Greece: Commercial/Corporate - Newsletter September - October 2019

Last Updated: 4 November 2019
Article by Your Legal Partners

A public consultation of a new draft law on the operation of the General Commercial Register (Γ.Ε.ΜΗ.) has ended on 20.09.2019. Principal aims of the draft provisions are, inter alia, the simplification and acceleration of all registration procedures, the elimination of bureaucracy, the interoperability/interconnection of the Register with the tax register or/and other registers managed by governmental authorities, the issuance and filing of a certificate of good standing for all registered undertakings.

A public consultation of a new draft law on the National Development Program has ended on 24.09.2019. The draft law adopts, inter alia, rules governing the preparation, coordination, management, financing, control and implementation of development initiatives financed by the Public Investments Program.

A public consultation of a new draft law on mediation in civil and commercial matters has ended on 14.10.2018. The provisions of this draft law amend the provisions of L.4512/2018 on mediation in civil and commercial matters and aim at rendering mediation as an alternative way of dispute settlement into a fundamental institution in the Greek society

A draft law under the title "I Invest in Greece" has been submitted to the Hellenic Parliament on 09.10.2019 and is currently debated by the competent committees. The law has as its main aim to introduce sweeping transformations, which will improve the overall competitiveness of the country. Let it be noted that in all recent OECD and World Bank surveys Greece scores very low in the relevant indexes.

In an effort to attract FDI, the draft law acknowledges that certain key investments qualify as "strategic investments". The latter enjoy a series of privileges like simplified licensing procedures, certain deviations from existing building restrictions, protection from future adverse changes in the legal framework as well as tax breaks and other subsidies. Also, the draft law introduces the launch of the Comprehensive Digital Map, which will comprise all zone planning regulations across the country pertaining to investment or building activities, making it easier for prospective investors to know with legal certainty where and what they can and cannot do. Likewise, the draft law launches a Comprehensive Register of Infrastructure, which will clarify which entity (central government, peripheries or municipalities) is responsible for the maintenance of individual pieces of infrastructure, an area that currently is very problematic, due to overlaps of authority leading to eventual inertia.

Another key area of the draft law is the revamp of the institutional framework for the setup and operation of new business. The draft law adopts as a starting point the rule that no specific license is required for setting-up a business. Cases where a license is required will be the exception rather than the rule and will be confined only to those activities where the protection of a vital public interest warrants a need for prior licensing.

Of critical importance are also the provisions of the draft law pertaining to collective bargaining in the field of employment.

Provisions of this draft law with a more day today implications include, inter alia:

(i) the introduction of an electronic "Register of Offenders for Undeclared Employment", in which the undertakings employers (natural persons and legal entities) sanctioned for hiring individuals without officially declaring their employment shall be registered;

(ii) the adoption of measures for the protection of part-time employees. More specifically, (a) unless the agreement for part-time employment is filed in writing with the competent Labour Inspectorate within 8 days as of its execution, the employee should be considered as employed on a fulltime basis; (b) the part-time employee who works overtime should be paid an additional 12% on his/her agreed remuneration for each additional working hour; (c) the part-time employee should enjoy the same working conditions with the fulltime employee in the same job, and should have a right of priority in case there is a vacancy in the same undertaking/employer for being hired in a fulltime role;

(iii) delay in the payment of salaries beyond two months will be deemed to amount to unilateral harmful amendment of the employment contract, which entitles affected employees to consider their employment terminated and claim termination indemnity.

Tax Law

EU tax caselaw: EU General Court has dismissed Starbucks tax ruling case (2015), upheld, however, FIAT tax ruling case (2015). The EU general court rejected in late September 2019 the European Commission's decision that Starbucks had enjoyed a selective advantage in the Netherlands but confirmed assessment that Fiat had benefited from an unlawful tax ruling in Luxembourg. In a highly anticipated ruling the Luxembourg based General Court said that EU competition directorate had failed to demonstrate that Starbucks had benefited from illegal state subsidies. In a 2015 decision against Starbucks, the former competition commissioner Joaquin Almunia had ordered the Netherlands to recoup millions of euros in unpaid taxes. The Netherlands has actually recovered €25.7 million, as a result of the aforementioned decision, which the General Court recently annulled. The EU General Court, however, upheld the second decision issued in 2015 on the FIAT state aid case that led to Luxembourg recovering €23.1 million from FIAT Chrysler Automobiles. Competition Commissioner Margrethe Vestager said in a statement following the rulings: "Each case has its specificities and involves complex legal questions. We will study the judgments carefully before deciding on possible next steps." According to the Commissioner, the decisions gave "important guidance on the application of EU state aid rules in the area of taxation." However, the EU Commission has not confirmed yet whether it will appeal the Starbucks ruling to the European Court of Justice, the EU's highest court.

Employment Law

Electronic filing of the Annual (2019) Staff

Establishment Plan

From 1st until 31st of October 2019 all employers should file the annual staff directory of their undertaking/company by registering the full details of each member of the entire staff permanent or seasonal employed in their business at the time of filing, according to the provisions of article 16 par.1 of L.2874/2000. In case the Annual Staff Directory has not been filed within the deadlines provided by law, a penalty for nofiling is imposed and the violation is considered to be "highly severe".

The Hellenic Council of State has ruled that fundamental provisions of the 2016 social security legislation (L.4387/2016), are unconstitutional, according to relevant decisions published in early October 2019. More specifically, the Supreme Administrative Court has ruled that the method provided by L.4387/2016 for the calculation of the social security contributions of the self-employed individuals independent professionals is unconstitutional, because it is discriminatory compared to the respective method adopted for the calculation of the social security contributions of the employees. Furthermore, the provisions of this law regulating the calculation of supplementary retirement pensions were also held to be unconstitutional.


The Greek Data Protection Authority has imposed on a telecommunication provider fines of an amount of €400,000.00 for the violation of the data accuracy principle (art. 5.1(d) GDPR), of the data subject's right to object to data processing for direct marketing purposes (art. 21 par. 3 GDPR) and data protection failures(art. 25 GDPR).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions