FORMATION OF AN S.A.
S.A. Company Establishment Procedures
Note: The following procedures do not pertain to companies that require an administrative approval or decision in order to commence their business activity
A public limited company (SA) may be established by one or more persons, or become a single-member public limited company when all shares are concentrated in the hands of a single shareholder.
The founding members of a public limited company may be legal or natural persons.
The natural persons have to be over eighteen years of age (according to article 127 of Greek Civil Code, as it was modified by article 3 of Greek Law 1329/83). Participation of a minor in the establishment of a public limited company is allowed only after magisterial permission.
A public limited company (SA) is a company with share capital and legal personality, and is liable for its debts with the company assets.
According to article 1 of Greek Law 2190/1920, a public limited company (SA) is a trade company, even if its business scope is not related to trade.
A public limited company (SA) has the following basic characteristics:
A relatively large capital stock that is required for its establishment.
The capital is divided into equal units, otherwise called shares.
Strict publicity rules during the company establishment procedures, as well as during its entire duration.
A long duration (usually 50 years)
The limited responsibility of the shareholders.
Decision making procedures based on majority.
The existence of two bodies: the General Assembly of shareholders and the Board of Directors.
In order to establish (SA), the minimum capital required is 24.000 Euros, although certain cases require a larger amount of capital. The capital should be deposited during the company’s establishment. It is not compulsory for the capital to comprise only cash; it may also comprise contribution in kind, that is contribution of assets (e.g. property). However, if part of the initial capital (maximum 50%) comprises contributions in kind, an advance valuation should be carried out, according to article 9 of Greek Law 2190/1920.
The total amount of capital. The company is liable for debts and obligations with its own assets, not the partners’ personal assets. In contrast to personal companies, the assets of a company are clearly distinguished from the assets of the founders/partners.
Our company having a team of qualified lawyers Notaries tax consultants and business advisors will guide you through the procedure step by step.
After assessing your needs and present you all aspects of business models in order for you to have total situation awareness we will carry out all necessary steps and procedures for the formation and establishment of your new company.
Furthermore we aim in long term cooperation in order for your company to achieve maximum results in a very demanding business environment.
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