Further to our previous Newsletters regarding the simplification of the procedures for the establishment of partnerships and companies, the Ministerial Decision determining the procedures, technical details and other issues regarding the operation of One Stop Authorities has been issued and the new establishment procedures are effective as of 4 April 2011.

The recently issued Decision:

· sets out the documents to be filed with the One Stop Authority in the course of the establishment of new companies up to and including registration with the tax authorities and determines issues related to the operation of the General Commercial Registry;

· provides drafts of certain documents/applications to be filed with/by the One Stop Authorities;

· determines the third party costs payable which are reduced compared to the previous procedure;

· provides that any partnerships/companies established in the course of mergers as well as partnerships/companies requiring an administrative license or decision to operate (such as banks, insurance companies etc.) do not fall within its scope;

· determines the method of transferring the related data/documents to the General Commercial Registry and the other public authorities involved in the establishment.

Once the new procedures become fully operational and the smooth and speedy co-operation of the authorities involved is achieved, the establishment timeframe is anticipated to be significantly reduced. However, other steps, including the simplification of procedures for obtaining operating licenses by certain companies (e.g. energy sector), should also be implemented in order for such companies to be able to immediately commence their operation.

For more information you may contact:

Constantine Papacostopoulos

Lawyer/Managing Partner

Tel.: +30 210 6062325

Fax: +30 210 6062111

Email: cpapacostopoulos@cpalaw.gr