Best Corporate & Commercial Lawyers in Greece

About Corporate & Commercial Law in Greece

Corporate and commercial law in Greece encompasses the legal rules, regulations, and practices that govern the operation and activities of businesses and commercial entities in the country. This field covers the establishment and management of companies, mergers and acquisitions, contracts, intellectual property, commercial transactions, bankruptcy, and regulatory compliance. The Greek legal system aligns with European Union directives, which play a significant role in shaping local corporate and commercial practices. Whether you are starting a business, investing, or entering into commercial agreements, understanding the legal environment is crucial for effective business operation in Greece.

Why You May Need a Lawyer

There are several situations where seeking legal advice in the field of corporate and commercial law in Greece is essential:

• Establishing or registering a new business
• Drafting or negotiating commercial contracts and agreements
• Understanding compliance with Greek and EU regulations
• Handling mergers, acquisitions, or joint ventures
• Resolving shareholder disputes or corporate governance issues
• Pursuing debt recovery or insolvency proceedings
• Dealing with intellectual property protection or disputes
• Managing employment law issues within corporate settings
• Expanding into the Greek market as a foreign investor
• Protecting personal assets when engaged in business activities

Legal guidance helps prevent costly mistakes, ensures compliance, and protects your interests at every stage of business activity.

Local Laws Overview

Corporate and commercial law in Greece is based on the Greek Civil Code, the Greek Commercial Code, and various special statutes, all of which are influenced by European Union legislation. Key aspects include:

• Company Formation: The most common company structures in Greece include the Sociétés Anonymes (SA), Limited Liability Companies (EPE), and Private Companies (IKE). Each has distinct rules regarding liability, governance, and capital requirements.
• Corporate Governance: Greek law imposes clear duties on company directors and board members regarding the representation and management of the company, as well as the protection of shareholder interests.
• Commercial Contracts: Contracts in Greece must adhere to local formalities and may be influenced by consumer protection laws and unfair competition rules.
• Taxation and Compliance: Companies are required to comply with Greek tax laws, annual reporting, and accounting standards. Non-compliance leads to significant penalties.
• Investment and M&A: Foreign investments are generally welcome, but certain industries may require regulatory approval or specific licenses.
• Employment Law: Employment relationships in commercial entities must follow Greek labor law, which regulates contracts, benefits, and termination procedures.

Frequently Asked Questions

What are the main business legal structures in Greece?

The primary legal structures are Sociétés Anonymes (SA), Limited Liability Companies (EPE), and Private Companies (IKE). Other forms include General Partnerships (OE) and Limited Partnerships (EE). Each form has specific obligations, benefits, and registration requirements.

Can foreign nationals establish a company in Greece?

Yes, foreign citizens and entities are allowed to establish and own companies in Greece. However, certain sectors might require local partners or regulatory approval.

What is required to register a new business in Greece?

Requirements include choosing a business structure, drafting the company’s Articles of Association, registering with the General Commercial Registry (GEMI), obtaining a tax identification number, and fulfilling banking and licensing obligations.

How are commercial disputes resolved in Greece?

Most commercial disputes are resolved through the Greek courts. Alternative dispute resolution methods, such as mediation and arbitration, are also available and can offer faster solutions.

Do Greek companies need to have local directors or shareholders?

No, there is no general requirement for local directors or shareholders, but some industry-specific regulations may impose local participation or other conditions.

What is the corporate tax rate in Greece?

As of 2024, the general corporate tax rate in Greece is 22 percent. Other taxes, such as Value Added Tax (VAT), may also apply depending on the business activity.

Are there any restrictions on repatriating profits from Greece?

Generally, there are no restrictions for repatriating profits, but all applicable taxes must be paid, and the proper legal and accounting procedures followed.

What are the ongoing compliance obligations for companies in Greece?

Companies must maintain accurate accounting records, file annual financial statements, submit tax returns, hold general meetings, and comply with employment and data protection laws.

Is intellectual property protection available in Greece?

Yes, Greek law provides protection for trademarks, patents, copyrights, and other intellectual property rights. Additional protection may be obtained through European or international registrations.

Can a company be closed or dissolved easily in Greece?

Yes, but the process can be complex and involves settling outstanding liabilities, filing with the General Commercial Registry, and fulfilling tax and labor obligations.

Additional Resources

Helpful organizations and resources for corporate and commercial law matters in Greece include:

• Hellenic Ministry of Development and Investments - responsible for business policy and company registration.
• General Commercial Registry (GEMI) - the main registry for all commercial entities.
• Hellenic Capital Market Commission - regulates the securities market and public companies.
• Greek Ombudsman for Consumer Protection - handles business related consumer matters.
• Local Bar Associations throughout Greece - provide legal referrals and qualified professionals.
• Enterprise Greece - offers support and information to investors.

Next Steps

If you are considering engaging in corporate or commercial activities in Greece, the following steps can help you get started:

• Clearly define your business objectives, structure, and expectations.
• Collect necessary documentation such as identification, proof of address, and potential business plans.
• Consult with a qualified lawyer who specializes in Greek corporate and commercial law to evaluate your case and guide you through the legal requirements.
• Ensure that any contracts or agreements are reviewed by your legal adviser before signing.
• Stay informed about ongoing legal and regulatory changes that may affect your business.

Taking early legal advice can safeguard your interests and pave the way for successful business activity in Greece.