[ESTABLISHING A BUSINESS ENTITY IN GREECE] 231
simultaneously represent the 1/10 of the number of the partners may apply to the Court in order to revoke the director(s) of the company. 3.3.4 The General Partnership and the Limited Partnership -The general partners have the right to oppose any action of administration (before it is performed). The opposition does not affect the validity of that action; however, the administrator may be held liable for excessing its administrative powers. -The partner(s) who administrate(s) the company has the obligation to inform the other partners about the company’s affairs and give account to the other partners. -The limited partners have the right to examine the company’s accounts and books. They also receive dividends. 4. Foreign Investment, Capitalisation, Residency and Material Visa Restrictions 4.1 Any significant barriers to entry for an offshore party There are no significant barriers for an offshore party to be a partner/shareholder of the above company types. However, it is noted that for all the business entities there is an obligation to register their ultimate beneficial owner(s) in the Greek Ultimate Beneficial Owners Registry.
If there is no sufficient funding for the purposes of the company, it may be assessed by a court as one of the criteria for deciding the “lift of the corporate veil” and consequently personal
responsibility of the shareholder(s). 4.2.1.2 The Private Company (P.C.)
In the P.C. there is no minimum capital requirement. It can even be zero. The share capital is calculated only on the basis of the contributions in capital (in cash or in kind) and not the non-capital contributions and the guarantees. 4.2.1.3 The Limited Liability Company (Ltd) In the Ltd there is no minimum capital requirement. However, the nominal value of each portion of participation cannot be less than €1. If the total shareholders equity becomes less than the 1/2 of the share capital, the directors have to convene the Assembly in order to take any appropriate measures or else the Court may decide the termination of the company. If the partners have provided loans to the company and the equity of the company is not sufficient for the satisfaction of the rest of the company’s debtors, then the amount of the loans is not returnable to the partners. 4.2.1.4 The General Partnership and the Limited Partnership In the General Partnership and the Limited Partnership there are no capital requirements, as the general partners have unlimited personal responsibility. 4.3 Any special business or investment visa issues Residence permit requirements: non-Greek or non-EU nationals can be partners/shareholders of all the types of companies, without any
4.2 Capitalisation obligations 4.2.1 Capital requirements 4.2.1.1 The Société Anonyme (S.A.)
The minimum share capital is €25,000. However, the minimum capital may be higher for several types of undertakings (e.g., banking services) or in order to be listed in the stock exchange market.
ILN Corporate Group – Establishing a Business Entity Series
Made with FlippingBook Ebook Creator