How to Start a Business in Greece As a Foreigner (2026 Guide)

Greece welcomes foreign entrepreneurs, both EU and non-EU nationals, and allows 100 % foreign ownership in most sectors without requiring a local partner. Understanding how to start a business in Greece as a foreigner has become significantly easier since the launch of the Gov.gr Business Portal for digital company formation and the enactment of Law 5275/2026 (ΦΕΚ A’ 17, 6 February 2026), which restructured residence and work-permit categories for investors and founders. This guide walks through every practical step: choosing the right company type, securing visas, registering online, opening a bank account, and meeting tax obligations, with realistic cost estimates and timelines current as of May 2026.

Whether you are an EU citizen relocating to Athens, a non-EU tech founder eyeing the Greek startup ecosystem, or an in-house counsel advising on a Mediterranean expansion, the checklist-driven sections below cover the legal, procedural, and financial ground you need. The entire incorporation process for the most popular entity, the IKE (Private Company), can now be completed digitally in as little as one to two weeks, while total startup costs typically range from €1,000 to over €5,000 depending on entity type and professional fees.

Quick Checklist: 8 Fast-Track Steps to Start a Business in Greece

Before diving into the detail, here is a condensed roadmap with estimated durations for each milestone. Founders who prepare documents in advance and use the Gov.gr digital portal can compress the process significantly.

1. Obtain a Greek Tax Identification Number (AFM). 1–5 business days (EU nationals can apply remotely via the AADE myAADElive platform; non-EU nationals typically need a power of attorney to a Greek representative).
2. Choose your company type. 1–2 days of due diligence (IKE is the default for most foreign startups).
3. Reserve your company name. Same-day via GEMI pre-check.
4. Draft the Articles of Association (statute). 2–5 days (can be drafted privately for an IKE; notarisation required for AE and some EPE formations).
5. Open a corporate bank account and deposit share capital. 1–3 weeks (banks conduct KYC/AML checks; bring apostilled identification documents).
6. Register with GEMI (General Commercial Registry). 1–3 business days online via Gov.gr.
7. Register for VAT and activate myDATA e-Books with AADE. 1–2 business days after GEMI registration.
8. Apply for a residence/work permit (non-EU nationals only). Processing times vary from 1–3 months depending on visa category under Law 5275/2026.

Fast-track tip: Granting a power of attorney to a Greek lawyer before arrival allows steps 1, 3, 4 and 6 to proceed in parallel, saving several weeks for non-EU founders who cannot yet travel to Greece.

Which Company Type Should You Choose? Entity Comparison for Foreign Founders

Company formation in Greece begins with selecting the right legal structure. Greek law offers several entity types, each with distinct capital requirements, liability exposure, and governance formalities. The choice has downstream effects on taxation, visa eligibility, and day-to-day administration. Below is a comparison of the four main company types in Greece relevant to foreign entrepreneurs.

IKE, The Default for Most Foreign Startups

The IKE has become the most popular vehicle for foreigner company formation in Greece. Its share capital can be as low as €1, formation can be completed entirely online through the Gov.gr Business Portal, and members enjoy limited liability. The IKE can accommodate capital contributions, labour contributions, and guarantee contributions, a flexibility rarely found in other EU jurisdictions. A single-member IKE (Monoprosopi IKE) is permitted, making it ideal for solo founders.

AE, Public Limited Company

The AE (Société Anonyme) requires a minimum share capital of €25,000 and involves more complex governance: a board of directors, general assembly of shareholders, and mandatory statutory audits once revenue thresholds are met. It is the appropriate choice for businesses planning to raise institutional capital, issue bonds, or eventually list on a stock exchange. Formation requires notarisation of the statute.

Sole Trader and Partnerships

A sole proprietorship (Atomiki Epicheirisi) is the simplest structure, but the founder bears unlimited personal liability for all business debts. EU nationals and Greek citizens can register online through the AADE portal. Non-EU nationals may face additional administrative steps. General partnerships (OE) and limited partnerships (EE) are also available but carry similar personal-liability exposure for at least one partner. Industry observers note these structures are declining in popularity among foreign founders, who overwhelmingly prefer the IKE for its liability protection and streamlined formation.

