Company Establishment-Drafting of Articles of Association

We undertake the establishment of your company and the drafting of its articles of association in every corporate form, as well as the harmonization of the Articles of Association of your societe anonyme with the new Law 4548/2018. Specifically, we can advise you on the appropriate type of company that suits your case, between the Sole Proprietorship (Law 4172/2013), which is the oldest and simplest form of business, founded and managed by one person, the founder; the General Partnership Company (OE), which is a company with legal personality has a commercial purpose and all its partners are liable for its debts indefinitely and in its entirety; the Limited Liability Company (EE), which is a company with legal personality, has a commercial purpose, for its debts are responsible at least one of the limited partners (limited partner), while at least one other partner is unlimitedly liable (general partner) (Law 4072/2012 and Law 4172/2013); the Single member Private Company (IKE), which has legal personality , is commercial, even if its purpose is not commercial, is consisted by a person, its articles of association and its amendments are private documents; the Limited Liability Company ( EPE Ltd.), for the obligations of which the company is responsible (Law 3190/1955 Law 4541 / 2018, and Law 4172/2013); the Societe Anonyme (SA). In view of the reform of the law of SAs, amendments should be made to the articles of association of existing companies and the changes should be incorporated in their Codification, which we undertake entirely for you. Some of the most important changes that have occurred in public limited companies (SAs) based on law 4548/2018 (Government Gazette A ‘104 / 13.06.2018) and are considered particularly important are the following:

The new minimum amount of capital required for the establishment of public limited companies is set at the amount of € 25,000 instead of € 24,000

The possibility of issuing anonymous shares is abolished, as well as anonymous shares issued until 13.6.2018 must be registered by 1.1.2020

In addition, the mandatory bookkeeping of shares is provided as well as the accounting issue of shares.

• Dispute resolution is envisaged through arbitration or mediation.
• A change in the name of the societes anonymes is foreseen, as now the name may be fictitious or even contain an email address or other indication (eg hotel name) and in case it is a sole proprietorship the indication “Sole Proprietorship” or “Sole Proprietorship SA”
• It is now possible to pay a share capital with contractual set-off and the possibility of a later payment of a share capital is now abolished.
  The institution of “warrants” is introduced for the first time in the Greek legal system of public limited companies.
• It becomes possible to have a single-member board of directors in “small” SAs ( (their capital does not exceed the amount of € 500,000) and in “very small” SAs (their capital does not exceed the amount of € 100,000).
• Two new individual information rights are added and the minority rights are strengthened and
• In addition it is provided the establishment of shareholders’ associations for the exercise of the minority rights of their shareholders, as well as their general mobilization.
• Entry into force of the new law on public limited companies is set on 1/1/2019.