Christian Debt Recovery

Greek Debt Vote Time

September 29th, 2007 |

Author: Gavin

Law office in Greece

Law firm acts as legal counsel for a great number for Greek and foreign companies advising them in Greek company law, debt collection in Greece, and Greek corporate tax law. We also undertake the drafting of contracts of franchise and we guide our clients in issues of direct investment in Greece. At Latsoudis & Arvaniti we specialize in the formation of companies in Greece, Cyprus and offshore jurisdictions. Incorporation of companies is suited to each client’s needs and purposes and is being done at the lowest possible cost and at the shortest time frame. Along with incorporation our Greek tax lawyers provide tax planning advice in Greece custom tailored to the modus operandi and purpose of each corporate vehicle.

The Limited Liability Company:

The main characteristic of an LLC is that the partners are not liable with their personal property for company’s and that corporate participation is represented in the form of individual partnership shares. A Greek limited liability company is incorporated by way of Articles of Incorporation which are legalized by a notary public, submitted to the court of first instance and subsequently published in the government gazette. The company’s capital must be at least euro 4.500,00 with half of the capital being in cash. The capital is divided in equal parts which give the holders-partners the right to vote at meetings and to participate in profits.

Company Limited by shares & capital – Societe Anonyme:

This is a commercial entity and the participation in the capital of an SA gives the shareholder the right to participate in distributed profits. The shareholders are not liable with their personal property for an S.A.’s debts. The share capital of an SA comes exclusively from the contribution of its members in cash or in kind. Minimum share capital required for the establishment of an SA is euro 60,000 and must be fully paid according to the law.

Offshore Companies:

Offshore companies have become synonymous with the so-called tax havens with the jurisdictions usually being in the following jurisdictions:

Individuals and companies utilize offshore companies for a number of reasons:

1. Low corporate taxation (in most cases 0%)

2. Anonymity of directors & shareholders

3. Low costs for incorporation & maintenance

4. Very swift incorporation – in some cases only one day

5. Flexibility of company structure

At Latsoudis & Arvaniti we have considerable expertise in the formation and utilization of offshore companies. Our expert team of tax lawyers and accountants may provide tax planning advice suited to each client’s needs and purposes for the offshore corporate vehicle.

Foreign shipping companies which engage in commercial activities outside of Greece may establish offshore branches in Greece. In order to establish an offshore office the company must be exclusively engaged in activities outside Greece as well as a bank letter of guarantee for USD 50,000 must be deposited to the Ministry of Economy and Finance. Branches of foreign shipping companies are required to cover with foreign currency their annual expenses for operating in Greece with an amount at least equal to USD 50,000. An offshore branch must keep a receipts and expenses book but it has no obligation to publish any financial statements. Shipping companies establishing offshore offices in Greece are exempt from all taxes imposed by Greek laws if they were established.

For further information you may contact us at info@latsoudislaw.com

For more details: http://www.latsoudislaw.com

About the Author

Latsoudis Arvaniti Law Office is one of the oldest and most dynamic law offices in Greece and has been established in 1926. A team of ten highly specialised Greek lawyers work in LA.