Fast & effective accounting and auditing in Greece
Formationwise provides the most comprehensive accounting and auditing in Greece, designed in a consistent manner to assist you in achieving both your personal and business objectives.
What we do
At Formationwise, our accounting firm services can assist you in expanding your business in Greece’s thriving and lively economic climate. We watch daily changes in corporate tax legislation and plan the essential actions to enable your company to properly operate in Greece.
Who we are
We are one of the leading accounting firms in Greece that can help both domestic and foreign enterprises to effectively develop their company in a global setting through excellent accounting and financial audit services.
In order to offer a broad variety of services to our clients in Greece, our team comprises of highly qualified individuals with knowledge of all tax and accounting issues. We offer a unique variety of services and take each new challenge seriously.
Why you need us
The team of trained and experienced accountants, tax consultants and business advisors at Formationwise provide complete and accurate tax, accounting, financial, and business consulting services to a diverse array of local and foreign businesses in Greece.
Send us an inquiry today!
Place your order
Select the offshore accounting package for your desired jurisdiction
Simply choose the offshore accounting and auditing package for your desired jurisdiction by filling out our form, by call or by placing an order on our website
After finalizing the right package, make the payment for your chosen services and send us your financial details
Send your documents
Forward us all the necessary financial documents through an email with the documents attached or by phone
Start the process
Once we receive the payment and the required documents, our team will start working on the accounting or auditing service that you have ordered in your chosen jurisdiction
Get it done
Depending on whether it’s a one-time task or an ongoing financial project, our offshore accounting partners will get the job done in your new jurisdiction
Our accounting and auditing services in Greece
Not sure what you need?
Why choose Formationwise for your accounting & auditing in Greece?
Formationwise provides industry-leading accounting, auditing and bookkeeping services in Greece through a knowledgeable team of regional partners. Here are some of the reasons why you should employ Formationwise for your accounting and auditing in Greece:
Full variety of services
From digital accounting and compliance audits to payroll accounting and more, we provide a complete myriad of financial services to help you operate your financial operations in Greece smoothly and effectively.
When you use Formationwise to manage your accounting and auditing services in Greece, you can be certain that your records, data and personal information are 100% protected.
Quick and efficient
We will properly handle your company’s financial data to assist you in increasing sales and taking your Greek business to the next level.
We have years of expertise assisting new businesses and corporations of all kinds with accounting and auditing in Greece.
Free first consultation
We provide a free first consultation to examine and analyze the ideal accounting and auditing services for your corporation or business in Greece.
Our team of financial specialists provides excellent accounting and auditing services in Greece at the most competitive market prices without sacrificing quality.
Honesty and ethics are fundamental priorities at Formationwise. When you deal with us for accounting and auditing in Greece, you will never be charged any hidden fees or costs.
Benefits of outsourcing your accounting and financial audit services in Greece to FormationWise
What documents are required for outsourcing your accounting and auditing services to FormationWise?
Due to the constantly changing and complicated Greek rules and regulations in force, significant paperwork and checklists are necessary to manage your Greek company’s accounting and auditing processes. Here are some of the documents we need to manage your accounts, prepare and submit your taxes or perform an internal audit for your Greek company:
Auditing services in Greece
Our team of skilled auditors at Formationwise can ensure the dependability of your financial information within certain accounting and regulatory frameworks. Furthermore, our audit services may assist organizations in identifying big risks, which can help you improve your financial security and commercial success.
A well-planned audit by our team of skilled auditors may help you reduce operating expenses while increasing the added value created at the end of the process. We begin by attempting to get accustomed with the client’s operations.
Our auditing techniques transcend even the most difficult obstacles and are capable of identifying the business risks that each financial unit of a firm is expected to manage in the safest possible manner.
We recognize the importance of audit and assurance services in meeting our customers’ business and regulatory demands. Internal audit, tax audit, statutory audit, forensic audit, external audit, and compliance audit reports all provide value by providing credibility to financial statements that are helpful to all stakeholders.
Our audit services are based on a comprehensive internal audit function that complies with International Standards on Auditing and Greek professional legislation. We tailor our audits to the unique operational, legal, and financial concerns that your company may face in Greece. We are persistent and honest about our job and how it is carried out.
Mandatory reports required in Greece on an ongoing basis
Greece is subject to the accounting, auditing and financial reporting standards set in EU Regulations and Procedures as incorporated into local laws and regulations as a member of the European Union (EU).
The standards for financial statement preparation are outlined in Law 4308/2014, which was enacted to implement EU Directive 2013/34. Accounting and auditing values are established by the Ministry of Finance (MoF) and the Ministry of Development and Competitiveness (MoD&C) under the legislation. The legislation specifies the financial reporting requirements for various kinds of firms based on their yearly turnover, number of workers, and total assets, as well as the appropriate accounting standards.
The requirements for required audits are established by Law 4336/2016. All firms that fulfill two of the following requirements for two consecutive years are subject to required statutory audits under the legislation:
The auditing standards are set in Law 4449/2017, which was issued to transpose the Audit Directive and Regulation (EU) No 537/2014.
Important accounting deadlines in Greece
Within 20 days of the annual general meeting, financial statements and approved minutes must be submitted to the General Corporate Registry.
The corporate income tax (CIT) rate for legal firms is 22%, with credit institutions excluded.
The accounting year lasts 12 months and concludes on the 31st of December or the 30th of June. Foreign group subsidiaries may utilize different year-end dates. The tax year follows the year of income. After the conclusion of the fiscal year, you must submit your tax returns by March 2nd.
