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Greece: changes in the establishment of companies and maintenance of the GEMI
As from the 1st July 2022, Greek entities will not be able to conduct any registrations if they have not complied with certain key legal obligations such as the filing of their annual financial statements. While the entities will continue to stay registered with General Commercial Registry (GEMI), they will not be able to conduct any new filings should any of the below conditions apply to them:
- Non-publication of annual financial statements within the deadline prescribed by law;
- No legal administration/liquidators for more than 6 months;
- No publication of commencement of liquidation balance sheet for more than 1 year as of the start of liquidation process;
- Suspension or deactivation of Tax ID number;
- No certification of payment of initial share capital.
As the entities will no longer be able to complete any new registrations, they will subsequently be unable to comply with further obligations, exposing the company to possible administrative fines ranging from EUR 100 to 100,000.