Visas and Residence Permits for Foreign Founders, Law 5275/2026 Explained

A critical question for anyone exploring how to start a business in Greece as a foreigner is whether a visa or residence permit is required. The answer depends on nationality and on whether the founder intends to live and work in Greece or merely own the entity remotely.

EU Nationals vs Non-EU 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 can own a Greek company from abroad, but if they wish to reside in Greece or actively manage the business on Greek soil, they must hold an appropriate residence permit.

Investor and Entrepreneur Visas

Greece offers several Greece business visa categories tailored to founders and investors. The main routes relevant to entrepreneurs include:

• Type D National Visa for Business/Investment Activity. Issued at the Greek consulate in the applicant’s home country. Requires a business plan, proof of financial means, and supporting documentation. Converts to a residence permit after arrival.
• Residence Permit for Investment Activity (Law 4251/2014, as amended by Law 5275/2026). Covers entrepreneurs making a strategic investment or establishing a company that contributes to the Greek economy. The permit typically lasts two years and is renewable.
• Digital Nomad Visa. Suitable for founders whose clients are primarily outside Greece. Grants a two-year residence permit but restricts the holder from providing services to Greek-based clients.

Golden Visa vs Business/Investment Permit

The Golden Visa programme grants a five-year residence permit to non-EU nationals who invest at least €250,000 (or €500,000 in designated high-demand areas) in Greek real estate. Holders of a Golden Visa are eligible to establish, manage, and invest in Greek companies without obtaining a separate entrepreneur visa. The Golden Visa does not, however, grant the right to employment by a Greek employer, only self-employed business activity and company ownership. For founders whose primary goal is to operate a business rather than invest in property, the dedicated investment/entrepreneur residence permit is typically the more direct route.

How Law 5275/2026 Changes the Landscape

Law 5275/2026, published on 6 February 2026 (ΦΕΚ A’ 17), introduced sweeping changes to Greece’s immigration framework. Key provisions affecting foreign founders include:

• Single Permit alignment with Directive (EU) 2024/1233. The law streamlined the combined residence-and-work permit process, reducing dual-track bureaucracy for founders who both live in and operate a business in Greece.
• Accelerated processing targets. The law set new procedural deadlines for permit issuance, and early indications suggest processing times for investment-related permits have begun to shorten.
• Expanded categories. New and refined residence-permit categories now accommodate start-up founders, digital entrepreneurs, and intra-corporate transferees more explicitly than the prior code.
• Enhanced rights during renewal. Permit holders awaiting renewal decisions retain the right to remain and work in Greece, reducing the risk of operational disruption.

Immediate checklist for non-EU founders:

1. Confirm which visa/permit category matches your business activity before incorporation.
2. Prepare a business plan, proof of funds, and criminal-record clearance in your home country.
3. Engage a Greek immigration lawyer to file the visa application at the nearest Greek consulate.
4. Ensure your passport is valid for at least 12 months beyond your intended entry date.
5. Apply for an AFM via power of attorney so company formation can proceed in parallel.

Step-by-Step Company Registration in Greece: AFM, Gov.gr Portal, GEMI and Bank Account

Once you have selected your entity type and addressed any visa requirements, the company registration process in Greece follows a well-defined sequence. The Gov.gr Business Portal now supports full online formation for IKE companies, significantly reducing the need for in-person visits to public offices.

Step 1, Get Your AFM (Tax Identification Number)

Every founder, whether Greek, EU, or non-EU, needs an AFM to conduct any financial or corporate transaction in Greece. EU nationals can apply remotely by booking a telephone appointment through the AADE myAADElive platform, submitting a digital form and a copy of their passport or national ID. 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.

Required documents: Passport or EU ID, proof of address (home country is acceptable for initial AFM issuance), and, for non-EU applicants, a power of attorney with Apostille or consular legalisation.

Step 2, Prepare the Articles of Association (Statute)

The Articles of Association set out the company’s name, registered office, purpose, share capital, members’ contributions, and management structure. For an IKE, the statute can be drafted as a private document (no notary required) if it follows a standard template. For an AE, EPE with in-kind contributions, or any formation involving real estate transfers, a notarial deed is mandatory.

Fast-track tip: Using the standardised statute template available on the Gov.gr Business Portal for an IKE avoids the notary requirement entirely and saves both time and cost.

