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Business Permits & Incorporation for Foreigners in Athens

Good to know

Good to Know

  • You do not need a Greek business partner to incorporate — 100% foreign ownership is standard, and a single non-resident person can be both the sole shareholder and sole director of an IKE.
  • The IKE's headline '€1 minimum capital' is a legal minimum, not a realistic operating budget — most founders still deposit a working amount and budget €1,000-5,000+ for notary/legal/translation help even though the government filing fee itself is tiny (roughly €18-80).
  • Every founder and director, regardless of nationality, needs a Greek tax number (AFM) before GEMI will register the company — for non-EU nationals this is usually the step that takes longest to arrange, often via a power of attorney to a Greek lawyer.
  • Company incorporation being fast does not mean you're allowed to work in Greece — non-EU founders who plan to live in Athens and run the business day-to-day still need a separate residence/work permit, which runs on its own (slower) timeline.
  • Opening the corporate bank account, not the GEMI filing, is usually the real bottleneck — Greek banks apply their own KYC/AML checks on non-resident shareholders that can add several weeks.
  • As a foreigner, your first real decision isn't the tax rate — it's whether you can even register a sole proprietorship yet: non-EU nationals typically need a residence permit that already grants self-employment rights, which pushes many first-time non-EU founders toward forming an IKE instead.
  • A sole proprietorship keeps things simple but taxes your profits at Greece's progressive personal income scale (not a flat rate), while an IKE pays a flat 22% corporate rate — worth comparing once your profits grow past the lower personal brackets.
  • Don't incorporate an IKE purely to dodge the freelancer 'imputed income' minimum — Greek tax authorities specifically watch for freelancers who close down and reopen as a single-member company just to avoid it, and can claw back the tax difference.
  • The old flat annual 'Telos Epitideymatos' business duty was abolished for freelancers/sole proprietors from 2025, but it still applies to legal entities like an IKE, so don't assume company status is automatically cheaper on every line item.
  • Corporate tax returns and VAT are filed and paid electronically only — every foreign owner needs an AFM (Greek tax number) and active TAXISnet credentials before they can file anything.

Corporate Tax

Rate Detail
The standard corporate income tax (CIT) rate applicable to legal entities, excluding credit institutions, is set at 22%.
Rate Context
Corporate income tax applies to companies such as the IKE (Private Company), EPE, AE and partnerships, not to sole proprietors, whose profits are instead taxed as personal income.
VAT Standard Rate Percent
24
Dividend Withholding Tax Percent
5
Standard Corporate Income Tax Rate Percent
22
Residency And Tax Base
Companies resident in Greece are subject to corporate income tax on their worldwide income, while non-resident companies are taxed only on their Greek-source income. A company is considered tax resident in Greece if it is incorporated under Greek law or if its place of effective management is in Greece.
VAT Note
Greece applies a standard VAT rate of 24%, with reduced rates of 13% and 6%; Greek sole proprietors and companies must register for VAT if their activities are subject to it and issue invoices reported through the AADE myDATA e-books platform.
Banks Note
Credit institutions that have elected to participate in the deferred tax assets (DTAs) regime under Art. 27A of the Income Tax Code (ITC) are subject to a CIT rate of 29%.

Filing And Payment

Return Deadline
Companies must file their annual corporate income tax return electronically via TAXISnet by the last working day of the sixth month following the end of the tax year; for calendar-year companies this means the end of June of the following year.
Payment Schedule
Tax liability and advance tax payments are settled in up to eight equal monthly installments.
Registration Body
All commercial entities are registered and maintained through the General Commercial Registry (GEMI), and corporate tax returns are filed electronically via TAXISnet, operated by the Independent Authority for Public Revenue (AADE).
Advance Payment Rule
Companies must make advance tax payments calculated as 80% of the previous year's tax liability, reduced to roughly 40-50% for newly established companies during their first three years of operation.
Late Payment Penalty
Late payment of corporate tax incurs interest charges at a rate of 0.73% per month.

