Limited Liability Company

General Information

The Greek EPE is similar to the German GmbH, including personal elements as the partners' right to participate in management and represent the company. The EPE is not subject to state supervision and control; thus it offers a high degree of flexibility, which makes it common for smaller, closely-held businesses.

Incorporation

Formation by at least one person - individual or legal; nationality irrelevant.
Incorporation requires notarial deed of incorporation followed by entry into the Registry of EPEs held by the competent Court of First Instance and publication of the articles of association.
The company comes into legal existence upon entry and publication.

Duration of incorporation approximately 10 days.

Incorporation costs depend on share capital, as a capital concentration tax of 1 per cent of the share capital has to be paid. Notarial fees will amount to approximately € 500, registration and publication fees to approximately € 450.

Capitalisation and Financing

The statutory minimum share capital, which must be fully paid-up at incorporation, amounts to € 18,000. Shares can be paid in cash or kind. However, at least half of the minimum capital must be paid for in cash at incorporation.

Board Structure

The partners' meeting is the characteristic corporate body of an EPE. The partners decide on every company matter and represent the company vis-à-vis third parties in and out of court. Representation is joint representation, unless otherwise provided for in the articles.
Management and power of representation may be delegated not only to a single partner, but also to a non-partner (administrator).

Annual Costs

Approximately € 370 (publication fees of approximately € 240, annual contributions fees of approximately € 130).

Corporate Taxation and Financial Reporting

Resident companies are subject to corporate income tax on worldwide net income. Tax rate of 29 per cent for net profits of financial year beginning after 1/1/2006 and before 1/1/2007; tax rate of 25 per cent for net profits of financial year beginning after 1/1/2007.

Annual accounts must be drawn up at the end of the financial year. Accounts must consist of balance sheet, profit and loss statement, distribution results table and annex. The annual financial statements must generally be drawn up in accordance with Greek GAAP; they might be drawn up according to EU standards if further requirements are met.

Employee Participation in Corporate Bodies

None.