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Iason Skouzos - TaxLaw > Practice Areas (Page 23)

Basic Differences between Greek Limited Liability and S.A. companies (Société Anonyme)

Apart from the minimum share capital and procedural issues upon their formation, there are significant differences between these two types of companies that entrepreneurs should take into account, before deciding which of the two is more suitable for their business. The limited liability company is a category of company that lies between an SA company and a partnership. The advantages of a limited liability company as against the S.A. company is that it requires only a capital of €4.500 as opposed to €60.000 that is required for forming an S.A.. Another advantage is for small shareholders, who enjoy more powers as...

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Obligation of shareholders of listed companies to report significant changes in their shareholdings

Under the provisions of L.3556/2007, each shareholder, who acquires or disposes shares of companies admitted to the Athens Exchange Market with voting rights and as a result of this acquisition or disposal the percentage of the voting rights reaches, exceeds or falls below the thresholds of 5%, 10%, 15%, 20%, 25%, 1/3, 50% and 2/3 is obliged to inform the issuer of shares and the Exchange Commission of the proportion of voting rights held as a result of the acquisition or disposal (article 9 par.1 L.3556/2007). This obligation also burdens every person who becomes a shareholder for the first time,...

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Liability of Members of the Board of Directors of a Greek S.A. towards the company

Article 22a of Law 2190/1920 defines the duty of trust of the Members of the Board of Directors of a Greek S.A. company towards it. This duty of trust consists of a) the general promotion of the company’s interest (“positive obligation”) and b) the omission on the part of the Board Members of any act that could be prejudicial to the interests of the company (“negative obligation”). The liability of the members of the Board of Directors against the company for poor performance of their managerial duties is provided in article 22a par. 1a, according to which every member of...

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Τhe real estate agency contract, according to recent Law 4072/2012

In Greece, the real estate agency contract is governed by the combined provisions of Articles 703-707 of the Civil Code, and the provisions of recent Law 4072/2012, which came into as of its publication in the Government Gazette, on 11.04.2012 (Volume A '86/2012). A real estate agent is defined by article 197 of Law 4072/2012 as the person or the legal entity who provides real estate agency services. Real estate agency service is the suggestion of an opportunity or the mediation for contracts relating to property and especially for contracts of sale, exchange, lease, leasing, establishment of easements etc. The conditions for...

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Changes introduced by law 3978/2011 in Defense procurements

Chapter Γ’ (C) of recent law 3978/2011 (16.6.2011) on Public Procurement in the field of Defense and Security, harmonization with EU directive 2009/81 and other matters relating to the Ministry of Defense brought significant changes in the legal framework of defense procurement. The changes affect to a very large extent companies who act as intermediaries between bidders and the Ministry of Defense, in an effort to enhance transparency and combat corruption. The law may be seen as a reflex of the legislator to recent scandals that were publicized, related to bribes channeled through offshore entities that were appearing as consultants of...

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Taxation in the transfer of shares listed in the Athens Stock Exchange

According to Law No. 2579/1998, article 9, paragraph 2, as amended by Law No. 3296/2004, article 12 and Law 3943/2011, article 16,  transfers of shares that are listed in the Athens Stock Exchange are taxed at 0.2 per cent. This tax is calculated on the value of the shares transferred as it appears on the tag issued by the intermediating brokerage firm. The tax burdens the buyer of the shares, individual or corporate entity, unions or trusts, regardless of their residence, origin or place of residence or domicile and even if they are exempt from the payment of other taxes...

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Procedure of dissolution & winding up of an S.A. company

An S.A. company can be dissolved, by a decision of its shareholders, which shall be taken with the increased majority percentages specified by the Articles of Association of the company or the Law 2190/1920. It is notable that the company after the decision for the dissolution enters the stage of the winding up and continues to exist for a time-period, but only for the purpose of accomplishment of the winding up procedures. In brief, the procedure in order for an S.A. company to be dissolved and continue existing under the winding up status, include the following steps: 1. Drafting the Minutes of...

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Private Capital Company (IKE or PCC)

A new simpler and more flexible corporate form, i.e. the Private Company (IKE) is introduced by Law 4072/2012. IKE is a private capital company, i.e. it is a company not subject to public listing that has capital and the liability of its members for the company debts, except for those with the guarantee contribution, is limited. It is a legal entity and considered a commercial company even if the business scope is other than trading. The main characteristics of the Private Company (IKE) are the following: The first basic characteristic is that unlike the other known capital companies in Greece (EPE and...

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Employment Contracts

Employment contracts are regulated by articles 648 to 680 of the Civil Code and other special labor laws. Pursuant to article 648 of the Civil Code, an employment contract is the written or oral contract based on which  the employee is obliged to provide, for definite or indefinite time, his  work to the employer, who is obliged  to pay the agreed salary. A definite term employment contract exists when definite work time has been agreed expressly or impliedly or when obviously results from the kind or the nature of work for which the employee has been employed. In cases where the...

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