Topic 2 Preparation & development of your business

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  1. The idea: It is very important that future businesswomen define an idea for their business. This could be connected to something that they like or that they are talented at.
  2. Create a business plan: What is the purpose of the business? What is the goal? Who are the clients? What are the funding opportunities?
  3. Find any funding opportunities that might be available.
  4. Define the legal business structure.
  5. Team building and collaboration: It is very important that co-workers, employees and employers create an environment of trust and respect.
  6. Check the necessary legal papers in order to start up the business.
  7. Find the necessary insurance.
  8. Find the appropriate target group of vendors and advertisement.
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Types of Businesses in Greece

It is the simplest form of a business, founded, organized and managed by one person.

Two or more, both individuals and legal persons, have a common goal to co-trade under the corporate name.

Commercial personal company with legal personality where some partners -one or more- are unlimitedly and jointly liable for the company’s debts (general partners) while others -one or more- are not liable (limited partners).

It is an intermediate (personal and capital) form of company. It is a capital company that has a legal personality. It is always considered a commercial company.

It has two bodies: The General Assembly of partners and the Manager.

An individual or legal person is sufficient for the establishment of such a type of company.

It is a legal entity that has a profit-making nature. Its main advantage is that the members are liable up to the amount of their participation. It needs at least two individuals or legal persons.

This type is an urban cooperative of social purpose with its members –that are a group of people- having limited liability. It has a commercial status by law, it is managed equally by its members. There is a pursuit of collective benefit and the profit results from the actions serving the social interest.

Depending on the specific purpose they serve, the SCE are divided into 3 categories:

  1. Integration
  2. Social Care
  3. Collective and Productive Purpose

The members must be at least 7, while for the establishment of a SCE Social Care or Collective, and Productive Purpose at least 5 members are needed.

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The basic legislative framework for business activity of third-country nationals in Greece:

A) Law 3386/2005 on the entry, residence, etc. of third country nationals, as applicable, mainly concerns sole proprietorships and the exercise of independent economic activity.

B) The investment law 3894/2010, for investments in Greece with the participation of public and private entities.

C) The relevant provisions of the laws for the establishment of a sole proprietorship and company in general (anonymous, limited liability, joint venture, limited partnership, etc.), as well as a branch of a foreign company.

The procedure of a Company Formation can take place online through the https://eyms.businessportal.gr/auth platform. Including the specific procedures established to comply with Directive 2017/1132 (article 13, as amended by Directive 2019/1151).

The founders fill in data and sign electronically the relevant statutes of the company.

The system delivers a digital statute and creates the first act of registration in the General Commercial Register (GEMI) ‘’ΓΕΜΗ’’ (Business Register).

The newly formed company is automatically registered to the Tax Agency receiving a VAT number, and to the Social Security Agency receiving an Employer Registration Number.

The company is ready to start its activity in Greece in case there are no documents and other data missing.

If the online application for the company formation is not selected, then the company incorporation application can take place in person either at GEMI Services (https://eyms.businessportal.gr/eyms-helpdesk.pdf) or at an authorized notary (https://enotariat.gr/simvolaiografoi.php).

Third-country nationals:

  1. A valid passport or other travel document(s) recognized by international conventions with an entry visa where it is required.
  2. Responsible declaration of Article 8 1599/1986 that refers to their intention to reside permanently in the country
  3. A residence permit or proof of filing an application for a residence permit in case they reside or wish to reside permanently.
  1. A valid passport or other travel document(s) recognized by international conventions with an entry visa if needed.
  2. Residence permit or confirmation of filing a residence permit application.

The above-mentioned residence permit, granted or requested, must allow the exercise of an independent economic business or investment activity, in accordance with the applicable legislation at each time.

  1. Copy of statute of a legal entity
  2. Certification of the competent National Registry in which the legal entity is registered for the last quarter with the registration number and a proof that it is not in liquidation or bankruptcy.
  3. Certified copy of the power of attorney document for the appointment of a legal representative in Greece.

All the above are submitted according to international law with their official translation

Supporting documents for the start of sole proprietorships:

  1. Forms from the tax office (M1 and M2) completed.
  2. Lease contract approved by the owner’s DOU. If the space is privately owned or provided free of charge, other supporting documents are provided.
  3. Certificate of registration in a chamber where required.
  4. Certificate of registration or exemption from an insurance institution (OAEE, etc.).
  5. Certified photocopy of ID or presentation of the original.
  6. For non-EU foreigners, passport and residence and (independent) work permit, lasting at least one year or independent economic activity for trading.
  7. Prefectural installation permit for industrial-crafts units and professional laboratories and warehouses in the Prefecture of Attica.
  8. Pre-approval of a license to establish a store of health interest.
  9. Personal presence of the taxpayer or if the supporting documents are submitted by a third party, an authorization with a certified original signature by a public authority.

Funding Opportunities

Occasionally, there are funding opportunities provided by the Greek state, the European Union, Organizations, NGOs etc.

  • ESPA (by the Greek state)
  • European Union provides with the following funding types:
    • Direct funding
    • Shared management
    • Indirect funding
  • Other organizations, such as AFI (Action Finance Initiative (AFI) is a non-for-profit company founded by ActionAid Hellas and ADIE)
  • Funding by NGOs or International Organizations that support third-country national employability and entrepreneurship
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