Step 3, Reserve Your Company Name and Submit to GEMI

The General Commercial Registry (GEMI) is the central database for all Greek business entities. Before filing, you should pre-check name availability through GEMI’s online search. The registration application, which includes the statute, founder identification documents, and proof of a registered business address (a lease agreement or property deed), is submitted electronically via the Gov.gr portal. GEMI issues a unique registration number and publishes the incorporation in the Government Gazette.

Required documents for GEMI filing:

• Signed Articles of Association (statute)
• AFM of all founders
• Identification documents (passport or national ID), apostilled and officially translated into Greek for non-EU nationals
• Proof of registered business address in Greece
• Payment of the applicable government registration fee

Step 4, Open a Corporate Bank Account and Deposit Capital

Greek banks require the company’s GEMI registration confirmation, the statute, founder identification, and proof of the source of funds (anti-money-laundering compliance). Opening a corporate account typically takes one to three weeks, as banks conduct thorough KYC and AML checks. The minimum share capital, as low as €1 for an IKE, must be deposited into this account. For an AE, the full €25,000 minimum must be paid up before registration is finalised.

Step 5, Register for VAT and Activate E-Books with AADE

After GEMI registration, the company must register with the Independent Authority for Public Revenue (AADE) for tax purposes. This includes obtaining a VAT number (if the business expects to exceed the small-business exemption threshold or engages in intra-EU trade) and activating myDATA e-Books, Greece’s mandatory digital bookkeeping and e-invoicing platform. Registration is completed online through the AADE Taxisnet portal, typically within one to two business days.

Costs, Fees and Timeline: A Realistic Budget to Start a Company in Greece

One of the most frequently asked questions is how much it costs to start a company in Greece. The answer depends on the entity type, whether you use a notary, and the level of professional assistance required. The table below provides a realistic breakdown.

Timeline summary: A straightforward IKE formation with all documents prepared in advance can be completed in one to two weeks. When visa applications (for non-EU founders), bank-account opening delays, and document apostille timescales are factored in, the realistic end-to-end timeline extends to two to three months.

Example scenario, Solo non-EU tech founder forming an IKE: AFM via power of attorney (€150 lawyer fee, 5 days), standard statute via Gov.gr (€0 notary, 1 day), GEMI filing (€50 fee, 2 days), bank account (2 weeks), VAT registration (2 days), Type D visa application (filed in parallel, 6–10 weeks). Total cost approximately €1,500–€2,500 including professional fees; total elapsed time approximately 8–12 weeks.

Tax and Compliance Basics for New Companies in Greece

Once registered, every Greek company must comply with a set of ongoing tax and reporting obligations. A basic understanding of the tax framework helps foreign founders budget accurately and avoid penalties.

VAT Overview

The standard VAT rate in Greece is 24 %. Reduced rates of 13 % and 6 % apply to specific goods and services (food, pharmaceuticals, books, and certain cultural services). A preferential rate of 17 % applies on certain Aegean islands (including Chios, Kos, Leros, Lesbos, and Samos). Companies must register for VAT if their annual turnover exceeds the small-business exemption threshold or if they engage in intra-EU trade.

Corporate Income Tax and Filing

The corporate income tax rate in Greece is 22 % on net profits. Companies must file an annual income tax return (typically by June of the following year) and make advance tax payments during the fiscal year. Dividend distributions are subject to a 5 % withholding tax at source.

Payroll and Social Security

If the company hires employees, it must register with EFKA (the Unified Social Security Fund). Employer social security contributions are approximately 22.29 % of gross salary, while employee contributions are approximately 13.87 %. The current statutory minimum gross monthly wage is €830 (fourteen payments per year including mandatory holiday and Christmas bonuses), though industry observers expect further adjustments in 2026.

Reporting and Accounting Obligations

All companies must maintain accounting records in compliance with Greek Accounting Standards (ELP) or IFRS (for larger entities). Greece mandates the use of myDATA e-Books, an electronic reporting platform administered by AADE, for real-time transmission of revenue and expense data. E-invoicing is progressively becoming mandatory for B2B transactions. Companies must retain accounting records for at least five years from the end of the relevant fiscal year.

