STARTING A BUSINESS IN GREECE

S.A. Company

A public limited company (SA) may be established by one or more persons, or become a single-member public limited company when all shares are concentrated in the hands of a single shareholder.

The founding members of a public limited company may be legal or natural persons.

A public limited company (SA) is a company with share capital and legal personality, and is liable for its debts with the company assets.

A public limited company (SA) has the following basic characteristics:

• A relatively large capital stock that is required for its establishment.
• The capital is divided into equal units, otherwise called shares.
• Strict publicity rules during the company establishment procedures, as well as during its entire duration.
• A long duration (usually 50 years)
• The limited responsibility of the shareholders.
• Decision making procedures based on majority.
• The existence of two bodies: the General Assembly of shareholders and the Board of Directors.

In order to establish a public limited company (SA), the minimum capital required is 60.000 Euros.

LIMITED LIABILITY COMPANY (E.P.E.)

In order to establish a limited liability company, at least two parties will have to concur, either natural or legal persons. However, a limited liability company may be established by a single natural or legal person (single-member limited liability company) under certain circumstances.
A limited liability company is a company with share capital and legal personality, and is liable for its debts with the company assets.

Further basic characteristics include:

• The capital stock is divided into participation units, each of which comprises of company shares, of a minimal value of 30 Euros each.
• Specific publicity rules during the company establishment procedures, as well as during its entire duration.
• Specific duration (although failure to record the duration does not constitute reason for dissolution).
• Limited liability of the partners.
• Decision making procedures are based on majority (more than half of the total number of the partners who represent more than half of the company capital).
• The existence of two bodies: the General Assembly of Partners and the Manager or Managers.

In order to establish a limited liability company, the minimum capital required is 4.500 Euros.

PRIVATE COMPANY

A private company is established by one or more natural or legal persons. However, the company can be established by only 1 (one) natural or legal person (Single Member PC). In this case the name of the single partner shall be submitted for publication in the General Electronic Commercial Register (GEMI).

A PC is a capital company with a legal personality and it has a commercial nature even if it is not established for commercial purposes. Only the company shall be liable for its obligations with its assets with the exception of the liability primarily assumed by the partner who participates with a guarantee contribution. Its main feature is that at least one partner must participate by acquiring at least one share equal to a capital contribution (Art. 77) of at least €1.

The company's specified period of duration (12 years, although failure to indicate its duration shall not constitute grounds for annulment of the company).

GENERAL PARTNERSHIP (O.E.) COMPANY

In order to establish a general partnership company, at least two parties will have to concur who are by law jointly responsible for pursuing common purposes The founding members of a general partnership company may be natural or legal persons.

The partners of a general partnership company are jointly responsible for all the company’s obligations with their personal assets.

The dissolution of the company does not terminate the partners’ liability for any existing company debts.

The establishment of a general partnership company does not require a notarial deed; on the contrary, a private agreement is sufficient.

There is no minimum capital required by law for establishing a general partnership company, because the company assets are not distinguished from the partners’ assets, given that the partners are liable for the company’s obligations with all their personal assets.