The institutional framework governing the process of starting up any type of business varies depending on the scope of work and any special operating or establishment permits that may be required.
The company formation stage is often painful and time-consuming (usually due to friction with the relevant public authorities). The well-organised steps for setting up a company by a reliable tax office and the rapid processing of procedures helps to get the company up and running as quickly as possible.

For example:

• Finding the right accountant to support the whole project.
• Choosing the appropriate legal type of business.
• Analysis of the business plan.
• Check whether a special permit is required for the operation of the business.
• List of government funding – subsidy – grant options.
• Corporate identity & corporate website design.
• Finding an installation site.
• Collection of offers for services, products & construction works necessary for the business (computerization, insurance, selection of telecommunication service provider, advertising, internet promotion services).
• Creation of articles of association, tailored to the needs of the founders of the company.
• Drawing up of a headquarters lease.
• Collection of all the necessary documents for the start-up of the business, including engineering certificates, necessary studies and certifications.
• Handling all the necessary actions in G.E.M.I., D.O.Y., EFKA, chambers of commerce, municipalities, urban planning, medical associations, health, fire brigade, etc.
• Legalization & opening a corporate bank account – POS.
• Organisation of computerisation, acquisition of an application for the electronic issue of documents, acquisition of a cash register.
• Finding and recruiting staff.

The key elements of the different types of businesses are listed below:

Sole proprietorship
The sole proprietorship is the oldest and simplest business. It is established and managed by one person, who as owner and manager is liable with his own property for all the debts of the company and no minimum amount of capital is required to establish the company.

General Partnership (LLC)
A general partnership is a partnership with legal personality, in which the partners (at least two) are unlimitedly liable for the debts of the company, in addition to the company’s property, and each of them individually with their personal property. A general partnership is characterised as a commercial partnership if its usual activity is commercial and not by definition (as is the case, for example, with a public limited company). If it acquires commercial status, it may also become bankrupt, which will lead to its dissolution. A limited liability company requires publicity formalities and articles of association to be established.
A similar type of company is the limited partnership.

Limited Partnership (Ltd.)
A limited partnership is a partnership with legal personality in which two types of partners must co-exist: the general partners, for whom the provisions for the partners of a general partnership apply, and the limited partners.
The limited partners are equal to the general partners as regards the internal relations of the partnership (participation in profits, contributions, etc.), but are liable for the debts of the partnership only up to the value of their contribution in the worst-case scenario. However, they may not represent the company and their name may not be included in the company’s name. If these prohibitions are violated, the limited partner is liable as a general partner (unlimited and joint and several). In all other respects (formation, taxation, commercial status, etc.) the same applies as for general partnerships.

Limited Liability Company (LLC)
The Limited Liability Company, regulated in Greece by law 3190/1955, is a capital company with legal personality and certain personal details. Only its property is liable for its debts without limitation, and it is always considered a commercial company.

Its main elements are:
a. No minimum capital is required for its establishment. The company’s capital may also consist of a contribution in kind (e.g. real estate) following a valuation.

β. The share capital is divided into units and the shareholders have limited liability.

c. There is no state control and supervision as in limited liability companies

δ. It has two bodies, the General Assembly of the partners and the manager (or managers), who does not have to be a partner.

In order to legally establish an S.P.E., a statute is required, which must at least include the statutory provisions, publication in the Official Gazette and registration in the Register of S.P.E. The SPE may also be a one-person company. The choice of personal details and their inclusion in a PE is regulated (within the limits of the law) by its articles of association.

Private Capital Company (P.C.C.)
The corporate form of the Private Capital Company emerged from the need to support small and medium-sized enterprises in the country and promote entrepreneurship, being an evolution of the Limited Liability Company. The private limited company is a capital company with legal personality and is liable for its debts with its property (excluding guarantee contributions). It is always commercial, but certain activities are excluded from its scope (banking, insurance, sports, etc.).

Its main elements are:

α. A corporate capital of at least one (1) euro is required for its establishment.

β. The company capital is divided into shares corresponding to the contribution of each partner.

c. The contribution may be capital, but it may also be extra-capital or guarantee.

δ. It has a fixed duration (12 years, unless otherwise specified).

ε. It has two governing bodies, the General Assembly of partners and the Administrator.

For the establishment of the I.K.E. a simple private document (statutes) is required, which is filed at “One-Stop Services” and the publicity is made on the website of the General Commercial Register and not in the Government Gazette.

The Private Company, which can be a one-person company, can be set up quickly (theoretically in one day), while the same applies to its taxation as for the P.P.C.

Public limited company (P.L.C.)
A public limited company, which is regulated in Greece mainly by law 2190/1920, as amended, is a purely capital company with legal personality, for whose debts it is liable only with its own property. It is always a commercial company, even when it is not trading, mainly because of the seriousness of its role in the economy.

Its main elements are:

α. A share capital of at least 25,000 euros is required for its establishment.

β. The share capital is divided into shares and the shareholders have limited liability.

c. Strict conditions of publicity are observed from its establishment and for its duration.

δ. It has two bodies, the General Meeting of Shareholders and the Board of Directors, which decide by majority vote.

In order to legally establish a limited liability company, a statute, publication in the Official Gazette, registration in the Register of Public Limited Companies and an operating licence from the competent authority is required if the capital exceeds 3 million euros. A limited liability company may also be a one-person company.