Starting a Business in Greece as a Foreigner: Requirements and Procedures

Opening a business in Greece as a foreign national

Greece actively encourages foreign investment and entrepreneurship. The country has significantly simplified its business registration processes in recent years, and the introduction of the IKE company type has made formation accessible to virtually anyone. Foreign entrepreneurs can establish and own businesses in Greece regardless of nationality, though residency and visa requirements vary depending on citizenship.

EU/EEA citizens

Citizens of EU and EEA countries can establish a company in Greece without any special permits or restrictions. They need to obtain an AFM (Greek tax identification number / Αριθμός Φορολογικού Μητρώου) from the local tax office (DOY), which requires a valid ID or passport and proof of address (either in Greece or their home country). EU citizens can serve as managing partners, directors or shareholders without any limitations.

Non-EU citizens

Non-EU citizens can also form companies in Greece, but they need to address residency separately from company formation. To manage a business on Greek soil and reside in Greece, a residence permit is required. The main options are:

• Business/entrepreneur residence permit: Requires proof of investment capital (typically €60,000 minimum), a business plan, and evidence that the business will contribute to the Greek economy through job creation or innovation
• Golden Visa: By investing at least €250,000 (or €500,000 in high-demand areas like Athens, Thessaloniki and Mykonos) in Greek real estate, non-EU investors receive a five-year renewable residence permit. This permit allows them to establish and operate businesses in Greece
• Digital Nomad Visa: Greece offers a special visa for remote workers employed by foreign companies, valid for one year and renewable. While not specifically designed for company formation, it provides legal residency from which business activities can be developed

Essential steps for foreign founders

1. Obtain an AFM (tax number) – this can be done in person at a Greek tax office or through an authorized representative (tax attorney or accountant)
2. Open a Greek bank account – required for the company's financial operations. Major Greek banks include National Bank, Piraeus Bank, Alpha Bank and Eurobank
3. Choose your company type – IKE is recommended for most foreign entrepreneurs due to zero minimum capital and simplified procedures
4. Register the company through the One Stop Shop (YMS) or e-YMS digital platform
5. Register for FPA (VAT) if required by your business activities

Practical tips

Working with a local accountant (logistis / λογιστής) is essential, as Greek tax compliance requires ongoing professional management. The Greek bureaucracy has modernized significantly, with many procedures now available online through gov.gr, but local expertise remains valuable for navigating the system efficiently. Athens and Thessaloniki offer the most developed support infrastructure for international entrepreneurs. Budget 2-6 weeks from initial planning to full operational readiness.

Zunapro supports entrepreneurs worldwide in establishing their Greek business, from AFM application through to full operational launch.