Setting up a company limited by liability (LTD, Ltd or Ltd.) in Greece starts generally with drafting of the Articles of Association.
Firstly, to set up a company limited by liability in Greece, all the shareholders need a Greek tax reference. The first company Articles of Association can then be drawn up and authenticated by a notary. Above all, in addition to the particulars of the shareholders and the company name, the Articles of Association include the company’s seat and object. The founding capital must also be registered. This includes the individual partners‘ investments and potential bigger investments by individual founders. According to the Greek Companies Act the Articles of Association must also establish in writing the company’s duration. The issue of management of the company must also be regulated. As when founding a company limited by shares, representation by a Lawyer admitted in Greece is mandatory when signing the Articles of Association.
Before the Articles of Association are authenticated by a notary the draft must be submitted to the local Chamber of Commerce for provisional approval of the company name. This is important so that there are no problems with duplicate company names. If no complications come to light, the Articles of Association can then be authenticated by a notary. The founding partners and assisting lawyer sign the Articles of Association at the same time.
Further official processes are required after a Greek limited liability company has been incorporated
When setting up a limited liability company it’s not the end of the matter when the Greek notary has signed the Articles. The company name and two copies of the signed Articles have to be submitted to the Chamber of Industry and Commerce. After approving the name and designation, the Chamber of Industry and Commerce furnishes the Articles of Association with a stamp with regard to examination of the right to use the name and title. This is followed by visits to the tax authorities and the Regional Court having jurisdiction for the company’s seat. An announcement about formation of the company is furthermore published in the Government Gazette. We’d be delighted to advise you personally on further issues to be considered when setting up a limited liability company in Greece.