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partnership (however, there is a five-year time bar). -The default rule is that the participation in the partnership is not transferable, however the partners may decide otherwise. -The personal data of the partners and those who have the power of administration are registered at the General Commercial Registry and uploaded at its site. 2. Steps and Timing to Establish All the above types of companies/partnerships are established in Greece via a One-Stop-Shop (especially regarding the Private Company, it takes place exclusively online, unless a real estate property is contributed to the company). The documentation needed (e.g., articles of association, power of attorney to a representative in order to proceed with the required procedures before the One-Stop-Shop, passports of the founders, application for the issuance of a Greek tax number etc.) is handed to the competent One-Stop-Shop and subsequently, the latter proceeds with the necessary actions for the establishment of the company (inter alia it receives and examines all the essential documentation; checks for any pre-existing similar trade name; proceeds with the issuing of a Greek Tax Number to the founders (if needed); collects the duty for the incorporation; registers the data of the company to the General Commercial Registry; proceeds with the issuing of a Greek Tax Number to the company; issues a certificate of registration of the company). On one hand, for the S.A. and the Ltd, the competent One-Stop-Shop is a notary public, and the articles of association has to be drafted in the form of a notarial deed. On the other hand, for the General Partnership and the Limited Partnership, the competent One-Stop-
Shop is the General Commercial Registry (however, if there is any contribution of a real estate property to the company, the articles of association have to be in the form of a notarial deed). Especially regarding the P.C., it is either established online or using a notary public as One-Stop-Shop. It must be noted that regarding the S.A. and the Ltd, there is no need for a notarial deed, if the articles of association are drafted on a template form provided by the Greek law. In such a case the One-Stop-Shop is the General Commercial Registry. Generally, the procedure of establishing the company is rather quick. In addition, law 4441/2016 provides a procedure of electronic establishment of companies (excluding the SA and the Ltd for which a notarial deed is required) with the use of template articles of association. 3. Governance, Regulation and Ongoing Maintenance 3.1 Brief summary of regulation of each type and ongoing maintenance, reporting requirements 3.1.1 The Société Anonyme (S.A.) The S.A. is governed by the law 4548/2018 (entered into force on 01.01.2019) and the articles of association and the main governing bodies are the Board of Directors and the General Assembly. The S.A. is administered and represented by the Board of Directors, which consists of at least three members, natural or legal persons, Greek or not. The maximum tenure of the Board of Directors is six years. The S.A.s may also include in their articles of association another body as well, the “Executive Committee” which may authorized
ILN Corporate Group – Establishing a Business Entity Series
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