

After incorporation, you must:

• Apply for a Greek tax identification number (AFM) for the entity and the tax office where it will operate
• If applicable, register for VAT and obtain a VAT number
• If hiring employees, register with the social security authority, Single Social Security Entity (EFKA), as an employer, and set up payroll withholding and employer contributions
• Submit filings to the tax authority accordingly (corporate tax, VAT, etc.)

Step 6: Open a corporate bank account

Opening a bank account is typically required to deposit any capital (if needed) and for daily operations. Banks will conduct KYC checks on directors and shareholders, require the company’s registration certificate and tax number, and may ask for a business plan and proof of address. Non-EU resident shareholders/directors may face additional documentation or delays. The process can take several weeks, depending on the bank.

Step 7: Set up payroll and employment compliance

If you intend to hire employees in Greece, you must:

• Draft employment contracts that comply with Greek labor law (in Greek language, unless otherwise permitted)
• Register each employee with EFKA for social contributions and health insurance
• Withhold payroll taxes and employer social contributions every pay period and file the relevant returns
• Ensure you comply with working hours, leave entitlements, minimum wage rules, and other labor regulations under the Greek framework

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Post-registration obligations

After incorporation, companies in Greece must stay compliant with local governance, tax, and employment laws. Typical requirements include:

• Tax and financial reporting: File corporate income tax returns annually (calendar year or other fiscal period), VAT returns monthly/quarterly, and financial statements under Greek accounting standards, which for larger companies align with the International Financial Reporting Standards (IFRS)
• Corporate registers: Maintain up-to-date records of shareholders, directors, and beneficial owners, and report any changes to GEMI within the legally required timeframe
• Compliance tracking: Monitor all tax, licensing, and corporate filing deadlines via a compliance calendar or automated system to avoid late penalties
• Licenses and renewals: Renew business licenses, trade permits, or special professional registrations with the relevant ministry or municipality, depending on your sector
• Recordkeeping: Retain accounting, payroll, HR, and transaction records for at least five years, as required under Greek tax and audit law
• Employment law compliance: Adhere to labor, benefits, social security, and data protection regulations, including maintaining compliant employment contracts, payroll reporting, benefits contributions, and insurance coverage at required intervals

Taxes and financial considerations

Here are the key tax obligations and financial considerations for operating a company in Greece:

• Corporate income tax: The standard rate is 22% on taxable profits for resident companies
• VAT: Greece has no domestic turnover threshold for mandatory registration, and the standard VAT rate is 24% (reduced rates of 13% and 6% apply for specific supplies of goods and services)
• Payroll/social contributions: Employers must withhold employee income tax and make employer social security contributions through EFKA. Rates vary depending on industry and employee category
• Accounting standards: Companies generally prepare financial statements under the Greek Accounting Standards (Law 4308/2014) or IFRS for larger entities (public companies)

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Expand internationally with Deel

Whether you’re hiring through an EOR or establishing your own local entity, Deel’s all-in-one platform gives you everything you need to expand into Greece—quickly, compliantly, and with confidence. From market entry to ongoing operations, Deel helps you hire, onboard, and manage teams seamlessly from day one.

With Deel, you can:

• Test new regions using Deel’s local entities through our Employer of Record service—hire employees compliantly, delegate payroll and taxes, and access localized employment contracts.
• Open entities with Deel Entity Setup, where our team manages everything—from incorporation and tax registration to coordination with local experts.
• Centralize your compliance and records with Deel Entity Management, including automated filings, calendar reminders, and visibility across all entities.
• Integrate with Deel Payroll and Deel HR for compliant payments, benefits, and workforce oversight—all in one platform.

For companies transitioning from the EOR model to owned entities, Deel ensures a smooth handover and consistent compliance every step of the way. Enter new markets, onboard talent, and manage your global workforce—all through one unified platform.

FAQs

How long does it take to open an entity in Greece?
It typically takes around 1–4 weeks, depending on entity type, completeness of documentation, and bank account opening timelines. Find out how long setup takes with our Entity Setup Calculator.

What is the minimum capital required?
For a Private Capital Company (IKE), the minimum capital is €1 (effectively negligible), though practical bank requirements may be higher. For a Public Limited Company (AE), the minimum is €25,000.

Can foreign companies own 100% of an entity in Greece?
Yes, foreign investors (including non-EU) can own 100% of a Greek‐incorporated company in most sectors, subject to standard registration and documentation.

Do I need a local director or representative?
There is no mandatory local Greek resident director in most cases for capital companies, but one director or legal representative must be appointed. If the company has no Greek resident director, practical issues (e.g., bank account opening) may arise.

How much does it cost to register an entity?
Fees for registration through the one-stop shop are typically around €60 (≈ US $65) plus notarial/consultancy costs, bank account opening, and administrative costs. Find out the setup cost with our Entity Setup Calculator.

Can I hire employees before the entity is fully registered?
Typically no. You should wait until your company is legally incorporated, tax-registered, and employer registration is complete. However, you can use Deel’s Employer of Record (EOR) service to hire employees immediately while entity setup is in progress.

Can Deel help me open an entity in Greece?
Yes. Deel Entity Setup manages the end-to-end process—from registration to payroll compliance—in Greece and beyond.

Does Deel offer ongoing compliance and payroll support?
Yes. Deel offers both managed services and self-service tools to help you stay compliant.

If you’re using Deel Entity Management, Maintenance, EOR, or Payroll, our team handles payroll, benefits, filings, and compliance obligations on your behalf.

For teams managing their own entities, Deel Compliance Hub makes staying compliant simple by providing real-time regulatory updates, risk alerts, and workforce insights across 150+ countries. Proactively manage compliance with our Compliance Monitor, Workforce Insights, and an AI-powered Worker Classifier, staying ahead of changing employment laws.

Can I switch from Deel EOR to my own entity later?
Yes. Deel supports seamless transitions when you’re ready.