Our firm acts as legal counsel for a great number for Greek and foreign companies advising them in Greek company law and Greek corporate tax law.
We also undertake the drafting of contracts of franchise and we guide our clients in issues of direct investment in Greece.
At Latsoudis & Arvaniti we specialize in the formation of companies in Greece, Cyprus and offshore jurisdictions.
Incorporation of companies is suited to each clients’ needs and purposes and is being done at the lowest possible cost and at the shortest time frame.
Along with incorporation our greek tax lawyers provide tax planning advice in Greece custom tailored to the modus operandi and purpose of each corporate vehicle.
Feel free to contact us regarding formation of companies in Greece, Cyprus or offshore jurisdictions, at info@latsoudislaw.com
GREEK COMPANIES
The Limited Liability Company
The main characteristic of an LLC is that the partners are not liable with their personal property for company’s and that corporate participation is represented in the form of individual partnership shares.
A Greek limited liability company is incorporated by way of Articles of Incorporation which are legalized by a notary public, submitted to the court of first instance and subsequently published in the government gazette.
The company’s capital must be at least euro 18.000,00 with half of the capital being in cash.
The capital is divided in equal parts which give the holders-partners the right to vote at meetings and to participate in profits.
To increase capital a majority representing of partners and capital is required.
An LLC is managed by its administrators and the partners’ meeting.
The administrators, natural persons, represent the company against third parties and act on its behalf with regard to its operations. They are elected by the company’s members at a meeting or they are appointed by the company’s Articles of Incorporation.
For further information on Greek limited liability companies you may contact us at info@latsoudislaw.com
Company Limited by shares & capital - Societe Anonyme
This is a commercial entity and the participation in the capital of an SA gives the shareholder the right to participate in distributed profits.
The shareholders are not liable with their personal property for an S.A.’s debts.
The share capital of an SA comes exclusively from the contribution of its members in cash or in kind. Minimum share capital required for the establishment of an SA is euro 60,000 and must be fully paid according to the law.
An SAs shares are classified as registered shares (nominal shares), bearer - shares (anonymous shares), preference shares (privileged shares) with voting rights and preference shares with no voting rights.
The company is managed by the board of directors and the shareholders’ general meeting.
For further information on Greek societe anonyme companies you may contact us at info@latsoudislaw.com
Partnerships
Partnership (Omorithmos Eteria)
The main characteristic of a partnership is that all partners are liable for the losses and debts of the partnership with their personal property jointly and severally.
Establishing an OE
A Partnership may be formed either by private contract or by public deed. The establishment of an OE requires the compilation of statutes, which must be published. Statutes must specify the company’s trade name and duration, the names of its managers or directors, and the particulars of its partners and their contributions.
Each partner takes part in the management of the partnership affairs. The partners, however, may appoint one or more of them in the statutes as managers.
All partners are liable with their personal property, to an unlimited extent, jointly and severally for partnership debts.
A partner is not allowed to transfer his partnership share to a third party without the consent of the other partners.
Limited Partnership
A limited is in essence a partnership where at least one of its members is personally liable for the liabilities of the company and other members may participate in the form of partnership shares, their liability being limited in the share under their ownership.
The limited partnership is subject to most of the rules governing the partnership regarding its formation, registration, transferability of shares and dissolution.
For further information on Greek limited liability companies you may contact us at info@latsoudislaw.com
Cyprus Companies
Cyprus companies are particularly attractive option as Cyprus has become a member of the European Union since April 2004.
Cyprus companies benefits include:
- Very low taxation, set at 10%.
- Extensive network of 33 double taxation treaties with other countries.
- Cyprus companies are European companies with European Tax Registration number. '
In practice, Cyprus companies have most of the advantages of offshore companies while at the same being reputable European companies who take advantage of European legislation and double tax treaties. Cyprus companies constitute particular effective corporate vehicles in tax planning scenarios within Europe, east European countries and Russia, Ukraine and Georgia.
Our expert team of tax lawyers and accountants may provide tax planning advice suited to each clients needs and purposes for Cyprus companies.
For further information on cyprus companies you may contact us at info@latsoudislaw.com
Offshore Companies
Offshore companies have become synonymous with the so-called tax havens with the jurisdictions usually being in the following jurisdictions:
International Business Companies
Anguilla Belize British Virgin Islands (the BVI) Seychelles Other Popular Types of Companies Isle of Man (LLC, Exempt, Resident) Hong Kong Private Limited Mauritius GBC II Mauritius GBC I UK LLP UK (Private Limited, PLC) Luxembourg 1929 Holding Luxembourg 1990 SOPARFI Luxembourg Trading Seychelles (CSL) Singapore US LLCs US LLCs (Delaware, Arkansas, New Jersey, New York, Oregon, Washington DC, Wyoming)
Other Types of Companies Bahamas Cayman Islands Cyprus Gibraltar Exempt Jersey Exempt Labuan Madeira Netherlands Panama Samoa Uruguay
Individuals and companies utilize offshore companies for a number of reasons:
- Low corporate taxation (in most cases 0%)
- Anonymity of directors & shareholders
- Low costs for incorporation & maintenance
- Very swift incorporation – in some cases only one day
- Flexibility of company structure
At Latsoudis & Arvaniti we have considerable expertise in the formation and utilization of offshore companies.
Our expert team of tax lawyers and accountants may provide tax planning advice suited to each clients needs and purposes for the offshore corporate vehicle.
For further information on offshore companies you may contact us at info@latsoudislaw.com
Law 89 Companies
Foreign shipping companies which engage in commercial activities outside of Greece may establish offshore branches in Greece.
In order to establish an offshore office the company must be exclusively engaged in activities outside Greece as well as a bank letter of guarantee for USD 50,000 must be deposited to the Ministry of Economy and Finance.
Branches of foreign shipping companies are required to cover with foreign currency their annual expenses for operating in Greece with an amount at least equal to USD 50,000
An offshore branch must keep a receipts and expenses book but it has no obligation to publish any financial statements.
Shipping companies establishing offshore offices in Greece are exempt from all taxes imposed by Greek laws if they were established.
Law 89 companies may employ foreign citizen personnel for which a special residence permit is issued for their stay in Greece.
For further information on law 89 companies you may contact us at info@latsoudislaw.com
