Requirements and procedure for the establishment of an office/branch in Greece under article 25 of Law 27/1975
Foreign shipping companies interested in establishing an office or branch in Greece under the provisions of Article 25 of Law 27/1975, are required to submit the following documentation to the Directorate of Maritime Policy and Development of the Ministry of Maritime Affairs:
a. An application including the name, type, registered office and nationality of the foreign management company as well as its activity and the specific activities of its office in Greece as well as its representative. The above application will also state that:
- The company undertakes the obligation to import into Greece an annual foreign exchange, not compulsorily assignable, or an equivalent amount in euros for an amount of at least fifty thousand (50,000) US dollars, to cover the operating costs of the company’s office in Greece as well as another amount of foreign exchange, non-compulsorily assignable, or euro to cover the company’s payments in Greece in general on its behalf or on behalf of third parties.
- The company undertakes to submit before the Ministry of Development and Investments, within the deadline set in the establishment license, starting from its publication, a letter of guarantee from a Greek or foreign Bank which is issued in accordance with the applicable Greek legislation, which will be forfeited in favor of the State in case of violation of the provisions of Article 25 of Law 27/1975, as amended and in effect, and the conditions of the establishment license.
- The company undertakes to establish the office or branch office within the deadline set in the establishment license, starting from its publication and to notify, within the above deadline, the start of operations and other details of the establishment to the Ministry of Maritime Affairs (Directorate of Maritime Policy and Development) and the Ministry of Development and Investments (Directorate of Foreign Capital).
b. Articles of association of the company or a certified copy thereof as well as its official translation into Greek, from which the maritime object of the company can be clearly mentioned.
c. Minutes of the Company’s Board of Directors (with the signatures duly authenticated) in which it should be stated that a decision has been taken to establish an Office of the Company in Greece and to designate its representative.
d. A certified copy of a recent good standing certificate issued by the relevant Consulate in Greece or competent authority of the country of the company’s registered offices.
e. Solemn declaration of the representative of the company in Greece (with the signature duly authenticated) from which the following can be derived:
- The acceptance of his/her appointment as a representative of the Company’s office or branch in Greece.
- That the scope of the activities of the company’s office or branch in Greece is limited exclusively to ships with a Greek or foreign flag with a gross tonnage of over five hundred (500) tons, excluding passenger coastal ships and commercial ships operating inland voyages.
- In the case of offices or branches of companies engaged in the management or exploitation of ships, the name, flag, International Distinguishing Mark (IDM), IMO number and tonnage of the ships managed or exploited should be mentioned and photocopies of the ships’ nationality documents should be attached.
f. In case that the foreign company under establishment is merely a management company, then a document is also required (with the signatures duly authenticated) from the ship owner or the bareboat charterer, with the information referred to under (e) (iii) above, from which the assignment of the ship management to the office or branch of the company can be derived.
Upon the submission of the application for the issuance of the establishment license, a fee of US $2,000 shall be paid to Greek State. A fee of the same amount is also required for any modification of the establishment license, except for the case of limitation of the company’s activities.
If the foreign company wishes to cease the operation of the office or branch in Greece or to revoke the establishment license, respectively, it is obliged to submit a request accompanied by a relevant decision of its competent body, in which a representative will also be appointed for the purposes of completion of the required actions and compliance with the law requirements as well as a solemn Declaration by the representative for the acceptance of his/her appointment.
* The information is accurate to the best of our knowledge as at the time of writing. We have no obligation to update it. We accept no responsibility against any third party who is not a client of the firm and has not signed the terms of our engagement.