Setting up a business in Greece? Here is what you need to know.
According to a World Bank report entitled “Doing Business 2020” based on 2019 data, Greece is the European Union’s leader and the 11th in the world in terms of facilitating the incorporation of start-ups.
The time to set-up a company has been significantly reduced due to the establishment of the One Stop Shop (YMS) system.
According to the World Bank methodology, setting up a business in Greece through the One Stop Shop takes only two days, while completing the process may take two additional days, needed for some further formalities and registration with the Social Security Agency.
What is the One Stop Shop (YMS) ?
The One Stop Shop is the fast track system established to enable fast company incorporation.
The system includes (a) the General Register of Commerce (GEMI) of the Chambers of Commerce (b) the notaries and (c) the Online platform (e-YMS).
The option of one of (a), (b) or (c) above, depend on:
· the legal form of the company to be formed: there are types of companies whose establishment is compulsory to be effected by the YMS notaries (as, for example, the SA companies);
· the type of Articles of Incorporation to be used: should the Model Articles be selected, any legal form may be set up through any of the above options. If parties wish not to use the Model Articles, the company is to be formed either through GEMI or the YMS notaries (depending on the type/legal form of the company).
- Any person who is interested in forming a company in Greece, has to file an application with YMS, accompanied by the constitutional and required supporting documents. YMS has to review the submitted documents and, if all legal conditions are met, to complete the incorporation procedure on the same day or on the following business day at the latest.
- In the event that any of the documents does not meet the requirements, the applying party is invited to make the necessary clarifications, corrections or additions within five business days. If no rectification is is made within this deadline, the application is rejected.
- The deadlines set forth above do not apply to e-YMS filing; by using Model Articles in the e-platform, the incorporation is effected automatically and may take one hour only! After concluding the procedure, the company owner does not need to visit the tax office or the social security agency, as same they will be informed automatically.
- The cost is low and further reduced by 30% in case of e-YMS filing !