GREECE Law and Practice Contributed by: Stathis Orfanoudakis, Theodore Konstantakopoulos and Yolanda Antoniou-Rapti, Zepos & Yannopoulos
Simplicity in incorporating a new company is also a step in this direction. Greek Law 4919/2022, as amended by Law 5122/2024 and currently in force, governs the “one-stop shop” (OSS) pro- cess for establishing any legal entities. Specifi- cally, one can opt for a simplified OSS or elec- tronic OSS (e-OSS) process. Private companies, which are the preferred start-up option (for fur- ther details, see 2.2 Type of Entity ), are incorpo- rated only electronically by the founder(s) or any authorised person through the e-OSS procedure using the model articles of association. The establishment process usually takes three to five business days for OSS or one business day for e-OSS. 2.2 Type of Entity The most common forms available for start-ups under Greek corporate law are the private com- pany ( idiotiki kefalaiouhiki eteria ) and the société anonyme /corporation ( anonymi eteria ). Out of the two, the private company is the go-to option for most start-ups, as it offers flexibility, cost- efficiency and does not require a minimum initial capital (capital in private companies is split in company parts). It also allows for different types of contributions – namely, capital contributions, non-capital contributions (eg, by the founders through the provision of services to the com- pany) and guarantee contributions. On the other hand, the société anonyme is in general considered more appropriate for larger enterprises and has a minimum share capital requirement of EUR25,000 that must be paid in cash or in kind. Within two months of establish- ing a société anonyme , the board of directors must certify that payment of the initial share cap- ital payment has been made. Partial payment is not allowed for contributions in kind and for
listed companies. Sociétés anonymes may be privately held or publicly traded. Other types of corporate forms, such as partner- ships and sole entrepreneurships, are not com- mon in the Greek start-up ecosystem. 2.3 Early-Stage Financing Early-stage financing for Greek start-ups typi- cally ranges from friends and family to state sub- sidies and, more recently, to family offices or a combination of these. A significant increase in angel investor activity has also been witnessed during the past few years. Venture capitalists tend to lead seed-funding rounds; this refers to both domestic and inter- national funds, which are usually involved at a more mature financing stage (Series A onwards). On the other hand, crowdfunding has been less popular with Greek entrepreneurs, who seem to be more sceptical about the use of such plat- forms. Depending on the type of financing, the nature of the investors and their relationship with the start-up, an investment or equivalent agreement could be put in place. Such agreement may also include certain provisions resembling features of a shareholders’ agreement, such as specific corporate decisions requiring the prior consent of the investor or investor majority, as well as corporate governance matters and increased information rights. 2.4 Venture Capital Venture capital in Greece is typically provided by venture capital funds, both domestic and for- eign, and has now become easily accessible to Greek start-ups. During the past five to six years, the country managed to establish a solid start- up funding infrastructure. EquiFund and JERE-
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