The Greek Société Anonyme (SA)

Not every business in Greece fits into an IKE. If you’re planning a large-scale investment, entering a regulated industry, raising capital from institutional investors, or pursuing a public listing, the Société Anonyme – Ανώνυμη Εταιρεία (A.E.) – is the structure you’ll need.

The SA is Greece’s traditional corporate form for substantial enterprises. It carries more overhead than the IKE – higher capital requirements, mandatory governance bodies, stricter reporting – but it also carries weight. Banks, regulators, institutional partners, and public sector entities expect it. In certain contexts, nothing else will do.

THE BASICS

An SA is a limited liability company with capital divided into shares, governed by Law 4548/2018. Shareholders are liable only up to their capital contribution. The company has full legal personality and can own property, contract, employ staff, and litigate in its own name.

Minimum capital: €25,000, divided into shares with a minimum nominal value of €0.30 each. At least 25% of each share’s value must be paid at incorporation; the rest is callable as the board sees fit. Contributions can be in cash (deposited in a blocked bank account until registration) or in kind (valued by an independent expert).
Shares are freely transferable unless the articles restrict this. The SA can issue different classes of shares, including preference shares with special rights – giving it a flexibility in capital structuring that the IKE cannot match.

GOVERNANCE

The SA operates through two mandatory bodies:

The Board of Directors manages the company and represents it before third parties. It must have at least three members, elected for terms of up to five years. Depending on company size and listing status, the board must include a mix of executive, non-executive, and independent directors. This is a meaningful governance layer — not a formality.
The General Meeting of Shareholders is the supreme decision-making body. It approves financial statements, decides on profit distribution, elects directors and auditors, and authorises major transactions. At least one ordinary meeting must be held each year.

For foreign investors accustomed to Anglo-Saxon or continental European corporate structures, the SA’s governance model will feel familiar. That familiarity is part of its value – it signals institutional seriousness to partners, lenders, and counterparties who may not know what an IKE is.

FORMATION

Incorporating an SA typically takes two to four weeks once documentation is in order. The process requires drafting articles of association specifying the company name (which must include “A.E.” or “S.A.”), registered office, corporate purpose, capital structure, and governance provisions. The articles must be executed by notarial deed.

Registration is submitted to GEMI along with the notarised articles, board declarations, proof of capital payment, and registered office documentation.

Costs at formation: €100 registration fee, notarial fees (typically €500–1,500), and a 0.1% duty on share capital payable to the Competition Committee. Following registration, the company must register for tax, obtain a VAT number, and register with social security authorities before hiring.

ONGOING OBLIGATIONS

The SA’s compliance burden is heavier than the IKE’s – this is the trade-off for the structure’s credibility and capital-raising capacity.
Financial reporting: Annual financial statements under Greek Accounting Standards (or IFRS for listed companies) must be approved by the general meeting and filed with GEMI.
Audit: Most SAs undergo statutory audit by certified public accountants. Small SAs may qualify for lighter requirements, but in practice, full audits are standard and often expected by lenders and partners.
Tax: Corporate income tax at 22%, advance tax payments, annual returns, and VAT compliance at 24% (with reduced rates for specific categories). The tax framework is the same as for an IKE – the difference is in the reporting and governance overhead, not the rate.
Annual running costs: Audit fees, accounting, GEMI filings, legal and tax advisory – for a small to medium private SA, expect roughly €3,000–10,000 per year in professional and compliance costs, on top of your operational expenses. This is meaningfully more than an IKE, and it’s important to factor in from the start.

WHEN THE SA IS THE RIGHT CHOICE

The SA makes sense when the business requires it – not as a default. The situations where it’s genuinely preferable include companies planning to list on the Athens Stock Exchange or raise capital from institutional investors, joint ventures with public sector entities or large state-owned enterprises, regulated industries where the SA form is legally required (banking, insurance, large-scale energy), and international partnerships where counterparties expect or require a recognised corporate structure with formal governance.

If none of these apply, the IKE will almost certainly serve you better – with lower costs, simpler administration, and the option to convert to an SA later if your needs change.

HOW WE HELP

We advise foreign clients on whether the SA is genuinely the right structure for their plans – and if it is, we handle the formation from start to finish: drafting articles of association, coordinating with the notary, managing GEMI registration, and setting up the company’s tax and social security registrations. We also advise on board composition, shareholder agreements, and the governance arrangements that will matter once the company is operational.

Contact us to discuss your plans. We’ll give you a clear view of what the SA involves and whether it’s the right fit — or whether a simpler structure will get you where you need to go.