Annual compliance in Greece is a structured set of recurring legal, tax, and corporate obligations that every registered company must fulfil each calendar year. Failure to meet these obligations triggers financial penalties, loss of good standing, and potential liability for directors and shareholders. This guide covers the core filing requirements, responsible authorities, realistic timelines, cost levels, and the practical pitfalls that foreign-owned businesses most commonly encounter when managing annual compliance Greece.
Annual compliance Greece encompasses obligations under several distinct legal frameworks. The primary sources are the Greek Companies Act (Law 4548/2018 for sociétés anonymes, known as AE, and Law 3190/1955 as amended for limited liability companies, known as EPE), the Income Tax Code (Law 4172/2013), and the VAT Code (Law 2859/2000). In addition, the General Commercial Registry Law (Law 4919/2021) governs publication and registration obligations.
Every company must maintain proper accounting records, prepare annual financial statements, file corporate income tax returns, submit VAT declarations, fulfil payroll and social security obligations, and publish certain documents in the General Commercial Registry (GEMI). These obligations run in parallel throughout the year, and missing one category does not excuse another.
Foreign founders often underestimate the interaction between these frameworks. A company that files its tax return on time but fails to publish its financial statements in GEMI still faces administrative sanctions. In practice, the compliance calendar must be managed as a single integrated programme rather than a series of independent tasks.
GEMI is the central public register for all Greek companies. Under Law 4919/2021, companies must register and publish a defined set of corporate events and annual documents. For most entity types, this includes the approved annual financial statements, the minutes of the annual general meeting, and any changes to the company';s registered particulars.
The annual general meeting (AGM) must be held within a specific statutory period after the close of the financial year. For an AE, the AGM must convene within six months of the financial year end. For an EPE, the corresponding deadline is also six months. At the AGM, shareholders approve the financial statements, decide on profit distribution, and discharge the board of directors.
Following the AGM, the approved financial statements and the relevant minutes must be submitted to GEMI within twenty days. GEMI then publishes them in the electronic register, which is publicly accessible. A common mistake is treating the AGM as a formality and delaying the GEMI submission, which generates automatic late-filing penalties.
Non-obvious requirement: companies that fail to hold the AGM within the statutory period may face administrative fines and, in serious cases, the competent court may dissolve the company at the request of any shareholder or creditor. Foreign shareholders who are not physically present in Greece should ensure that a local representative or attorney holds the necessary proxy documentation well in advance.
Corporate income tax in Greece is governed by the Income Tax Code. The standard corporate tax rate applies to net profits as declared in the annual corporate income tax return. The return must be filed electronically through the AADE (Independent Authority for Public Revenue) portal, which is the competent tax authority for all corporate tax matters.
The corporate income tax return deadline falls at the end of the sixth month following the close of the financial year. For companies with a December financial year end, this means the return is due by the end of June of the following year. The tax due is payable in instalments, with the first instalment due at the time of filing and subsequent instalments spread over the following months as determined by the tax authority';s annual schedule.
VAT-registered companies must file periodic VAT returns. The standard filing frequency is monthly for companies above a certain turnover threshold, and quarterly for smaller entities. Each return must be submitted and any VAT due paid by the end of the month following the reporting period. Persistent late VAT filings attract surcharges that accumulate quickly.
In addition to the main corporate tax return, companies with employees must file monthly payroll declarations through the ERGANI information system, which is managed by the Ministry of Labour. Social security contributions for employees are remitted monthly to EFKA, the Unified Social Security Entity. Missing a monthly EFKA payment generates interest and surcharges from the first day of delay.
A practical scenario: a foreign-owned EPE with three employees and monthly VAT obligations faces at least fourteen separate tax and social security filings per year, excluding any ad hoc obligations. Many founders budget for an accountant but underestimate the volume of recurring work, leading to gaps in coverage when the accountant is unavailable.
Greek companies are required to prepare annual financial statements in accordance with Greek Accounting Standards (Law 4308/2014, known as ELP). The financial statements consist of a balance sheet, an income statement, and, for larger entities, notes and a management report.
Companies are classified into micro, small, medium, and large categories based on turnover, total assets, and employee headcount thresholds set out in Law 4308/2014. The classification determines the level of disclosure required and whether a statutory audit is mandatory. Medium and large companies must have their financial statements audited by a certified auditor registered with the Institute of Certified Public Accountants of Greece (SOEL). Small and micro companies are generally exempt from the statutory audit requirement, though lenders and investors may contractually require one.