Annual Business Duty Legal Entities

Status
Abolished for freelancers and sole proprietors from 2025 onward, but it continues to apply to legal entities such as IKE companies and their branches.
Name Greek
Τέλος Επιτηδεύματος

Typical Range When Applicable

Low
€650
High
€1,000

Structure Comparison

Private Company Ike

Greek Name
Ιδιωτική Κεφαλαιουχική Εταιρεία (IKE)
Legal Nature
A limited liability capital company that can be formed by a single person (Monoprosopi IKE); shareholders' liability is limited to their capital contribution.
Tax Treatment
Profits are taxed at the flat 22% corporate income tax rate rather than the progressive personal scale, which can be more favorable at higher profit levels but adds corporate compliance obligations (GEMI filings, annual accounts, potential audits).
Minimum Capital
€1.00
Foreigner Access
Described as the most commonly used structure for foreign founders, offering flexibility, no meaningful capital requirement, and limited liability; non-EU founders typically still need an appropriate visa/residence permit to legally operate day-to-day in Greece.
Anti Abuse Warning
Greek authorities have introduced rules to discourage freelancers from shutting down a sole proprietorship and opening a single-member IKE purely to sidestep the imputed-income rules; if done purely for that purpose, authorities can assess and charge the tax difference that was avoided.
Formation Note
Formation can be completed largely online via the Gov.gr Business Portal and GEMI, with the articles of association draftable privately for an IKE (unlike the AE, which requires notarization).

Sole Proprietorship

Best Fit
Simplest, cheapest option and generally the default recommendation for a foreigner testing self-employment in Greece, provided they already hold the right residence status.
Greek Name
Ατομική Επιχείρηση (Atomiki Epicheirisi)
Legal Nature
The proprietor and the business are treated as a single legal unit, meaning personal assets are fully exposed to business liabilities with no liability shield of any kind.
Tax Treatment
Sole proprietors are taxed as individuals on their net business profits, declared annually through a personal income tax return (Form E1), under Greece's progressive personal-income scale rather than a flat corporate rate.
Minimum Capital
€0.00
Foreigner Access
EU citizens can register a sole proprietorship on their own; non-EU nationals generally need a residence permit that grants self-employment rights before they can register this structure, making it impractical for a foreigner who has not yet secured such a permit.
VAT Registration
VAT registration is generally mandatory once activity is subject to VAT rules, though sole proprietors with annual turnover not exceeding a set threshold can opt into the small-business VAT exemption regime.
VAT Small Business Threshold
€10,000

Imputed Minimum Income Rule

Approx Annual Floor 2024
€11,620
Description
Under Law 5073/2023, tax authorities apply a minimum presumptive (imputed) income floor for freelancers/self-employed, treating declared income as at least equivalent to what an employee earning the national minimum wage would earn annually, even if actual declared profit is lower.

Other Structures Brief

Ae
Société Anonyme (AE) requires a much higher minimum share capital and board-level governance, and is generally the appropriate choice only for larger operations, institutional capital raising, or eventual stock listing.
EPE
Limited Liability Company (EPE) offers personal-asset protection similar to an IKE but has stricter governance and decision-making rules, which is why it is now less commonly used than the IKE.
Partnerships
General (OE) and limited (EE) partnerships expose at least one partner to unlimited personal liability and are used less often by solo foreign founders.
Ae Minimum Capital
€25,000

Typical Cost

Notary Fee If Required
€1,000

Only applies to AE, EPE, or IKE formations that customize the statute or involve in-kind contributions; can run higher (up to roughly €2,000) for more complex deeds.

Government Registration Fee
€60

Online GEMI/e-OSS filing fee for a simple IKE using model articles; some sources quote as low as €18-24. Chamber of Commerce entry fees add a small additional amount (roughly €10-20).

Typical Legal Or Advisory Package
€1,500

Most foreign founders hire a lawyer or formation-service firm to handle AFM procurement, KAD activity-code selection, bank KYC coordination, and translations. This typically costs between roughly €1,000 and €5,000+ depending on entity type and complexity.

Share Capital Deposit

AE
€25,000

At least one quarter must be paid in at the time of incorporation.

EPE
€4,800
IKE
€1.00

Common Entity Types For Foreign Founders

  • IKE (Ιδιωτική Κεφαλαιουχική Εταιρεία / Private Capital Company)
    Minimum Share Capital
    €1.00
    Notes
    The default choice for most foreign solo founders, consultants and small businesses. Can be formed by a single shareholder/director, uses a standard model Articles of Association template, and requires no notary if the model statute is used with no in-kind contributions.
  • EPE (Εταιρεία Περιωρισμένης Ευθύνης / Limited Liability Company)
    Minimum Share Capital
    €4,800
    Notes
    Legacy LLC form, largely superseded by the IKE since 2012; generally only chosen if an existing group structure already uses EPEs. Requires a notarial deed.
  • AE (Ανώνυμη Εταιρεία / Société Anonyme)
    Minimum Share Capital
    €25,000
    Notes
    Used for larger ventures, regulated sectors, or where external/institutional investors are expected. Requires a notarial deed and one quarter of capital paid in at incorporation.
  • Branch of a Foreign Company
    Notes
    Not a separate legal entity — it extends the parent company's liability into Greece, so no new share capital needs to be injected, but the foreign parent remains fully liable for the branch's debts.

