Insights
How to Start a Business in Greece (2026): IKE, AE, Branch or EOR
Insights · By Chen ChunJie · Updated 27 October 2026
Most foreign companies that start a business in Greece choose a private capital company (IKE) or a branch, registered through the General Commercial Registry (GEMI) one-stop shop. An IKE has no meaningful minimum capital; a société anonyme (AE) needs €25,000. Registration usually takes one to four weeks, and opening a bank account can take longer. If you need to hire before the company exists, or want to test the market first, an employer of record can employ your first people in Greece. This guide walks through each route and the steps in order.
Last reviewed in October 2026. General information, not legal or tax advice; confirm the details with a Greek accountant or lawyer before you register.
Your options at a glance
| Route | Capital and set-up | Liability | Can it employ staff? | Best for |
|---|---|---|---|---|
| IKE (private capital company) | No meaningful minimum capital; registered online through the GEMI one-stop shop | Limited to company assets | Yes | Most small and mid-sized foreign subsidiaries |
| AE (société anonyme) | €25,000 minimum share capital; board of directors | Limited | Yes | Larger operations, outside investors, regulated sectors |
| Branch of a foreign company | Registered with GEMI; no separate capital; a legal representative in Greece | The foreign parent is liable | Yes | Operating in Greece as the same legal person |
| Partnership (OE or EE) | No minimum capital | At least one partner has unlimited liability | Yes | Rarely used by foreign companies |
| Employer of record | No entity; your hire is employed locally on your behalf | The employer carries employer duties | Yes | First hires before, or instead of, a company |
How to set up an IKE in seven steps
| Step | What happens | Who handles it |
|---|---|---|
| 1. Tax numbers for the founders | Each foreign shareholder and the administrator need a Greek tax number (AFM). Non-residents usually appoint a tax representative. | Tax office (AADE), often through an accountant |
| 2. Name and articles | Check and reserve the company name and prepare the articles of association, either from the standard template or a custom version. | Founders, with a lawyer or accountant |
| 3. GEMI registration | File the incorporation through the GEMI one-stop shop. An IKE using the standard articles can be registered online. | One-stop shop (GEMI) |
| 4. Company tax number | The company receives its AFM and is registered with the tax office as part of the process. | GEMI and AADE |
| 5. Bank account | Open a corporate account; banks run detailed checks on the owners and the business plan. | Bank |
| 6. VAT and invoicing | Register for VAT where needed and set up electronic invoicing and the myDATA platform. | AADE, through your accountant |
| 7. Employer registration | Before the first hire, register the company as an employer with e-EFKA and on ERGANI II, and set up payroll. | e-EFKA, Ministry of Labour |
A Greek company pays corporate income tax of 22% on its profit, charges VAT at a standard rate of 24%, and needs bookkeeping, annual accounts filed with GEMI and monthly payroll, VAT and myDATA filings.
Hiring before your company exists
Registration is often quick; the bank account, the tax representative and the employer registrations are what usually hold things up. If a candidate is ready now, an employer of record can employ them from the start date.
Your hire is employed under a Greek employment contract, declared on ERGANI before the first day and paid through Greek payroll, while your company directs the work. When your IKE is ready, the employee can move to it under a new contract. How NNRoad’s employer of record service in Greece works.
A full-time person who works under your direction is an employee, even if the contract calls them a freelancer. Treating them as self-employed risks reclassification, back contributions and fines.
Doing business in Greece without a Greek company
You do not always need a Greek entity. You can sell to Greek customers from abroad, work through a distributor or agent, engage genuinely independent freelancers, or employ staff through an employer of record. Each route has limits: an agent who concludes contracts in your name, or an employee who does, can create a permanent establishment, which brings Greek corporate tax. Take tax advice before your team in Greece starts negotiating or signing for the company.
EOR, PEO or GEO: which do you need?
A professional employer organization (PEO) shares employer duties with a company that already has its own Greek employer registration. An employer of record, sometimes called a global employment organization (GEO), is the employer itself. If you have no Greek company, you need an EOR. How to choose an EOR in Greece.
Starting a business in Greece as a foreigner
Citizens of the EU, EEA and Switzerland can set up and run a Greek company freely. A non-EU founder can own a Greek company without living there, but needs a residence permit to live and work in Greece, for example as an investor or as the company’s employed manager. Check the current permit requirements with the Ministry of Migration and Asylum before you plan the timeline. If you will hire non-EU staff, see Expat Employment in Greece.
When to move from an EOR to your own company
- The team is growing and the fixed cost of a Greek company is now lower than the EOR fees
- You will sign contracts with Greek customers or invoice locally
- Your tax adviser sees permanent establishment risk in the roles you plan
- You need a local legal presence for licences, tenders or a lease
Employees then move to your company under new employment contracts. Agree with them how their length of service is recognised. Once the company employs staff, we can run its payroll: see Greece payroll.
Questions about starting a business in Greece
How long does it take to set up a company in Greece?
Registration of an IKE through the GEMI one-stop shop often takes one to four weeks once the tax numbers and documents are ready. Opening a bank account can take several weeks more.
How much capital do I need to start a company in Greece?
An IKE has no meaningful minimum capital. An AE needs at least €25,000. Banks and suppliers may still expect a credible level of capital.
Can a foreigner open a company in Greece?
Yes. Foreign individuals and companies can own an IKE or AE or register a branch. Each foreign shareholder and administrator needs a Greek tax number, and a non-EU national needs a residence permit to live and work in Greece.
Can I do business in Greece without setting up a company?
Yes. You can sell from abroad, work through a distributor, engage genuinely independent freelancers, or employ staff through an employer of record.
Can I hire employees in Greece without a Greek company?
Yes, through an employer of record, which employs the person under a Greek contract and runs payroll, contributions and ERGANI declarations for you.
Is it worth opening a restaurant or a small business in Greece?
That depends on the sector. Food and hospitality businesses need operating licences from the municipality and usually a registered business and an accountant from day one, so an employer of record is rarely the right model for them.
Need to hire before your Greek company is ready?
We can employ your first people in Greece while you set up the company. Tell us about the role and we will reply with the annual cost and a realistic start date.
Related
The hiring process step by step, from offer to first payday.
What a hire costs each year and each month.
Official sources: Ministry of Labour: minimum wage from 1 April 2026; Ministry of Labour: Christmas and Easter bonuses; Ministry of Labour: working time, overtime and public holidays; Ministry of Labour: pay during illness; Ministry of Labour: ERGANI II in full operation (in Greek); e-EFKA Circular 4/2026: 2026 contribution ceiling (in Greek); Ministry of Labour: work for third-country nationals; Ministry of Finance: income taxation. Reviewed October 2026; general information, not legal or tax advice.