Business Permits & Incorporation for Foreigners in Santorini

E Invoicing

Businesses must keep bookkeeping and e-invoicing aligned with AADE's myDATA digital reporting platform

Payment Schedule

Corporate income tax is paid in six equal monthly installments beginning the seventh month after year-end, and companies must prepay 80% of the current year's estimated tax liability based on the prior year's return (newly established companies get a 50% reduction in this prepayment for their first three years)

VAT Registration

VAT registration is generally automatic upon business commencement for activities subject to VAT; a small-business VAT exemption exists for annual turnover under €10,000, but most professionally active nomads/freelancers will exceed this quickly

Registration Steps

All companies register through the General Commercial Registry (GEMI) and receive a Tax Identification Number (AFM) from AADE; registration typically takes a few business days through the digital one-stop shop

Annual Return Deadline

Corporate tax returns must be filed by the last day of the sixth month after the tax year ends — commonly 30 June for calendar-year companies

No Local Director Requirement

There is no mandatory Greek-resident director requirement for company formation, though one legal representative must be appointed, and banks may in practice ask for a local resident on the account for KYC purposes

Anti Avoidance Warning

Greek authorities have rules discouraging freelancers from incorporating solely to reduce a specific 'imputed minimum income' tax calculation that applies to sole proprietors; if someone closes a sole-proprietorship and opens a single-member company doing identical work purely to sidestep that rule, authorities can retroactively assess the tax difference

Start Simple Principle

For most solo digital nomads or new arrivals testing the market, starting as a sole proprietor (or under the freelancer route of the Digital Nomad Visa, invoicing foreign clients without a Greek entity at all) is the practical, low-cost starting point; converting to an IKE later is straightforward if the business grows

False Employment Scrutiny

Authorities also actively scrutinize freelancers who work exclusively for a single client/employer, treating this as disguised employment rather than genuine freelancing — relevant for nomads invoicing one client long-term

Official Links

• https://www.businessportal.gr
• https://www.aade.gr
• https://www.gov.gr

GEMI Approval Only

1-3 business days for a clean IKE filing

End To End With AFM And Bank Account

10-20 business days (roughly 2-4 weeks), assuming documents are prepared in advance and no visa process is involved

With Non EU Visa Or Residence Permit Process

Realistically extends to 2-3 months when visa applications, bank KYC delays, and apostille timescales for a non-EU founder are factored in

AE Societe Anonyme

€25,000

One quarter must be paid in at the time of incorporation.

EPE Limited Liability

€4,800

IKE Private Capital Company

€1.00

Details

A non-resident individual or foreign company can hold 100% of the shares in a Greek IKE, EPE, or AE and can sit as the sole director. The only practical requirement is a Greek tax number (AFM) for each shareholder and director, obtained through a Greek tax representative.

EU EEA Nationals

EU/EEA citizens enjoy freedom of establishment under the EU Treaties. They can incorporate, manage, and work for a Greek company without a visa or work permit. The only prerequisite is an active AFM (tax number).

Non EU Nationals

Non-EU nationals who are not yet in Greece can obtain an AFM by granting a notarised and apostilled power of attorney to a Greek lawyer or accountant, who then visits the local tax office (DOY) or files through the AADE system on their behalf. Foreigners can fully own a business in Greece, but non-EU citizens need to first get a visa or residence permit to live and operate in the country (this affects the right to actively work/reside, not the right to own shares remotely).

Mandatory Local Equity Partner

No

Tax Representative Note

A tax representative must be nominated at the time you submit your application for a Tax ID Number, especially if you are a non-resident or a foreign company. This is an administrative/tax role, not an equity or ownership stake.