Incorporating in Greece & Cyprus

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Incorporating in Greece & Cyprus

  1. 1. to... om eW elc Andrew Dimitriou, Aristeidis Papathanasiou, Christina Tsakona, Manos Tavlas, Nayia Antoniou Colab Athens | January 12, 2012
  2. 2. Incorporation inGreece and Cyprus Nayia Antoniou, Attorney at Law
  3. 3. QuestionsWhere do I incorporate?Which are the options?What is the cost?What do I need to know?
  4. 4. ContentsIncorporating in GreecePractical MattersIncorporating in CyprusHighlights
  5. 5. Incorporating in Greece
  6. 6. Company types in Greece low high cost OE EE EPE AE costpersonal limited liability liability sweet spot
  7. 7. Company types in Greece minimum notarial publicity accounting capital deedOE 0 no no lowEE 0 no no lowEPE 4,5k yes medium mediumAE 60k yes high high
  8. 8. Practical Matters
  9. 9. Practical mattersRegistered officeCapitalFundingBranch
  10. 10. Greek Legal Dead-End Gives Requires Gets Investor Money Equity EquityEntrepreneur Time Equity Nothing
  11. 11. CapitalCapital must be depositedYou get what you pay (equity Vs money)Do you have a business idea ? YESDo you have $ money $ ? NOCan you participate in a capital company?
  12. 12. Funding InvestorMoneyLimited LiabilityEquityShareholders Agreement
  13. 13. Solution: New Legal EntityNo principal place of business requiredAlmost zero initial capitalEquity not related to capital contributionComing soon...
  14. 14. BranchFormal existence in GreeceEmploy people in GreeceTaxed like a Limited company or an S.ACompanyRegistered officeObligatory to declare your income from anycountry
  15. 15. Incorporating in Cyprus
  16. 16. Benefits of CyprusLimited bureaucracy‘Shelf’ companiesLow taxationFlexibility
  17. 17. Cypriot Limited CompanyNo minimum capital / deposit requiredLimited liability of partnersNominee shareholdersManagers / Secretary / Registered officerequired (cost factors) $$$
  18. 18. Highlights
  19. 19. Tax in Greece Vs Cyprus Distributed VAT Profits Profits Greece 23% 20% 25% Cyprus 15% 10% 0%
  20. 20. So, how to decide? Set Up cost (assume 1-4k) Running cost (assume 1-4k annually) Efficiency Taxes
  21. 21. Remember...Do not panic!Each jurisdiction has pros and consThe decision is yoursChoose your team wisely
  22. 22. Thank you! Nayia Antoniou na@nantonioulaw.com

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