Private Company - Greece

The Private Company is a company with legal personality. It is qualified as a commercial company, even if its object is not to carry commercial activities.

The Private Companies (PC) were introduced by Greek law n. 072/2012 as amended by law n. 4155/2013 and doing business in Greece became a lot easier and effortles. The minimum cost required for their establishment and simplified operation is more flexible and simple corporate type of company. 

Below you can find the main features of the IKE Company that make it a popular choice for those who wish to establish a Private company in Greece:

People needed for the establishment of a Private Company:

One or more natural or legal persons (founders). The persons must be over 18 years old. 

Main Features of a PC:

• Capital Company with a legal personality with commercial nature.
• 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.
• The partner / partners determined the capital without any restrictions. The capitall can be zero.
• The company’s specified period of duration (12 years, although failure to indicate its duration shall not constitute grounds for annulment of the company).
• The establishment of the company shall be submitted for publication either in the website or General Electronic Commercial Register (GEMI)
• The company shall be established and amended by virtue of a private document which shall be submitted for examination by the authorities of General Electronic Commercial Register (GEMI)

What is the liability of partners?

Partners are only liable for the initial capital invested, the company is liable with its assets. Read the full article here. 

Advantages of a Private Company - Greece

Greece  in order to meet the growing need for a modern and flexible middle- sized company introduced the Private Companies. Below are the advantages of Establishing a Private Company:

• Zero capital requirements (it is not compulsory to have a certain amount of capital like EPE or AE).
• The procedures are simplified and are more  time efficient, with minim expenses. 
• The Articles can be drafted, to suit the needs of a type of business and it's members.
• Very flexible corporate form (meetings can be held through teleconference and abroad, any amendments and changes are made by a private agreement).
• Corporate documentation may be drafted also in any official EU language.
• Only the manager and the sole member (in case of a single- membered PC) are subject to compulsory registration at the local insurance organisation (as opposed to all members/partners in other types of companies).

Are you interested in establishing a Private Company in Greece?

CYAUSE Audit Services Ltd  was formed in 2011 in Nicosia. With more than 25 years of experience in the field, Mr Tramountanellis (director) has formed an excellent reputation of excellence and professionalism in the accounting profession. CYAUSE Audit Services Ltd managed to provide continuously a full spectrum of services to its international and local clientele, from offshore and onshore incorporation and licensing of investment firms to accounting, audit and tax services to local and international entities and groups.

Source: Atlas Consulting