Greece

Operating a business

Different types of companies	Number of partners/shareholders	Maximum and/or minimum capital	Liabilities	Registration fees
Eteria Periorismenis Efthynis (EPE) is a Private Limited Company	Minimum 2 partners. NB: 1 partner for an EPE with extended benefits (limited liability) to the sole owner.	Minimum 18000 € totally released up to this amount.	Liability is limited to the amount contributed.	180 €
Anonymos Eteria (AE) is a Limited Company.	Minimum 2 shareholders	Minimum 60000 € totally released up to this amount.	Liability is limited to the amount contributed.	600 €
Omorithmos Eteria (OE) is a general partnership.	Minimum 2 partners	No minimum capital.	Partners' liability is joint and several.	Lower expenses as compared to an EPE or AE
Eterorithmos Eteria (EE) is a limited partnership	Minimum 2 partners	No minimum capital.	Liability of active partners is unlimited. Liability of sleeping partners is limited to the amount contributed.	Lower expenses compared with an EPE or AE

Business setup procedures: In order to set up an EPE or an AE certain formalities are required. Status must be drawn up in a deed drawn up by a solicitor. The EPE registration deed must be registered with the county court of the district where the company is located. The AE registration deed executed and authenticated by a notary must be approved by the Chief Administrator of the Region. This approval is equivalent to the registration with the Register of Public Limited Companies.
One month for an EPE and two months for an AE are required to be registered, including declaration at the Tax Office and the declaration for starting a new business.
The competent organization: Upon establishment, the company is required to register with the Tax Office and procure accounting and company books stamped by the Tax Authorities and also to register with the Local Chamber of Commerce.

Legal weekly duration: 8-hour day and 48-hour week
Retirement age: 65
Working contracts: Fixed-term contract, part-time contracts Visit the website of the European foundation for the imrpovement of living and working conditions.

Minimum wage: EUR668
Average wage: 750EUR. For more information, visit the "Invest in Greece" website.
Social contributions: Social security contributions paid by employers: Public social security as % of monthly salary: 44.06%.
By the employer: 28.06%
By the employee: 16.00%
Social security contributions paid by employees: For institutions which insure employees, the cost of contributions is borne by both employees and employers; there are no standard rules on how this is shared between them, but with IKA the employer usually pays two thirds and the employee one third.

Bargaining power: Visit the website of the European foundation for the imrpovement of living and working conditions.
Unions: GSEE
Unionization rate: In Greece, it is calculated that around one in three workers is a union member, i.e. overall union density is approximately 30 per cent. Unionization is very high in public sector enterprises and public utilities and services (see public enterprise ): it ranges from 80 to 98 per cent. In the private sector it is very low, especially in small and medium-sized enterprises.
Labor regulation bodies