Accounting services for Sole Proprietorship
We provide full accounting management to sole proprietorships , from start-up to tax returns and professional advisory support. Make wise choices and develop your business vision with Epidosis.
Starting a Sole Proprietorship
To start a sole proprietorship you need to have a Greek VAT number, a valid registered address in Greece, and no other sole proprietorship in your name. The length of the process depends on the DOU you belong to and how well organized it is. In general, the establishment of a sole proprietorship can take from 2 days to 2 weeks.
The initiation can be carried out by a third party (e.g. an accountant) with an electronic authorization , as long as information has been registered in the National Register of Communications (EMEp). To complete the process, your authorized representative will ask you for your personal information, the Property Identification Number (ATAK), the lease if you are a tenant, and the activity that the business will carry out. Finally, the Certificate of Commencement of Works is issued and registered in e-EFKA .
Home Based Sole Proprietorship
The sole proprietorship may be based in your home . It has the same obligations, responsibilities and rights as other sole proprietorships and can be audited by the tax authorities. When you have chosen your home as your home, trading and food preparation activities are not allowed.
You need to set up a business bank account and get a POS. Taxation and contributions to EFKA are calculated as in any other sole proprietorship. The seat can be in a residence you own (private use), in a residence granted free of charge (e.g., by a parent) or a rented residence with the written approval of the owner in the lease.
Sole Proprietorship Taxation
Sole proprietorships in Greece are taxed on a graduated basis according to their profits, excluding tax. The entrepreneur is required to file tax returns and VAT returns – if subject to a VAT regime. In general, a sole proprietorship is a good way to start a business , but when the turnover increases, there are better corporate forms (eg IKE and EPE) and solutions for more favorable taxation, such as setting up a business abroad.
| Tax for Sole | % |
|---|---|
| for profits up to 10.000 € | 9 |
| for profits up to 20.000 € | 22 |
| for profits up to 30.000 € | 28 |
| for profits up to 40.000 € | 36 |
| for profits above 40.000 € | 44 |
Accounting office for Sole Proprietorship
- Bookkeeping and expense classification according to Greek Accounting Standards (GAS).
- Submission of all necessary tax returns, such as E1, E3, and VAT.
- Providing advice on the maximum utilization of the tax reliefs provided.
- Payroll management and submission of the necessary declarations to the competent authorities
- Providing business advice to improve the efficiency and profitability of the business
- Representation of the business to the tax authorities for any case or audit
