Company Formation in Greece
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Company Formation in Greece
So you've decided to start a business in Greece and researched your market. Now it's time to decide how you will register and start a business in Greece. What is the best, most viable option for your company, your products, and yourself? Which is the path of least resistance?
Here are your typical options when starting a business into Greece:
When considering your formation of business in Greece and how to register a business in Greece you may think about a sole trader formation. This type of business is the easiest to set up. It is set up and run by one person and they are personally responsible for any debts. You may be eligible for tax incentives or benefits.
A Company limited by shares (AE)
This type of business is set up in Greece by at least two founding members, individuals, or legal entities. The liability is limited to the amount that is contributed. The registration approving the formation and its statutes must be published in the Government Gazette. A minimum share capital of 60,000 Euros is require. There must be at least three members of the board of directors, who manage the affairs of the company. The managing director runs the day to day affairs of the business.
Limited liability company (EPE)
This type of company is similar to a partnership in Greece with a limited liability. A limited company is established by the notarial act which contains the statutes and must be published in the Government Gazette. This must include:
Date of information
Issued and fully paid up share capital
Name of the company secretary
Names of shareholders
Name of company.
There needs to be a minimum of two partners when setting up this type of business in Greece, one with limited liability to the sole owner. Liability is limited to the amount contributed. There must be a minimum share capital of 18,000 Euros.
General partnership (OE)
A general partnership that is started up in Greece, is a partnership where both partners undertake the running of the business as well as any debts on the business that may occur. There must be a minimum of two partners and there is no minimum capital required for initial set up.
Limited partnership (EE)
A limited partnership needs a minimum of two partners or more and there is no minimum capital. Generally there are two types of partners, an active partner who runs the day to day business and the sleeping partner who does not run the business but who may contribute to the finance of the business. The liability of active partners is unlimited. Liability of sleeping partners is limited to the amount contributed
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Licensing in Greece is the permission for someone else to use your intellectual property rights: either a patent, trademark, trade secret, or copyright. Different types of license include:
Non-Exclusive License - A non-exclusive license implies that your intellectual property rights can be awarded to more than one licensee.
Exclusive License - A little more complex because, although the license may not be exclusive to one licensee, it may be exclusive to a geographic location, a certain product, or limited area of use. For instance, you may grant a licensee exclusive use of the rights in France, yet grant another licensee its use in Germany.
Patent License - The allowance of another party to use your patented product, design or process.
Trademark License - Trademark licensing means permission is awarded to a licensee to sell a product or service. However, the licensor retains more control in order to ensure that quality is maintained. Quality control is in place to uphold the image of the brand / product / service / licensor, and therefore sustain customer confidence and satisfaction.
Franchising In Greece
Franchising is the licensing out of a business name, product, technique, philosophy, trademark, etc, for a percentage of the income. Instead of setting up new outlets as part of your expansion, you license your existing business blueprint out to franchisees who then set up and manage it for you.
The benefits of franchising your business in Greece include: more freedom, as the franchisee takes on major responsibilities; minimal expense; lower cost and higher profits; potential for fast growth; brand building.
Disadvantages of franchising a business in Greece: although few, rely predominantly on your franchisees. They include: poor quality franchisees; franchisees not declaring all income; poor performance.
Greece is part of the EU and follows general EU regulations on franchising. Greece has its own association for franchise called the Franchise Association of Greece, which was set up in 1996. They are a member of the European Franchise Federation.