The special circumstance of concluding the accounting period for income tax purposes on a date other than 31 December or 30 June is confined to Greek legal entities/other entities that are directly or indirectly owned by foreign legal entities/other entities in a ratio of more than 50%.
Capital gains taxation
Capital gains are taxed at the ordinary corporate income rate of 22%. If the shareholding is more than 10% and held for more than 24 months, capital gains on the sale of shares in an EU subsidiary are exempt from taxes.
Any monthly or quarterly VAT filing in Greece is due on the last working day of the month after the end of the period. Any Greek VAT owed must be paid concurrently.
VAT is charged at a regular rate of 24%
Fresh food, non-alcoholic drinks and aerated waters, as well as other basic forms of foodstuff, are subject to a lower VAT rate of 13%.
Health, medical and pharmaceutical items are subject to a super-reduced rate of 6%.
Exports are exempt from VAT
All Greek businesses must adhere to International Financial Reporting Standards (IFRS). Overall, IFRS are market-oriented principles-based standards that demand more information than previous standards, i.e. local generally accepted accounting principles (GAAP). In their consolidated financial accounts, all local firms whose securities trade on a regulated market are obliged to utilize IFRS Standards as accepted by the EU. The adoption of IFRS is required for businesses having listed shares or securities, as well as corporations that are consolidated for accounting purposes with an IFRS-using firm if that company accounts for at least 5% of the consolidated turnover, consolidated assets or consolidated results.
The International Financial Reporting Standards (IFRS) are a collection of accounting benchmarks that regulate how certain kinds of transactions and events are recorded in financial statements. The goal is for the rules to be implemented consistently across the world, allowing investors and other users of financial statements to compare the financial performance of publicly traded firms on a like-for-like basis with their worldwide counterparts. The IFRS Framework defines the ideas that underpin financial statement preparation and presentation. Such principles serve as the basis for financial statements and serve as a platform for the development of standards.
Greece, as a member of the European Union (EU), follows the accounting, audit and financial reporting obligations outlined in EU decrees and directives that are implemented into national laws and decrees. The standards for preparing financial statements are outlined in Law 4308/2014. An annual report must provide an accurate picture of the company’s commercial and financial situation. A balance sheet, yearly return, profit and loss statement, and notes to accounts are required in financial statements. If the mandatory audit conditions are met, financial statements must be audited and reported to the registrar of public limited firms, as well as published in an official government publication.
Any public firm and all corporations that satisfy two of the following conditions in two consecutive years must be audited, according to the legislation:
- The balance sheet total is 4,000,000 EUR
- Turnover is 8,000,000 EUR
- The average number of employees per year is 50
All limited liability businesses and Greek branches of international banks are now required by Greek tax regulations to have their tax returns examined by a licensed Greek auditor. If a certificate of yearly tax audit is provided without reservations, the company’s tax concerns are regarded final, and tax authorities do not generally perform their own examination unless the taxpayer is selected for a selective inspection. Formationwise offers an independent audit service that focuses on risks that might have a significant effect on your financial statements. Our audit strategy, techniques, and documentation enable us to collaborate with your Greek company to meet your requirements.
The Euro is Greece’s official currency. We provide multi-currency payment processing solutions in a range of currencies, enabling you to include additional currencies such as GBP, USD, or Euros into your business operations. Simply email us your customers’ payment details and we will convert the currencies and guarantee that the exact amount is sent to the appropriate foreign account. We will also handle your customers’ incoming foreign payments, with or without currency conversion. We save you time and money by employing a safe and smooth online solution for all international payments and transfers. Register with us to send and receive money to Greece and get the best exchange rates and the most money into your accounts.
A Greek tax registration number is required for the intention of submitting income tax returns in Greece. Foreigners are supposed to file a yearly income tax return with the Greek tax authority that handles residents from other countries. Taxpayers above the age of 18 are obliged to electronically report all of their income, whether taxable or exempt, to the Tax Administration. In extraordinary circumstances, a tax return form may be printed and sent to the Tax Administration. The tax return form must be filed by June 30 of the next fiscal year. Formationwise can assist you with filing your Greek tax returns.
In Greece, there is no registration threshold for VAT. Domestic enterprises that conduct economic activity in Greece must register with the tax authorities, regardless of their yearly earnings. Furthermore, a taxpayer’s tax registration number is used for all tax purposes, including VAT, in Greece, therefore there is no need for a second registration for that purpose. Non-EU registrants must have a fiscal representative in order to register for VAT in Greece. In order to register for Greek VAT, non-EU enterprises must choose a fiscal representative. Formationwise can assist you with registering for VAT in Greece.
You do not need to go to Greece to get your accounting and auditing work completed. Instead, you can rely on the finest accounting professionals at FormationWise to handle all of your accounting needs in Greece, including accounting and financial audit, internal audit, tax audit, statutory audit, forensic audit, external audit, compliance audit, VAT reports, and bookkeeping services. We will spare you the trouble of traveling to Greece, allowing you to concentrate on the more vital areas of your business’s development and progress. Allow us to manage all of your financial duties while you sit back and relax in your home country.
To avoid double taxation and to facilitate collaboration between Greece and foreign tax authorities in applying their various tax rules, Greece has engaged in double taxation treaties with 57 countries. Draft agreements with more nations are currently being negotiated. A Double Taxation Prevention Treaty, in theory, allows tax paid in one of two nations to be offset against tax due in the other, so eliminating double taxation. When a particular income is taxable under the Greece Income Tax Ordinance but qualifies for an exemption (lower tax) under a Taxation Treaty, the income is taxed exclusively in accordance with the rules of the Taxation Treaty.