Business bank account in Greece for Greek or foreign companies

IKE, AE or branch: the legal form shapes the file

A business bank account in Greece is a euro account opened in the name of an IKE, an AE or a branch registered with GEMI, after the bank has checked the company, its directors and its beneficial owners. The IKE private company, available with token capital, is the form most used by foreign entrepreneurs, while the AE requires minimum capital of 25,000 euros.

The IKE private company, available with token capital, is the form most used by foreign entrepreneurs who want a Greek business account; the AE public limited company requires minimum capital of 25,000 euros. A foreign company can also operate through a locally registered branch.

GEMI registration and the one-stop shop

Every Greek company is entered in the GEMI general commercial registry, often through the one-stop shop for company formation. An up-to-date GEMI extract, the articles and the resolution naming bank signatories form the core of the company bank account file reviewed by the bank.

The capital account before an AE is registered

For an AE, capital must actually be paid up, which often means a deposit into a Greek bank account before or during incorporation. Non-resident shareholders must therefore plan their own tax identification and the source-of-funds check on that contribution.

Greek register of beneficial owners

Greek companies declare their beneficial owners in a central register kept by the authorities. The bank cross-checks it against the group chart provided and identifies every person holding more than 25% of the capital or exercising control.

Declaring business accounts to AADE

Greek businesses must declare to the AADE tax authority the bank accounts used for their activity, so that payments and receipts are traceable. An account opened without that declaration complicates audits and the deduction of certain expenses.

myDATA e-invoicing and bank reconciliation

The AADE myDATA platform continuously receives invoicing data from businesses. Movements on the business account must match the invoices transmitted, which leads banks to ask for a precise description of expected turnover.

Mandatory card terminals in retail

Many customer-facing activities, from restaurants to retail, must accept cards. Terminals have to be linked to cash registers and the tax system, and the merchant acquiring contract is signed directly with the bank.

Tourism, shipping and agricultural exports

Seasonal hotels, shipowning and exports of olive oil or fresh produce generate highly irregular flows. A company that sets out this calendar at onboarding avoids large summer receipts triggering requests for justification.

Timelines and expectations of the corporate team

Processing a file for a company owned by non-residents usually takes several weeks. National Bank of Greece, like the other Greek groups, expects the legal representative to attend or grant a notarised power of attorney, plus a written explanation of the business model.

Company taxation and the director's reporting

The Greek company is subject to corporate income tax at the standard 22% rate. A director resident in France who holds signing authority on the account should check with an adviser whether it falls within the Form 3916 declaration.

Documents needed for a business bank account in Greece

The file for a business bank account in Greece rests on three blocks: the identity of the company, that of its directors, and an understanding of its activity. On the company side the bank asks for an up-to-date GEMI extract, the articles and the resolution naming signatories. On the people side it wants an identity document, recent proof of address and the tax identifier of each director and beneficial owner.

The third block, often underestimated, concerns the activity itself. Prepare a short description of the business model, a list of the main customers and suppliers, and the countries of origin and destination of the flows. For a Greek company held from abroad, an ownership chart readable down to the individuals avoids back-and-forth. Documents drafted in a foreign language may need translation, so ask the bank which format it accepts.

Keep the whole file consistent: the company name, its address and the directors' names should be spelled identically everywhere. Any discrepancy between the registry, the articles and the bank form slows the review. Also keep up-to-date copies, because the bank may ask for documents again whenever the shareholding or the activity changes, including after the account has been opened. This also saves time when the bank returns with follow-up questions.

Common mistakes with a corporate bank account in Greece

The first mistake is to apply before the company registration is complete. Without an up-to-date GEMI extract, no bank can seriously review the file. The second is to describe the business model vaguely: a phrase such as general services prompts extra questions, whereas a precise description of customers, products and flows reassures the compliance analyst reviewing the application. Clear answers at the start save weeks later.

Another frequent mistake is to ignore the calendar of flows. A seasonal, tourism or export business that does not announce its peak receipts is more likely to face requests for justification. The same applies to transfers arriving from countries far from the head office or from usual customers. It is better to mention them at the start than to explain them afterwards, when the account is already under review.

Finally, many foreign directors forget the parallel obligations: declaring business accounts to AADE, consistency with myDATA, and updating the beneficial owner register. These points do not depend on the bank alone, but the bank checks them. A local accountant or an adviser familiar with Greek law helps avoid delays that often cost more than the fees involved. Early advice is usually cheaper than correcting problems afterwards.

Questions to ask before opening a Greek business account

Before signing, ask the bank which exact documents it requires for the type of company concerned, whether an IKE, an AE or a branch, and whether it accepts a file assembled remotely. Some banks require the legal representative to attend in person, others accept a notarised power of attorney. Ask clearly and get the answer in writing so you can plan travel or the power of attorney without improvising.

Then ask about the services the business will really use: multi-user online banking, business cards, a card terminal, international transfers. Ask how account maintenance, SEPA and non-SEPA transfers and the merchant acquiring contract are charged. Depending on the bank, conditions vary noticeably, and a written price schedule lets you compare several institutions without relying on verbal estimates. Ask for the answers in a form you can keep.

Finally, find out what happens if a compliance question arises: who contacts you, what response times are expected, and how a refusal is handled. In practice, a file declined by one bank can often be presented elsewhere once the reason is understood. Also check with the bank and the competent authority that the company form you chose fits the rules applying to your activity.

Tax follow-up of a company bank account in Greece

Opening is only one stage; a business bank account in Greece then needs regular follow-up. Reconcile statements monthly with the invoices reported through myDATA, keep supporting documents for large movements, and tell the bank promptly about any change of director, address or shareholder. This discipline reduces requests for extra documents and makes the accountant's work easier at year-end closing. It also keeps your records in order for any audit.

For tax purposes, the account feeds the company's returns, and the company remains subject to Greek tax. Non-resident directors must at the same time look at their own position in their country of residence: declaring foreign accounts and the possible taxation of dividends. Automatic CRS and FATCA exchanges between authorities mean this information circulates anyway, so it is better to declare it correctly.

Plan an annual review of how the account works: the level of fees, the usefulness of the services taken, and whether flows match the activity described at opening. If the company grows, changes activity or opens a branch, inform the bank before the flows change. A well-managed Greek business account inspires confidence and makes it easier to obtain cards, credit lines or financing later.