European Law and Doing Business in Greece

O.K. You have told us above about US and Greek law - but what is the effect of Greece being in the EU? In brief, the EU tries to harmonize and create some predictability and uniformity between the different national corporate laws of its members. This of course, is necessary toward a unified market place, as called for in Articles 114 and 115 of the European Treaty. EU has direct effect and is (simply put) part of Greek law. Legal harmonization is deemed important for the objectives of a unified EU business zone. To explain EU law as it effects Greek corporate law, (and thereafter US to Greece business structures) one must consider two different areas. The first part is a series of critical EU Directives which establish rules and regulations regarding national corporate laws.

1. EOK Directive 68/151 , related to publication and notice and rights related to third parties
2. EOK Directive 77/91 relating to formation procedures and minimizes capital requirements
3. EOK Directive 78/855 related to Greek AE (corporations) related to mergers and acquisitions)
4. EOK Directive 78/660 with regard to annual accounts and uniform financial standards
5. EOK Directive 82/891, related to unified/consolidated accounts
6. EOK Directive 43/EK with regard to independent/public audits
7. EOK 2007/36 related to shareholder/stock rights

In addition, to the above harmonizing Directives, EU law effects Greek Corporate law in the formation of EU - wide business entities and forms. These are EU legal corporate persons and include:

1. European Economic Intent Grouping (EOOΣ)
2. European Company (SE)
3. European Cooperative Company (SLE)
4. European Foundation (FE)
5. European Non Profit Company

The above are to be considered when not only US and Greek companies are involved but when they join in business relationships and activities with other companies within the EU.

We have worked extensively (over 20 years) in the formation and interaction of US-Greece and EU companies.