Scope Note

Covers only business-level/corporate tax and the freelancer-vs-company structural choice for a foreign owner operating in Athens.

Practical Takeaway For A Foreign Founder

For most solo digital nomads or freelancers testing the market, a sole proprietorship is simpler and cheaper if you already qualify to register one; once income grows, liability risk increases, or you want to work with investors, switching to an IKE for its flat 22% corporate rate and liability shield becomes the common next step — but the switch should reflect genuine business need, not just tax avoidance, given the anti-abuse rules.

Company registration in Greece (including for a business based in Athens) runs through GEMI, the General Commercial Registry, operated as a digital one-stop-shop (e-YMS / e-OSS via the Gov.gr and businessportal.gr platforms) under the Ministry of Development. Athens-based founders use the same national online system as the rest of the country; there is no separate Athens-specific registry.

Core Steps

Core Steps

  • Obtain a Greek tax identification number (AFM) for every founder/director — EU nationals can often do this remotely, non-EU nationals typically need a power of attorney to a Greek representative or apply via a consulate/AADE.
  • Choose the entity type (IKE is the default for most foreign-owned small businesses).
  • Check and reserve the company name through GEMI's online name-availability search.
  • Draft the Articles of Association — for an IKE this can be a private document using GEMI's standard model template (no notary needed); AE, EPE, or any in-kind capital contribution requires a notarial deed.
  • File the registration application electronically via the GEMI one-stop-shop (e-YMS / businessportal.gr / Gov.gr), including the statute, founders' identification documents, and proof of a registered business address in Greece.
  • Receive the GEMI registration number; the company is automatically and simultaneously issued a tax number (AFM) by AADE.
  • Register for VAT and activate myDATA e-invoicing with AADE if applicable (mandatory above certain turnover/activity thresholds).
  • Open a Greek corporate bank account and deposit the share capital — banks conduct their own KYC/AML checks, and this step is usually the slowest part for non-resident founders.
  • Register the legal representative with EFKA (Greek social security) if they intend to draw a salary from the company.
  • File beneficial-ownership (UBO) information with the GEMI/UBO register, generally within about 60 days of incorporation.

Realistic Timeline

Main Bottleneck
Opening the corporate bank account is usually the slowest single step for foreign founders, since Greek banks run their own KYC/AML checks; this alone can take 1 to 4 weeks (sometimes up to 6 weeks for non-EU shareholders).
GEMI Filing Itself
1 to 3 business days online once all documents are ready, for a straightforward IKE using the model statute.
End To End For Non EU Founder
Roughly 2 to 4 weeks for the company itself, extending to about 2-3 months overall if a residence/work permit is also being sought, since visa processing runs in parallel.
End To End For EU National Forming An IKE
As little as 1 to 2 weeks if documents and AFM are prepared in advance.

Official Government Links

Local Partner Or Sponsor Requirement

Details
No local Greek partner, co-shareholder, or sponsor is legally required. A non-resident individual or foreign company can hold 100% of the shares in a Greek IKE, EPE, or AE and can act as the sole director/manager. The only universal practical requirement is that every shareholder and director (Greek or foreign) must obtain a Greek tax number (AFM) before the company can be registered.
Required
No
Residency Requirement
Neither shareholders nor the appointed manager/director need Greek or EU residency to form or run the company. Non-EU founders who intend to live in Greece and personally run the business will separately need a residence/work permit, which is a personal immigration matter distinct from the company's own ownership rules.
AI-generated estimateData refreshed July 2026

Sources cited for this category

These are the sources cited in this business permits & incorporation for foreigners research for this city. Individual figures may not each trace to one of them.

  1. 1.businessportal.gr
  2. 2.e-justice.europa.eu
  3. 3.publicity.businessportal.gr

More About Athens

Data last updated July 2026 · Verify anything important.