The financial statements must be prepared and approved by the board of directors or the management before the AGM. In practice, the preparation timeline runs from roughly two to four months after the financial year end, depending on the complexity of the company';s operations and the availability of the accounting records.
A common mistake made by foreign-owned companies is failing to appoint a statutory auditor in time for medium or large entities. Auditors in Greece are in high demand during the peak filing season, and leaving the appointment until the last quarter before the AGM deadline frequently results in delays that cascade into late GEMI filings and tax return amendments.
If you are structuring or reorganising a Greek entity and need to align the compliance calendar with your group reporting obligations, contact info@vlolawfirm.com. We can help structure the setup correctly the first time.
Beyond the annual cycle, Greek companies carry several recurring obligations that must be managed on a continuous basis.
A practical scenario: a Greek subsidiary of a foreign group pays management fees to its parent company. The subsidiary must withhold tax on those fees, file the relevant declaration with AADE, and maintain transfer pricing documentation. Foreign groups that overlook this chain of obligations frequently receive reassessment notices covering multiple years, with interest and penalties.
The cost of annual compliance in Greece depends on the entity type, size, transaction volume, and whether a statutory audit is required. It is useful to think in three categories: accounting and bookkeeping fees, tax advisory and filing fees, and audit fees where applicable.
Accounting and bookkeeping services for a small company with limited transactions typically start from the low thousands of EUR per year. For companies with higher transaction volumes, multiple VAT filings, and payroll, fees increase proportionally. Tax advisory and filing fees for the corporate income tax return and related declarations add a further layer of cost.
Statutory audit fees for medium-sized companies generally start from the mid-thousands of EUR and rise with complexity. Large companies with consolidated accounts or complex group structures should budget significantly more.
GEMI filing fees are modest in absolute terms but must be factored into the annual budget. Late-filing penalties imposed by AADE and GEMI can exceed the original filing fees many times over, making timely compliance the most cost-effective approach.
Many underestimate the cost of remediation. A company that has missed several years of GEMI publications or has unfiled tax returns faces not only back penalties but also professional fees for reconstructing records and filing amended returns. In practice, the cost of non-compliance over two or three years can be several times the cost of maintaining compliance from the outset.
What happens if a Greek company misses the AGM deadline?
Missing the AGM deadline is a breach of the Companies Act and exposes the company to administrative fines imposed by GEMI. In addition, the financial statements cannot be formally approved and published until the AGM is held, which in turn delays the corporate income tax return. If the delay is significant, AADE may impose late-filing surcharges on the tax return as well. In extreme cases where the AGM is not held for multiple consecutive years, any shareholder or creditor may petition the court to dissolve the company. Foreign shareholders should ensure that local management or a legal representative has a standing mandate to convene and hold the AGM on time.
How long does it take to complete the annual compliance cycle in Greece?
For a company with a December financial year end, the compliance cycle runs from January through to the end of June, when the corporate income tax return is due. The financial statements are typically prepared between February and April, the AGM is held by the end of June, and the GEMI publication follows within twenty days of the AGM. VAT and payroll filings run monthly throughout this period. In total, the active compliance window spans roughly six months, though the most intensive period is April to June. Companies that begin preparing their accounting records early in the year and maintain clean books throughout the year complete the cycle more smoothly and at lower cost.
Does a small foreign-owned EPE in Greece need a statutory audit?
A small EPE that falls below the thresholds set in Law 4308/2014 - specifically, below two of the three criteria of total assets, net turnover, and average employee headcount - is generally exempt from the statutory audit requirement. However, exemption from the statutory audit does not reduce the other compliance obligations: the financial statements must still be prepared, approved at the AGM, and published in GEMI, and all tax filings must be made on time. In practice, some foreign parent companies require an audit of their Greek subsidiary regardless of the statutory exemption, either for group reporting purposes or as a condition of financing. In those cases, the audit must be conducted by a SOEL-registered auditor.
Annual compliance in Greece is a multi-layered obligation covering corporate governance, financial reporting, tax filings, and registry publications. The cycle is predictable, but it requires disciplined planning and coordination between accountants, auditors, and legal advisers. Companies that manage the calendar proactively avoid penalties and maintain the good standing needed for banking, contracting, and future investment.
VLO Law Firms advises international clients on annual compliance in Greece. We can assist with GEMI filings, AGM preparation, beneficial ownership registration, tax return coordination, and transfer pricing documentation. To request a consultation, contact: info@vlolawfirm.com