🇬🇷 How to Start a Business in Greece (Step-by-Step Guide for Foreign Entrepreneurs)

Starting a business in Greece can be an exciting opportunity. The country offers access to the European Union market, a growing digital ecosystem, and a strategic position between Europe, Asia, and Africa.
Whether you’re planning to open a branch, establish a startup, or work as a freelancer, here’s a comprehensive guide to help you navigate the process.

1. Choose the Right Legal Form

The first step is to decide what type of business entity best suits your needs. The most common options are:

• Private Company (IKE) — the most popular structure for small and medium businesses. Requires low setup costs and flexible management. 
• Limited Liability Company (EPE) — suitable for larger operations but involves more formalities. 
• Sole Trader (Individual Business) — ideal for freelancers or small-scale activities. 
• Société Anonyme (S.A.) – Public Limited Company — the typical structure for larger companies with significant capital. 
• Branch of a Foreign Company — if you already operate abroad and want a legal presence in Greece. 

👉 Tip: The Private Company (IKE) is usually the most efficient option for foreigners who want to start quickly.

2. Register Your Business with GEMI

All companies in Greece must be registered with the General Commercial Registry (GEMI).
The registration process can now be done online through the One-Stop Service (Y.M.E.S.).

You’ll need:

• Company name approval 
• Articles of association 
• Identification documents (passport, residence permit, etc.) 
• Proof of address for the registered office 
• A Greek Tax Identification Number (AFM) for each partner 

Once registered, GEMI will issue your Business Registration Number (GEMI number) and notify the Tax Office automatically.

3. Obtain a Greek Tax Number (AFM)

Every partner, shareholder, or legal representative must have a Greek Tax Identification Number (AFM).
If you are not a resident, you must first appoint a tax representative in Greece to handle this step.

You can get your AFM:

• At the local Public Tax Office (DOY) 
• Or via your accountant or tax advisor 

4. Open a Business Bank Account

To operate legally, you’ll need a Greek business bank account for transactions, capital deposit, and tax payments.
Most banks will ask for:

• Your company’s GEMI registration 
• AFM of the company 
• Articles of association 
• Proof of company address 
• ID/passport of the legal representative 

👉 Note: Greek banks have strict KYC (Know Your Customer) procedures, so this step can take several days.

5. Register for Social Security (EFKA)

If your company employs staff or you’re self-employed, registration with EFKA (the social security authority) is mandatory.
You will need to declare:

• The start of business activity 
• Type of occupation 
• Expected income range 

Social contributions are calculated monthly and depend on income and legal status.

6. Register for VAT (if applicable)

If your business activity involves selling goods or services subject to VAT, you must register for Value Added Tax.
The standard rate in Greece is 24%, with reduced rates for specific products and regions.

7. Keep Accounting Records and File Taxes

Greece has strict accounting and reporting standards. You must:

• Keep detailed accounting books (electronically via myDATA platform) 
• File VAT returns (usually every three months) 
• Submit annual income statements 
• Maintain payroll and social security records 

Hiring a local accountant or tax advisor is highly recommended to ensure compliance and avoid fines.

8. Apply for Residence & Work Permits (if you plan to live in Greece)

If you’re from a non-EU country, you’ll need to apply for:

• A residence permit for business or investment purposes 
• Proof of sufficient funds and business viability 

EU citizens can operate freely, but they still need to register their presence if they stay longer than 90 days.

9. Understand Local Taxes and Incentives

Greece offers several tax incentives for startups and foreign investors, such as:

• Reduced corporate income tax (currently 22%) 
• 50% income tax reduction for foreign workers relocating to Greece (for up to 7 years) 
• Support programs through Elevate Greece and NSRF funds for innovation and green energy 

Your accountant can guide you on which programs apply to your business.

10. Common Challenges & How to Overcome Them

Starting a business in Greece is more streamlined than ever, but you might face:

• Bureaucratic delays 
• Language barriers 
• Complex banking procedures 

Solution: Partner with a local accounting and tax office that specializes in helping foreign entrepreneurs. They can handle your registration, tax compliance, and communication with authorities — so you can focus on building your business.

✅ Final Thoughts

Greece is not just a beautiful country — it’s also a growing business destination.
With the right guidance, starting your company here can be smooth, efficient, and rewarding.

If you’re considering starting a business in Greece and need professional support with registration, accounting, or taxation, our team can handle everything for you — from company setup to ongoing management.

📩 Contact us today for a consultation and take the first step toward your business in Greece.