Greece
Financial Reporting Obligations for Companies in Greece
1. Registry for Financial Statement Submission
In Greece, companies must submit their financial statements to the General Commercial Registry (Γενικό Εμπορικό Μητρώο, GEMI) (https://www.businessregistry.gr/).
2. Legal Forms Required to Publish Financial Statements
The following legal forms in Greece are obliged to publish financial statements to the General Commercial Registry (Γενικό Εμπορικό Μητρώο, GEMI):
- Ανώνυμη Εταιρεία (Α.Ε.) – Anonymi Etairia (Joint Stock Company)
- Explanation: The most common legal form for large businesses, similar to a corporation (Inc.).
- Obligations: Required to submit financial statements to GEMI. Subject to external audits based on size thresholds or public listing.
- Εταιρεία Περιορισμένης Ευθύνης (Ε.Π.Ε.) – Etaireia Periorismenis Efthynis (Limited Liability Company)
- Explanation: Typically used by small to medium-sized businesses offering limited liability protection.
- Obligations: Financial statements must be submitted to GEMI, with audits required depending on the size of the company.
- Ιδιωτική Κεφαλαιουχική Εταιρεία (Ι.Κ.Ε.) – Idiotiki Kefalaiouchiki Etairia (Private Capital Company)
- Explanation: A relatively new corporate form with flexible capital requirements, designed for small and medium enterprises.
- Obligations: Required to publish financial statements to GEMI, subject to audits if size thresholds are met.
- Ομόρρυθμη Εταιρεία (Ο.Ε.) – Omorythmi Etairia (General Partnership)
- Explanation: All partners have unlimited liability for the company’s debts.
- Obligations: Required to submit financial statements if certain size thresholds are exceeded, otherwise exempt from mandatory external audit.
- Ετερόρρυθμη Εταιρεία (Ε.Ε.) – Eterorythmi Etairia (Limited Partnership)
- Explanation: At least one partner has unlimited liability, while others have limited liability.
- Obligations: Financial statements submission is required depending on company size, with audit obligations based on thresholds.
- Κοινωνία Αστικού Δικαίου (Κ.Α.Δ.) – Koinonia Astikou Dikaiou (Civil Law Partnership)
- Explanation: A partnership form often used for non-commercial activities.
- Obligations: Not typically required to submit financial statements unless engaging in commercial activities.
- Συνεταιρισμός (Συν.) – Syneterismos (Cooperative)
- Explanation: A legal form for organizations created for mutual benefit.
- Obligations: Required to publish financial statements to GEMI, with audits based on the size and revenue of the cooperative.
- Branch of a Foreign Company (Υποκατάστημα Αλλοδαπής Εταιρείας)
- Explanation: A branch of a foreign company operating in Greece.
- Obligations: Must submit financial statements to GEMI and is subject to the same audit requirements as domestic companies.
Exclusions:
- Ατομική Επιχείρηση (Atomiki Epicheirisi) – Sole Proprietorship: These are not required to submit financial statements to GEMI unless they surpass certain size criteria (e.g., turnover thresholds) or choose to incorporate under a different legal form.
- Small, private businesses that do not meet the asset, revenue, or employee thresholds are generally excluded from mandatory financial statement submissions and audit obligations.
3. Audit Requirements for Financial Statements
In Greece, companies must audit their financial statements if they meet certain conditions. The criteria for mandatory audits are based on the Greek Auditors Activities Act (https://www.elte.org.gr/), which sets thresholds for total assets, turnover, and number of employees.
|
Legal Form |
Rule |
Criteria |
|
Ανώνυμη Εταιρεία (Α.Ε.) – Anonymi Etairia (Joint Stock Company) |
Mandatory external audit for large companies |
Must meet two of the following three criteria: 1. Total assets (no less than) €4 million; 2. Turnover (no less than) €8 million; 3. More than 50 employees |
|
Εταιρεία Περιορισμένης Ευθύνης (Ε.Π.Ε.) – Etaireia Periorismenis Efthynis (Limited Liability Company) |
Conditional audit based on size |
Required if the company meets two of the following three criteria: 1. Total assets (no less than) €4 million; 2. Turnover (no less than) €8 million; 3. More than 50 employees |
|
Ιδιωτική Κεφαλαιουχική Εταιρεία (Ι.Κ.Ε.) – Idiotiki Kefalaiouchiki Etairia (Private Capital Company) |
Conditional audit based on size |
Same criteria as for Anonymi Etairia and Etaireia Periorismenis Efthynis (LLC) above. |
|
Ομόρρυθμη Εταιρεία (Ο.Ε.) – Omorythmi Etairia (General Partnership) |
Conditional audit based on size |
Audit required if the company meets the same criteria as above: 1. Total assets (no less than) €4 million; 2. Turnover (no less than) €8 million; 3. More than 50 employees |
|
Ετερόρρυθμη Εταιρεία (Ε.Ε.) – Eterorythmi Etairia (Limited Partnership) |
Conditional audit based on size |
Same as for Omorythmi Etairia (General Partnership) above. |
|
Συνεταιρισμός (Συν.) – Syneterismos (Cooperative) |
Conditional audit based on size |
Required if the cooperative meets the size criteria: 1. Total assets (no less than) €4 million; 2. Turnover (no less than) €8 million; 3. More than 50 employees |
|
Branch of a Foreign Company (Υποκατάστημα Αλλοδαπής Εταιρείας) |
Audit required based on size |
Foreign branches must follow the same audit rules as domestic companies if they meet the size thresholds. |
|
Κοινωνία Αστικού Δικαίου (Κ.Α.Δ.) – Koinonia Astikou Dikaiou (Civil Law Partnership) |
Audit required based on size (for commercial activity) |
Similar thresholds apply if the partnership engages in commercial activities: 1. Total assets (no less than) €4 million; 2. Turnover (no less than) €8 million; 3. More than 50 employees |
4. Stock Exchange Listing and Reporting Requirements
Companies listed on the Athens Stock Exchange (Χρηματιστήριο Αθηνών) must publish their financial statements there (https://www.athexgroup.gr/).
5. Deadlines for Submission of Financial Statements
All legal entities are required to submit their financial statements to GEMI within six months following the end of the fiscal year. For listed companies, stricter deadlines may apply.
6. Partial Financial Statements Submission
Small businesses that do not meet the audit threshold, including certain limited liability companies, may submit condensed financial statements, often excluding detailed notes and cash flow statements.
7. Consequences of Late Submission
Failure to submit financial statements on time may result in:
- Fines ranging from €500 to €30 000, depending on the size of the company.
- Potential removal from the business registry (GEMI).
- Legal actions including restrictions on business activities until compliance is met.
8. Foreign-Owned Branches and Newly Established Companies
Foreign-owned branches must submit their financial statements following the same rules as domestic companies. Newly established companies are required to submit their first financial statements within six months after the end of their first fiscal year.
Sources
|
Source |
Link |
|
General Commercial Registry (GEMI) |
|
|
Athens Stock Exchange (ATHEX) |
|
|
Hellenic Accounting & Auditing Oversight Board (ELTE) |
Keywords
financial report submission in Greece; financial statement requirements for Greek companies; financial reporting obligations in Greece; annual report requirements for Greek companies; Greek annual report submission rules; annual report filing deadlines in Greece; Greek accounting standards for companies; audit requirements for Greek companies; Γενικό Εμπορικό Μητρώο (General Commercial Registry - GEMI); Χρηματιστήριο Αθηνών (Athens Stock Exchange)
