Why Understanding Greek Accounting Rules Matters

If you’re a foreigner running a business in Greece, you must comply with Greek accounting and bookkeeping laws from day one.

Failing to do so can result in:

❌ Fines and audits
❌ Rejected tax filings
❌ Blocked VAT refunds
❌ Trouble obtaining residence permits or licenses

This article explains the accounting obligations for foreign-owned Greek companies, including IKE, AE, and sole proprietorships.

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📘 Who Regulates Company Accounting in Greece?

All companies in Greece must follow the:

• Greek Accounting Standards (ELPΛ) – based on EU directives

• Rules issued by the Independent Authority for Public Revenue (AADE)

• Registration requirements with GEMI and tax offices

Businesses must also use certified accountants to file reports and maintain books.

✅ Borderless Lawyers works with licensed accountants in Athens and Thessaloniki for full compliance.

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🧾 What Are the Core Accounting Requirements?

Here’s what every company in Greece must do:

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💼 Mandatory Bookkeeping for Different Structures

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🧮 What Is myDATA?

myDATA is Greece’s new electronic bookkeeping platform, operated by AADE.

• All invoices and expenses must be reported digitally

• Applies to companies, freelancers, and partnerships

• Failure to comply leads to hefty fines and audit risks

📌 We help foreign clients integrate myDATA with compliant software and certified accountants.

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📆 Key Accounting Deadlines in Greece

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🧾 Sample Monthly Workflow for a Greek Company

Example: A UK digital agency operates as an IKE in Greece

• Week 1: Gather expense receipts and outgoing invoices

• Week 2: Accountant uploads to myDATA

• Week 3: Submit VAT return

• Week 4: Pay VAT + payroll taxes

Our clients often use cloud accounting tools integrated with their accountant for real-time compliance.

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📑 Special Notes for VAT-Registered Companies

If your company exceeds the VAT registration threshold (€10,000 revenue) or voluntarily registers:

• Must issue legal VAT invoices

• Submit monthly VAT returns

• File intrastat/EC Sales List if trading with the EU

• Maintain a VAT ledger in myDATA

🧾 Borderless Lawyers handles your VAT registration + accounting from setup to ongoing filing.

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⚖️ Penalties for Non-Compliance

• Late filings: €100–€500 per instance

• Unregistered invoices: Fines up to €10,000+

• No myDATA integration: Trigger for audits

• Repeated offenses: Company suspension

We ensure your company stays fully compliant — with licensed accountants managing your filings.

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💼 Do I Need a Greek Accountant?

Yes — it’s required by law. Foreign owners cannot self-file unless they are certified accountants in Greece.

Your accountant will:

✅ Maintain digital books
✅ Submit filings via TaxisNet
✅ Handle tax calculations and withholdings
✅ Coordinate with the AADE on audits or inquiries
✅ Keep you compliant with Greek and EU tax rules

We pair all foreign clients with vetted accountants who speak English and handle international clients.

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🧑‍💼 How Borderless Lawyers Helps

We provide end-to-end compliance:

✅ Greek company registration
✅ AFM, EIN, VAT setup
✅ Monthly and annual accounting
✅ myDATA and e-invoice integration
✅ Payroll & social security filings
✅ Coordination with your bank
✅ Legal support for audits or fines

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❓ FAQ – Accounting for Greek Companies

Q: Can I use my own accountant from abroad?
A: No. You need a registered Greek accountant with access to TaxisNet.

Q: What if my company has no revenue yet?
A: You must still submit zero returns monthly and annually.

Q: Do I need an auditor?
A: Only if you’re an AE or your turnover exceeds certain thresholds.

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📈 Ready to Keep Your Greek Business Compliant?

Accounting in Greece is complex — but with the right team, it’s painless. We help foreign entrepreneurs stay legal, tax-efficient, and audit-ready.

👉 Contact Borderless Lawyers for full Greek company setup + accounting support — remote service available.