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entities”: a. total equity ≤ €20,000,000, b. net turnover ≤ €40,000,000, c. personnel ≤ 250 (2 out of 3 criteria are sufficient); iv) “big entities”: a. total equity ˃ €20,000,000, b. net turnover ˃ €40,000,000, c. personnel ˃ 250 (2 out of 3 criteria are sufficient). The annual audit of the financial statements is mandatory for the Partnerships when all the partners are legal entities with limited liability (e.g. S.A, P.C, Ltd), the S.A., the P.C. and the Ltd, provided that they are considered either Medium or Big Entities. The audit of the financial statements constitutes a prerequisite for the financial statements to be approved from the (General) Assembly. The Small Entities may (non-mandatorily) include a provision for auditing their articles of association or it can be provided by a decision of the (General) Assembly. Furthermore, the requirements regarding the form/content of the financial statements vary depending on the size of
3.3 Minority shareholders’ rights and protection 3.3.1 The Société Anonyme (S.A.) The main minority shareholders’ rights at the S.A. are the following: - The shareholder(s) with shares representing the 1/20 of the share capital may: i) demand from the Board of Directors the convocation of the General Assembly and if it does not comply within 20 days, they have the right to do it themselves; ii) demand from the Board of Directors to include in the agenda of the General Assembly additional issues; iii) demand from and the President of the General Assembly is obliged to adjourn the General Assembly (this right is exercised once per General Assembly); iv) apply before a court in order to reduce the remuneration of the members of the BoD under several circumstances; v) apply to the Board of Directors to file a claim against any member of the Board of Directors regarding the administration of the company’s affairs. The BoD is not obliged to act, but it has the right to dismiss the minority’s application after it has assessed the interests of the company. - The company may settle any claim against any member of the Board of Directors unless there is an opposition of the shareholder(s) representing the 1/10 of the share capital.
the business entity. 3.1.6 Tax Obligations
All the above-mentioned business entities have several obligations to the Tax Authorities. The major is the submission of an income tax return/declaration annually and the submission of a tax return/declaration regarding the VAT (the latter is submitted periodically, during the year). 3.2 Requirements for local shareholding/directors For all the above company types, there are no nationality requirements for the shareholders/partners and the directors.
ILN Corporate Group – Establishing a Business Entity Series
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