Setting Up a Company in Greece for Israelis: IKE or AE, GEMI Registration Steps, Documents from Israel and Post-Formation Obligations

Greece is an EU member state, with a market open to foreign investment and a computerised companies register. Israeli companies and entrepreneurs set up companies there for three main purposes: commercial activity or services for Greek and European customers, holding and developing real estate, and partnerships with local investors. This guide explains which company form is suitable, how to register, what needs to be prepared in Israel and what the obligations are after formation.

If you are considering operating in Greece through your existing Israeli company, without setting up a new company, it is also worth knowing the branch option, which appears in the table below. On the first stage, obtaining a Greek tax number and opening a bank account, see the guide to the AFM and a bank account in Greece.

1Can an Israeli own 100% of the company and be its manager?

Yes. Greek company law has no residence or citizenship requirement for shareholders and managers, and a company can be owned by a single shareholder, an individual or an Israeli company. However, there are three practical conditions to be aware of:

• Greek tax number (AFM): the founders and managers need an AFM before formation. In an AE this obligation applies to all board members before their appointment, and also to authorised signatories who are not directors.
• Tax representative: according to Deloitte Legal's review, foreign shareholders appoint a tax representative in Greece before formation. The AFM guide on this site describes a change from September 2024 that allows a representative to be dispensed with in certain conditions, so the requirement should be checked in each case.
• Living in Greece: a non-EU citizen who intends to live in Greece as a manager needs an appropriate residence permit. Managing remotely does not require such a permit, but in practice it is common for the main authorised signatory to have a presence in Greece for day-to-day operations.

2Which company form suits an Israeli owner in Greece?

Most small and medium-sized businesses are suited to a private capital company (IKE, Ιδιωτική Κεφαλαιουχική Εταιρεία), which is the most popular form in Greece for businesses of this size. For large-scale activity, raising capital or issuing bonds, a société anonyme (AE, Ανώνυμη Εταιρεία) is suitable, which under Law 4548/2018 requires minimum capital of 25,000 euros (as of November 2026). Both give the owners limited liability.

In an AE there is a rule worth knowing in advance: under Law 4548/2018, at least one twentieth (5%) of net profit is set aside each year to a statutory reserve until it reaches one third of the capital, and there is a minimum dividend of 35% of net profit (after the allocation), which a general meeting can reduce by a special majority. In coordination with the investors, these rules are set out in the shareholders' agreement; see the guide to a founders' agreement.

3What are the steps for registering an IKE in Greece?

Formation is done through the online one-stop service (ΥΜΣ, e-OSS) of the General Commercial Registry (GEMI), on the businessportal.gr website. According to the official website, the service can be used to set up an AE, OE, EE, EPE and IKE, and once all the partners have approved the articles, registration in GEMI, issuance of the VAT number and notification to EFKA take place automatically and a registration certificate is issued.

1. A tax number for each founder and manager: obtaining an AFM for the individuals and for the Israeli company if it is the shareholder.
2. Planning the structure: the division of shares, the amount of capital, the identity of the manager and his powers, and the activity codes (ΚΑΔ). The GEMI website has a tool for checking activity codes.
3. Registered office: an address in Greece to be registered as the company's office.
4. Name check: a preliminary check of the availability of the name and trade name and reserving them in the one-stop service.
5. Articles of association: completing the articles according to the official template, with or without additional content.
6. Partners' approval: each of the partners accepts and approves the articles online.
7. Automatic registration: registration in GEMI, issuance of a VAT number, notification to EFKA and issuance of a registration certificate.
8. After registration: opening a bank account, depositing the capital, appointing an accountant, and opening the register of beneficial owners (UBO).

Access to the one-stop service requires login credentials for the Greek tax system (Taxisnet), but according to the official website a third party authorised for the purpose can also perform the action. Israelis without credentials therefore usually act through a lawyer in Greece holding a power of attorney. An AE, EPE or partnership can also be set up by notarial deed, which is required when immovable property is contributed to the capital or in some cases when articles with additional content are wanted.

4Which documents need to be prepared in Israel?

An individual shareholder mainly prepares a passport and a power of attorney for the lawyer in Greece, while an Israeli company also prepares its incorporation documents and a board resolution, all authenticated with an apostille and translated into Greek. The final list is settled with the lawyer in Greece and with the bank, but the following are usually prepared:

• Individual shareholder: a valid passport, proof of address, a power of attorney for the lawyer in Greece.
• A shareholder that is an Israeli company: a certificate of incorporation, a current company extract from the Israeli Registrar of Companies, a board resolution on the formation and the appointment of authorised persons, and details of the controlling persons down to the individual level.
• Authentication: the power of attorney and Israeli public documents are authenticated with an apostille, and translated into Greek by a certified translator.
• Source of funds: documents explaining where the capital comes from, for the bank's know-your-customer checks.

5Can the company be set up remotely, without flying to Greece?

Usually yes. The one-stop service is online, and an attorney-in-fact in Greece can carry out the steps under an authenticated power of attorney. The stage at which presence or an identification call is sometimes required is opening the bank account, because banks carry out in-depth know-your-customer checks on foreign controlling persons.

6How long does formation take and how much does it cost?

