How to set up an IKE in Greece

An IKE (Ιδιωτική Κεφαλαιουχική Εταιρεία — Idiotiki Kefalaiouhiki Etaireia) is Greece’s most flexible limited liability company structure. It requires a minimum of just €1 in capital, can use standardised articles of association without a notary, and can be registered digitally in one to three days. If you want personal liability protection without the administrative overhead of a Greek public company (AE), an IKE is the right structure.

IKE or another structure?

The IKE was introduced by Law 4072/2012 to modernise company formation in Greece. It is well suited to freelancers, consultants, and small businesses that want legal liability protection without a heavy corporate structure.

Step 1 — Choose your articles of association

You have two options:

Standardised articles (recommended for most cases): Filed digitally through businessportal.gr. No notary required. You only pay the GEMI registration fee (approximately €20–30). Suitable when you have a small number of partners with straightforward arrangements between them.

Custom articles: Drafted by a notary when you need specific provisions — different profit-sharing ratios, buy-out clauses, or complex partner rights. Cost: approximately €300–700 depending on complexity.

Step 2 — Register with GEMI

GEMI (Geniko Emporiko Mitro — General Commercial Registry) is Greece’s central company registry. Registration happens:

• Online, via businessportal.gr, if you use standardised articles. You need a Taxisnet account.
• Through a notary, if you use custom articles — the notary submits the registration on your behalf.

GEMI fees: approximately €10 for registration + €10–15 for publication. Total: around €20–25.

After registration you receive your company’s GEMI number.

Step 3 — Get your company tax number (AFM)

Your company needs its own AFM (Arithmos Forologikou Mitroou — tax registration number). If you registered online via businessportal.gr, the tax registration is triggered automatically as part of the one-stop-shop service (Ypiresia Mias Stasis). Otherwise, visit your local tax office (DOY) with:

• The company’s articles of association
• The GEMI registration number
• ID or passport of all directors
• Proof of registered address (lease or ownership document)

The DOY issues the company AFM and — if requested — a VAT number for intra-EU transactions. If your annual turnover stays below €10,000 and you have no EU-based clients, you can start without a VAT number.

Step 4 — Open a business bank account

The IKE needs a dedicated business account. You will need:

• Articles of association and the GEMI registration number
• Company AFM
• ID of all authorised signatories

Greek banks (Eurobank, Alpha Bank, Piraeus, National Bank of Greece) open corporate accounts by appointment. Neobanks such as Revolut Business or Wise Business may be faster for some businesses — confirm they accept Greek-registered companies before relying on them.

Step 5 — Register with EFKA

If you are a managing partner (i.e. you work in the company), you must register as self-employed with EFKA (the Greek social security authority). Contributions are calculated based on your declared income.

If the company will have employees, you must also file a hiring notification in ERGANI before each employee starts work.

Capital contributions — what the IKE allows

One of the IKE’s distinctive features is that it accepts three types of contributions:

This means you can incorporate an IKE with minimal or no cash, using guarantee or non-capital contributions instead.

Timeline overview

In Billino

Once you have your company AFM — and VAT number if applicable — add it to your sender profile in Billino. It will appear on every invoice alongside your company name and address, as required under Greek law.