The company form “IKE” was introduced in Greek law by virtue of law 4072/2012 during an attempt to simplify the establishment of companies for potential investors and cut down on initial costs. The IKE is a limited-liability-company and is considered a commercial company, even if its purpose is not commercial. Conduct of specific business is, however, prohibited (banking, insurance and finance, management of securities custody accounts and investment funds, leasing, commercial debt collection agencies, sale/realization of investments in the field of cutting-edge technology (venture capital only), activities in the sports sector, etc.).
- There are no minimum capital requirements and the law provides opportunity to form the capital with non-monetary contributions, e.g. provision of services by the shareholders instead of capital.
- A single natural person can also form an IKE or a limited liability company that has already been incorporated can be reorganized into a company with just one member.
- Key features of the IKE in Greece:
- No capital required for formation
- Limited liability of the shareholders
- No notarization required for the articles of association or any other resolutions and actions of the shareholders / directors
- Specific requirements in terms of disclosure during formation and the entire existence of the company
- Resolutions passed by a majority of more than 50% of the total share capital
- Existence of two executive bodies (general meeting, directors)