Practical Pitfalls, Red Flags and Fast-Track Tips

Experienced practitioners routinely identify the same set of avoidable errors among foreign founders entering Greece. Awareness of these pitfalls can save weeks of delay and significant expense.

• Choosing the wrong entity type. Forming an AE when an IKE would suffice saddles the business with a €25,000 capital requirement and heavier governance obligations. Always map your entity choice to your actual business needs and growth plans.
• Neglecting the AFM before arrival. Without an AFM, no corporate transaction, from company formation to signing a lease, can proceed. Non-EU founders should initiate the power-of-attorney process at least two to four weeks before they need the AFM.
• Underestimating bank-account timelines. Greek banks’ KYC and AML procedures frequently take longer than founders expect. Prepare a complete documentation pack, including source-of-funds evidence, tax residency certificates, and apostilled IDs, before approaching the bank.
• Applying for the wrong visa category. Selecting a digital-nomad visa when you intend to serve Greek clients, or a Golden Visa when you need employment rights, can result in permit refusals or limitations on your business activity. Seek immigration-specific legal advice before filing.
• Ignoring mandatory e-Books (myDATA) activation. Failure to activate and transmit data through myDATA from day one can trigger administrative fines and complicate VAT refund claims.
• Missing payroll registration deadlines. Hiring an employee without registering them with EFKA before their first day of work exposes the company to penalties and potential criminal liability.

When to engage a lawyer: While a simple IKE formation can be handled using the Gov.gr portal and a competent accountant, founders should seek legal counsel whenever the business involves non-EU visa applications, multiple jurisdictions, in-kind capital contributions, shareholder agreements, or regulated activities (financial services, healthcare, food production).

Checklist for the First Six Months After Incorporation

The work does not end at registration. The first six months set the operational and compliance foundation for the business. Use the following checklist to stay on track.

• Month 1: Finalise bank-account activation and deposit share capital. Activate myDATA e-Books. Obtain a company stamp (still customary in Greece, though not legally required for most transactions). Set up digital signature access for the legal representative.
• Month 1–2: Sign a commercial lease agreement for the registered office (if not already in place). Register the lease with the AADE platform.
• Month 2–3: If hiring, register the company with EFKA. Draft compliant employment contracts under Greek labour law (mandatory written form). Register employees on the ERGANI II platform before their first working day.
• Month 3–4: File the first periodic VAT return (monthly or quarterly depending on category). Ensure myDATA transmissions are current.
• Month 4–6: Review corporate insurance requirements. Assess whether a statutory audit obligation applies (based on revenue/asset thresholds). Prepare for the first annual general meeting (AE) or members’ meeting (IKE/EPE). Begin advance income-tax instalment planning with your accountant.

Conclusion: Start Your Business in Greece With Confidence

Learning how to start a business in Greece as a foreigner in 2026 is no longer the bureaucratic obstacle course it once was. The combination of the Gov.gr digital portal, the flexible IKE company structure with its €1 minimum capital, and the modernised immigration framework under Law 5275/2026 makes Greece one of the more accessible EU jurisdictions for foreign founders. The core process, obtaining an AFM, choosing the right entity, filing with GEMI, opening a bank account, and meeting tax-registration obligations, can be completed in as little as two weeks for an EU national forming an IKE, or approximately two to three months for a non-EU founder who also needs a residence permit.

The key to a smooth incorporation is preparation: secure your AFM early, select the correct visa category before applying, use the digital formation tools available, and engage qualified legal and accounting professionals for any steps involving cross-border documentation, immigration filings, or regulated activities. Greece’s business environment continues to attract increasing foreign investment, and the procedural reforms of 2026 have meaningfully lowered the barriers to entry for international entrepreneurs.

Sources

1. Gov.gr, How to Start a Business in Greece
2. Ministry of Migration and Asylum, Law 5275/2026 Announcement
3. EY Greece, Law 5275/2026 Immigration Policies Alert
4. Machas & Partners, Legal Snapshot: Amendments to Greece’s Immigration Code (Law 5275/2026)
5. Global Citizen Solutions, Starting a Business in Greece in 2026: Costs, Steps & Requirements
6. Commenda, How to Start a Business in Greece Efficiently as a Foreigner