To start a business in Greece, you need a Greek Tax Identification Number (TIN) and access to the TAXIS system, which is the country’s online tax platform. With these, you can register your business fully online using your TAXIS credentials as your digital signature. The process is simple, fast, and does not require visiting any government office.
Greece is friendly to foreign investors and allows both EU and non-EU citizens to open businesses. Even if you are a local entrepreneur or a foreign company looking to enter the Greek market, the country provides low startup costs, access to the EU market, and opportunities in growing sectors like tourism, tech, and real estate. Greece has put effort into having fewer bureaucratic steps, easier methods of paying taxes, and more digital services.
This article will cover everything you need to know about starting a business in Greece as a foreigner, from the eligibility requirements, the documents, the costs, and much more. This is what will be covered:
- What steps do you need taking when starting a business in Greece as a foreigner?
- Legal Company Structures in Greece
- What online steps are available to set up a company in Greece?
- Benefits of Starting a Business in Greece
- What steps do you need to take to grow a business, like opening a branch or creating a subsidiary?
- Which documents are required for starting a business in Greece?
- How long does it take to start a business in Greece?
- How much does it cost to start a business in Greece?
- Taxes for businesses in Greece
What steps do you need taking when starting a business in Greece as a foreigner?
For foreign nationals, it is possible to start a business through the Greek Golden Visa. Holders of the Greek Golden Visa are eligible to establish and run a business in Greece. They can act as shareholders or even serve as the legal representative of a company without needing to partner with a local citizen or meet additional investment requirements. For legal guidance and to avoid complications, working with a Greece Golden Visa lawyer can help ensure compliance and proper registration.
For EU Citizens:
- You must obtain a Greek TIN before registering your business.
- This can be done remotely via a video call through the myAADElive platform.
- You’ll need to fill out a digital form and book a telephone appointment with an AADE representative.
For Non-EU Citizens:
- You must first secure a valid residence permit that allows you to carry out business activity in Greece (such as a long-term visa or entrepreneur visa).
- Once you have legal residency, you can apply for a Greek TIN in person at the local tax office (DOY) or through legal representation.
- After receiving your TIN and TAXISnet credentials, you can proceed to register your business online.
Legal Company Structures in Greece
When starting a business in Greece, one of the first decisions you’ll make is choosing the legal form of your company. The Greek legal system offers several options, but each legal form has its own requirements, tax obligations, and liability structures.
01/
Public Limited Company (A.E.)
Shareholders are only liable up to the amount of their investment. This structure is more complex but has the most credibility and is commonly used by corporations, listed companies, and businesses looking for outside investment.
02/
Limited Liability Company (E.P.E.)
The company is managed by one or more administrators, and decision-making can be flexible. While this structure is still in use, it has become less popular in recent years with the rise of the simpler Private Company (I.K.E.).
03/
Private Company (I.K.E.)
The I.K.E. requires only €1 in minimum capital, and contributions can include money, assets, or even personal labor. It provides full limited liability, simple formation procedures, and a flexible internal structure, making it an good choice for foreign investors and small teams.
04/
General and Limited Partnerships (O.E. and E.E.)
05/
Civil-Law Cooperative
06/
Civil-Law Association (with economic activity)
07/
European Legal Entities
The European Company (SE) enable businesses to operate across the EU under a single legal framework. These structures are great for businesses looking to expand within the European market.
08/
Joint Venture (Koinopraxía)
It is commonly used in construction, tourism, and infrastructure sectors. While the venture operates as a shared business, each partner remains individually responsible for their obligations. Joint ventures are flexible and useful for short- to medium-term cooperation.
What online steps are available to set up a company in Greece?
- Online platform: You can start the company formation process through the government’s official digital portal at eyms.businessportal.gr.
- Log in with TAXISnet credentials: Founders log in using their TAXISnet username and password. These credentials act as their electronic signature and are used to complete and sign all necessary forms.
- Filling in company details: The founders enter their personal or business information directly into the platform. The system then automatically creates the articles of association or statutes based on the data provided.
- Company registration: The platform generates a digital version of the founding documents and registers the company with the General Commercial Register, known in Greece as GEMI. Once registered, the company receives a GEMI number.
- Tax and social security setup: Tax and social security setup: After GEMI registration, the system automatically registers the company with the Greek tax authority, AADE, and assigns a tax identification number. It also registers the company with the Greek social security institution, e-EFKA, and issues an Employer Register Number.
- Ready to operate: Once all these steps are completed online, the company is fully registered and ready to operate in Greece. There are no additional steps or formalities required.
Benefits of Starting a Business in Greece
1. Strong Economic Recovery: Greece’s economy has shown growth since the pandemic. Greece’s economy grew by 8.3% in 2021, followed by 5.2% in 2022 and 3.5% in 2023.
2. Booming Tourism Sector: Tourism is one of Greece’s strongest industries. Visitor numbers jumped from 15 million in 2021 to over 30 million in 2023. Tourism revenues are projected to continue to grow and generate billions as businesses in hospitality, travel, and services benefit from high demand.
