Company Formation in Greece: Guide for US Entrepreneurs and Expats

With its ancient port cities, low operating costs and access to 26 EU member states, Greece is quietly becoming a strategic destination for investors. And for U.S. citizens, the legal framework is especially favorable thanks to bilateral tax treaties, business-friendly reforms and an increasingly digital public sector.

It is a great choice whether you’re setting up an international base for your consultancy, planning to invest in tourism or launching a digital services company. This article breaks down the process and key benefits of setting up a Greek business as an American entrepreneur. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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Entity Types for Company Formation in Greece

The first big thing you need to do is to select the right legal structure for your Greek business. Below are the most common company types in Greece, alongside how they compare to U.S. business entities:

Entity Type	Greek Acronym	Minimum Capital	Best For	U.S. Equivalent
Private Company1	I.K.E.	€1	Startups, solo founders, SMEs	Limited Liability Company (LLC)
Limited Liability Company2	E.P.E.	€4,500	Established service businesses	Hybrid of LLC and C Corporation
Public Limited Company3	A.E.	€25,000	Larger firms, holding companies	C Corporation
General/Limited Partnership4	O.E. / E.E.	None	Local businesses, family firms	General/Limited Partnership
Foreign Company Branch5	—	N/A	Expanding U.S. companies	U.S. branch or foreign subsidiary

Idiotiki Kefalaiouchiki Etaireia (I.K.E.) is now the most popular form of company formation in Greece. It combines low capital requirements with flexible shareholder structures, which is ideal for U.S. founders used to the LLC model.

Step-By-Step Guide to Company Formation in Greece

Step 1: Secure a Greek Tax Identification Number (TIN)

All company founders must obtain a Greek TIN. For U.S. citizens, this typically requires a valid visa, local address and an appointed accountant (known as a tax representative in Greece).

Step 2: Choose and Reserve a Company Name

Use the General Commercial Registry (GEMI) portal to check availability and reserve your company name.⁶ This is similar to name reservation through the U.S. Secretary of State website.

Step 3: Draft Articles of Association

These function like operating agreements or corporate bylaws. They must outline company structure, share distribution, management roles and profit allocation. Notarization is typically required for entities like E.P.E. or A.E., but I.K.E. can often be completed digitally.

Step 4: Register the Company via GEMI or One-Stop-Shop

Greece offers a centralized filing process through its GEMI platform or physical KEP offices (Citizen Service Centers).⁷ Online registration costs range from €18 to €24; in-person registration is slightly higher due to notary fees.

Step 5: Open a Business Bank Account and Deposit Capital

Once registration is approved, you’ll need to deposit the minimum capital into a Greek bank account. Note that most banks require in-person identity verification and several supporting documents.

Step 6: Obtain a VAT Number and Register with the Tax Office

After GEMI approval, company data is automatically transferred to the tax authority (AADE), which assigns a VAT number and tax obligations.⁸

Step 7: Register with EFKA (Social Security)

Employers must register the business and employees with EFKA, Greece’s national social security fund.⁹ Even single-member I.K.E. companies must complete this step if they plan to draw a salary.

Step 8: Apply for Sector-Specific Licenses

Some industries, such as tourism, health care and food service, require special permits. These are usually handled through local municipal or ministry offices.

Costs and Timelines for Company Formation in Greece

The costs of forming a company in Greece vary depending on the legal structure, level of legal assistance, and whether you’re managing the process remotely or on the ground. The table below outlines typical first-year setup costs for the three most common business structures in Greece: I.K.E., E.P.E. and A.E.¹⁰

Cost Component	I.K.E.	E.P.E.	A.E.
Estimated Cost of Establishment	€100	€100	€100
Minimum Necessary Capital	€1	€2,40	€25
Other expenses (i.e., Notary’s fees)	€44,02 +€6 per sheet + taxes 24%	€44,02 +€6 per sheet + taxes 24%	€500 +€6 per sheet + taxes 24%
Tax on Capital Concentration	1%	1%	1%
Fee in proportion to Capital for the Competition Commission in Greece	0%	0%	1

Most companies can be incorporated within two to four weeks, assuming all documentation is in order.

Corporate Tax and Payroll Requirements

U.S. business owners must pay close attention to tax and payroll compliance, which differs substantially from U.S. models.

