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Setting up a Limited Company in Greece

Publiziert am 22.Januar.2010 von Abraam Kosmidis

Setting up a company limited by liability (LTD, Ltd  or Ltd.) in Greece starts generally with drafting of the Articles of Association.

Firstly, to set up a company limited by liability in Greece, all the shareholders need a Greek tax reference. The first company Articles of Association can then be drawn up and authenticated by a notary. Above all, in addition to the particulars of the shareholders and the company name, the Articles of Association include the company's seat and object. The founding capital must also be registered. This includes the individual partners' investments and potential bigger investments by individual founders. According to the Greek Companies Act the Articles of Association must also establish in writing the company's duration. The issue of management of the company must also be regulated. As when founding a company limited by shares, representation by a Lawyer admitted in Greece is mandatory when signing the Articles of Association.

Before the Articles of Association are authenticated by a notary the draft must be submitted to the local Chamber of Commerce for provisional approval of the company name. This is important so that there are no problems with duplicate company names. If no complications come to light, the Articles of Association can then be authenticated by a notary. The founding partners and assisting lawyer sign the Articles of Association at the same time.

Further official processes are required after a Greek limited liability company has been incorporated
When setting up a limited liability company it's not the end of the matter when the Greek notary has signed the Articles. The company name and two copies of the signed Articles have to be submitted to the Chamber of Industry and Commerce. After approving the name and designation, the Chamber of Industry and Commerce furnishes the Articles of Association with a stamp with regard to examination of the right to use the name and title. This is followed by visits to the tax authorities and the Regional Court having jurisdiction for the company's seat. An announcement about formation of the company is furthermore published in the Government Gazette. We'd be delighted to advise you personally on further issues to be considered when setting up a limited liability company in Greece.

For further information please see Corporate structures in Greece and Setting up a Limited Liability Company in Greece

2010 Tax reforms in Greece

Publiziert am 22.Januar.2010 von Abraam Kosmidis

In the last week before Christmas the Greek Parliament instituted discussion of a new tax law reform. In a written statement on the Internet as early as 18.12.2009, the government published the key measures from the new tax policy and presented them to Parliament on 22.12.2009. The aim of the tax reform is to introduce a fair and efficient tax system, which is intended to simultaneously improve or even eradicate the weaknesses and defects in the tax system which has prevailed in Greece to date.

The following government findings paved the way and were decisive for the major tax reform in Greece: (mehr …)

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Planned new regulations for solar cell equipment in Greece

Publiziert am 22.Januar.2010 von Abraam Kosmidis

The Greek government intends to put forward a draft law on reducing bureaucracy and simplifying licensing and exploitation procedures for renewable sources of energy.
The draft makes provision for incentives and measures to promote the development of "green energy", which the Prime Minister described as a "one-way street" for combating the crisis. For her part the Environment minister pointed out that "The aim of the draft law is to increase generation of power from renewable sources of energy to 20% of total power production by 2020 and 40% of power production from electrical energy." Greece currently produces only 6.7% of its power from renewable sources of energy, such as solar cells.
The new draft law aims to fundamentally reorganise the regulatory framework for licensing renewable energy projects, create the necessary structures for project implementation in areas with increased renewable energy potential, modify the existing legal framework for special utilization, introduce a comprehensive bundle of incentives, stipulate prices within the renewable energy field, and motivate creation of renewable energy-gross-CHP.
Another important point is reduction of the time the licensing procedure takes from the current 3 to 5 years to 8 to 10 months. The process for grant of a power generation licence will furthermore be separated from environmental licensing. As a result the preliminary process for auditing the environmental conditions and the process for granting permits under nature protection law will be standardised.
The aim is also to set up an independent office for which the Environment minister will be directly responsible and which is intended to serve as an information and service coordinating body for investors for "green energy" projects.
Even if Greece were the European leader in the field of wind power, the market for investment in this field is hardly saturated, so investors will still find plenty of scope for activities and investment in this sector. For comparison, the following total wind power capacities have been installed to date (2008 figures):
Greece 985 MW
Spain 16,756 MW
Germany 23,903 MW.

For more information please see:
Why to Invest in Photovoltaics in Greece
Photovoltaics and Renewable Energy Sources in Greece

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