3. Increase in Foreign Investment: Greece attracted over €6 billion in foreign direct investment in 2023. This shows growing international confidence, especially in sectors like infrastructure, green energy, and digital transformation.
4. Lower Unemployment and Skilled Workforce: Unemployment dropped from 15.8% in 2021 to 12.5% in 2023. More people are entering the job market and gaining skills, so it’s easier to find qualified staff for your business.
5. Growing Export and Tech Sectors: Greek products like olive oil and wine were exported more each year, growing by 12% annually. Tech startups in Greece also grew by 25% every year, supported by the government and a growing interest in new businesses.
What steps do you need to take to grow a business, like opening a branch or creating a subsidiary?
Expanding a business by opening a branch or creating a subsidiary in Greece cannot yet be done through the online business registration platform. Instead, you must submit the required legal documents in person or through an authorized representative to the relevant office of the General Commercial Register (GEMI).
For EU companies, the main documents you need to provide are:
- The company’s articles of association or statutes
- A certificate of good standing from the home country
- A formal decision to open a branch in Greece
- The appointment of an authorized representative to manage the branch in Greece
All these documents must be officially certified and include an apostille to confirm their authenticity.
Which documents are required for starting a business in Greece?
– Greek nationals: A valid Greek identity card.
– EU citizens: A valid passport or national ID card.
Non-EU citizens:
- A valid passport and entry visa if needed.
- A signed declaration stating the intention to live permanently in Greece.
- A valid residence permit or proof that a residence permit application has been submitted, allowing them to run a business.
For company founders based in Greece (legal persons):
- A copy of the company’s articles of association or statutes, which can be automatically accessed if registered in GEMI (the Greek Business Register).
- A decision by the company or its partners to participate in the new business and appoint a representative to handle the registration.
- If a representative other than the company’s official signatory files the paperwork, a special power of attorney or authorization must be provided.
For company founders based outside Greece (legal persons):
- A copy of the company’s articles of association or statutes.
- A certificate from their country’s business register (issued within the last 3 months) confirming the company is legally active and not bankrupt.
- A certified power of attorney appointing a representative in Greece.
- All documents must be officially certified, apostilled, and translated into Greek if needed.
How long does it take to open a company in Greece?
Opening a company in Greece typically takes 10 to 20 business days, depending on the type of company and how efficiently documents are prepared. Delays may occur if translations or notarizations are needed for foreign documents.
Here is an overview of the estimated time required for each step to open a company in Greece.
| Step | Estimated Time | Description |
|---|---|---|
| Business Name Reservation | 1–2 days | Reserve a unique company name through the General Commercial Registry (GEMI) or a local Chamber of Commerce. |
| Drafting and Notarizing Articles of Association | 2–5 days | Draft and notarize the founding document and shareholder agreement; required for company registration. |
| Company Registration with GEMI | 5–10 days | Submit documents and officially register your business with the General Commercial Registry. |
| Tax Registration and TIN Issuance | 1–2 days | Register the company with the Independent Authority for Public Revenue (AADE) to obtain a Tax Identification Number. |
| Registering for VAT (if applicable) | 1–3 days | Required if your business is subject to Value Added Tax in Greece. |
| Social Security Registration (EFKA) | 3–5 days | If you plan to hire employees, register the company with the EFKA (social security authority). |
| Opening a Business Bank Account | 2–4 days | Choose a Greek bank and provide the required documents to open a business account. |
| Enrolling in the Electronic Commercial Registry (e-GEMI) | 1 day | Required for all companies; this ensures the company is digitally listed. |
How much does it cost to start a business in Greece?
There are fees to register a company in Greece. If you register online using the digital platform, the cost is between €18 and €24. If you register at a GEMI office, the price is higher, between €60 and €80.
How long does it take to start a business in Greece?
Starting a business in Greece is very fast when done online, usually taking only a few minutes. If you register through a notary or at a GEMI office, the process takes longer, usually between 30 and 60 minutes. The exact time depends on the type of company and the number of founders.
Taxes for businesses in Greece
Taxes in Greece apply to both local and foreign-owned businesses. From corporate income tax to VAT and social contributions, knowing your obligations will help you stay compliant and manage costs effectively.
| Tax Type | Rate | Notes |
|---|---|---|
| Corporate Income Tax | 22% | Applied to the net profits of most businesses |
| Value Added Tax (VAT) | 24% standard | Reduced rates: 13% (food, transport) and 6% (medicine, books, etc.) |
| Dividends Withholding Tax | 5% | May be reduced under double tax treaties |
| Interest Withholding Tax | 15% | Treaty rates may apply |
| Royalties Withholding Tax | 20% | May be reduced with applicable treaties |
| Social Security contributions (Employer) | Around 22% | Based on gross salary, it covers healthcare, pensions, etc. |
| Real Estate Tax (ENFIA) | Varies | Applies if the business owns property in Greece |
| Stamp Duty | Varies by activity | Depends on the nature of contracts and transactions |
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