• Corporate Tax Rate: 22% flat nationwide¹¹
• VAT (Value Added Tax): 24% standard, with 13% and 6% reduced rates¹²
• Withholding Tax on Dividends: 5% (treaty-reduced for U.S. owners)¹³
• Employer Social Contributions (EFKA): ~22%¹⁴
• Employee Contributions: 13.87%¹⁵
• Annual Requirements: Financial statements, tax returns, payroll filings, GEMI updates

Thanks to the U.S.–Greece double tax treaty, you can avoid double taxation on income through foreign tax credits or exemptions reported on IRS Form 1116.¹⁶

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Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Access to BatchTransfer. Fast payment of up to 1,000 people.

Benefits and Drawbacks of Company Formation in Greece

Company formation in Greece gives U.S. entrepreneurs access to the EU single market, a low-cost base, and a streamlined digital setup process. The country also offers a path to residency through the Golden Visa and benefits from a U.S.–Greece tax treaty that helps avoid double taxation.

On the other hand, opening a bank account often requires an in-person visit. Most filings are in Greek, and social security contributions can be high. Startups may also find limited access to local funding, and working with experienced local advisors is essential for staying compliant.

Tips for U.S. Founders Setting Up in Greece

Here are a few tips for a smooth launch and long-term compliance:

• Authenticate all key documents with an apostille, including your U.S. passport, Articles of Incorporation and any powers of attorney.
• Partner with bilingual legal and accounting professionals who understand both Greek procedures and U.S. tax obligations.
• Choose the right entity for your needs. The I.K.E. is ideal for single-member companies, consultants, and small-scale startups due to its low capital and minimal formality.
• Explore the Entrepreneur Visa or Golden Visa programs if you plan to reside in Greece long-term.
• Stay compliant with U.S. reporting requirements. Owning or controlling a foreign company may trigger annual filings such as FBAR (Foreign Bank Account Report), Form 5471 (for controlled foreign corporations) and other disclosures under U.S. international tax law.

Final Thoughts

Company formation in Greece has evolved into a modern, viable route for U.S. business owners looking to expand into Europe. With low costs, streamlined registration, and full access to the EU market, Greece stands out as a Mediterranean launchpad.

The I.K.E. structure, in particular, gives entrepreneurs a flexible and affordable way to establish a presence in the EU without excessive red tape or capital requirements. For founders planning long-term operations, residency options like the Golden Visa and a favorable tax treaty with the U.S. add to Greece’s appeal.

Frequently Asked Questions (FAQ)

What is the Easiest Company Type to Form in Greece?

The I.K.E. is the most flexible and affordable option for U.S. entrepreneurs. It only requires €1 in share capital and can be set up online.

Can I Form a Company in Greece Without Living There?

Yes, but you’ll need a legal representative in Greece and may need to travel to open a bank account unless your bank allows remote verification.

Do I Need a Greek Partner to Start a Company?

No. Foreigners can own 100% of a company in Greece, including I.K.E., E.P.E. and A.E. structures.

How Does Greece’s Corporate Tax Rate Compare to the U.S.?

Greece’s 22% corporate tax is lower than the U.S. federal rate of 21% + state taxes, and offers potential savings when structured efficiently.

Can My U.S. LLC Own a Company in Greece?

Yes, a U.S. LLC or corporation can own shares in a Greek company. Make sure to consult a tax advisor for the proper reporting structures.

How Long Does Company Formation in Greece Take?

Typically, two to four weeks, depending on your entity type, documentation, and whether you’re physically present to open a bank account.

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Sources:

1. Guide to Starting an IKE – Ventzios Accounting
2. How to Register an EPE (Ltd/LLC) in Greece – CompanyFormationGreece.com
3. Anonymos Eteria (AE) Setup – BusinessSetup.com
4. Greek Limited Partnership (E.E.) – TaxLaw.gr
5. Setting Up a Branch of a Foreign Company in Greece – TaxLaw.gr
6. Greek Business Portal – BusinessPortal.gr
7. How to Find a KEP (Citizens’ Service Center) – My Greek Expat Journey
8. Independent Authority for Public Revenue – AADE
9. Unified Social Security Fund – EFKA
10. Comparative Table Regarding Formation of Business Entities – Oikonomakis Law
11. Corporate Income Tax Summary – PwC Greece
12. VAT in Greece – Marosa VAT
13. Withholding Taxes in Greece – PwC Tax Summaries
14. Greece Payroll Calculator – Native Teams
15. Payroll Contributions in Greece – Playroll
16. IRS Form 1116 – Foreign Tax Credit (PDF)