The fixed, published amount is the annual GEMI fee: according to the GEMI website, as of November 2026, 100 euros for an IKE and 320 euros for an AE. We found no official source setting a time frame for formation. The registration itself is online and relatively fast when all the documents are ready, and most of the time is usually spent on obtaining the AFM, the apostille and translation, and opening the bank account. The official formation cost can be calculated with the cost calculator on the GEMI website. The annual fees by company form:

According to GEMI, registered companies pay the fee in the first quarter of each year, and a new company pays by the end of the calendar year in which it was set up. To this are added the fees of the lawyer, the accountant, translations and the apostille.

7How do you open a bank account for the new company?

After registration, a bank account is opened in the company's name and the capital is deposited, if set. The bank will ask for the registration certificate, the articles, details of the managers and controlling persons and documents on the source of funds and the planned activity. It is advisable to transfer the capital from an account in Israel in the shareholder's name, and to keep all the supporting documents. Details on the process and on bank checks are in the guide to the AFM and a bank account in Greece.

8What are the company's obligations after registration?

The main ones are bookkeeping, an annual corporate tax return, approval and filing of financial statements with GEMI, a register of beneficial owners and an annual fee. A Greek company must keep books under Greek accounting standards (Law 4308/2014) or under IFRS, so a local accountant is needed from day one. The main obligations:

• Corporate tax return: corporate tax of 22%. The return is filed online by the last day of the sixth month after the end of the tax year, which for a calendar year is 30 June.
• Advance payments: Greece collects an advance of 80% of the current year's tax, and a new company receives a 50% reduction in the advance in its first three years of activity.
• Approval of financial statements: the meeting of partners or shareholders approves the statements by the tenth day of the ninth month after the end of the financial year, and they are filed with GEMI within 20 days of approval.
• Audit: medium-sized and large companies must be audited by a statutory auditor. A small company may choose to be audited.
• Register of beneficial owners (UBO): under Law 4557/2018, the company keeps a register of controlling persons down to the individual level and submits it to the central register. A change in ownership is reported within 60 days.
• Invoices and electronic reporting: reporting to the myDATA system of the tax authority (AADE), including a B2B e-invoicing obligation being phased in during 2026.
• Annual GEMI fee: according to the table above.

9A Greek company managed from Israel: where is it tax resident?

A company incorporated in Greece is a Greek tax resident and is taxed there, but if it is actually managed from Israel it may also be treated as an Israeli resident. Under section 1 of the Income Tax Ordinance, a body of persons whose business is controlled and managed in Israel is an Israeli resident. In Greece itself, according to PwC's tax summary, the place of effective management is examined according to the place of day-to-day management, the place where strategic decisions are made, the place of board meetings and the place where the directors live.

The practical meaning: a Greek company whose decisions are all made at meetings in Israel is exposed to the argument that it is an Israeli resident, and then to a question of dual residence decided under the tax treaty. A local manager with real powers, meetings held in Greece and documentation of decision-making there are therefore part of the planning. A full analysis is in the guide for an Israeli investor in a foreign project company.

10What must be reported in Israel about a holding in a Greek company?

An Israeli resident who holds a foreign company may be required to declare the holding (for example on Form 150) and to report dividends and capital gains in the annual return. The controlled foreign company rules (section 75B of the Ordinance) apply, among other things, only when the tax on the income abroad does not exceed 15%, so a Greek company paying corporate tax of 22% usually does not meet this condition, but the effective rate and the source of income are checked every year. The full picture is built with an Israeli accountant; see also the guide to reporting in Israel.

11A Greek company holding real estate: what should be checked?

Two issues: a special real estate tax on properties of legal entities, and acquisition restrictions in border areas. The first: according to the Deloitte Legal review (2024), a special real estate tax at the rate of 15% of the tax value applies to properties in Greece held by legal entities, with a range of exemptions, including an exemption for a company that discloses its controlling persons when they have a Greek tax number before 1 January. The second: under Law 1892/1990, entities and individuals from outside the EU and the European Free Trade Association (EFTA) may not acquire properties in border areas or shares in a company holding such properties, except with approval. Details are in the guide to border areas and the legal guide to buying a property in Greece.

12What should you check before setting up a company in Greece?

First decide on the company form and on where decisions will be made, then arrange tax numbers, a power of attorney and accountants in Greece and in Israel. The checklist:

1. Decide on the company form (IKE, AE or branch) according to the scale of activity, the number of investors and fundraising plans.
2. Decide who the manager will be and where decisions will be made, with an Israeli tax adviser, to reduce the risk of dual residence.
3. Obtain an AFM for each founder and manager, and check whether a tax representative is required.
4. Prepare a broad power of attorney, with an apostille and Greek translation.
5. Draft a shareholders' agreement separate from the articles when there is more than one investor.
6. Choose a Greek accountant before formation, so that the company meets its tax and reporting obligations from day one.
7. Coordinate in advance with an Israeli accountant the reporting in Israel and the way profits will be taken out.

This guide is general information, and every structure needs a specific review according to the circumstances and the current law in Greece and in Israel.

More on doing business in Greece: Corporate tax and transferring profits to Israel from Greece · An Israeli company operating in Greece · Commercial disputes and litigation in Greece · Comparison of 8 countries · All guides for companies and businesses

Read next · 13 min readAn Israeli Company Operating in Greece: Branch or Subsidiary, Permanent Establishment, VAT, Employing Staff and an Annual Compliance CalendarAn Israeli company in Greece: branch, subsidiary, Law 89 office or direct activity, permanent establishment, VAT representative, 920-euro minimum wage.Read the guide