Registration in the National Registry of Startups (Elevate Greece) is not a mere formality. It requires, on the one hand, that specific formal eligibility criteria are met and, on the other, that the company demonstrates it has the characteristics of a startup —namely innovation and scalability— pursuant to Joint Ministerial Decision (JMD) No. 134622 (Government Gazette B’ 5587/18.12.2020).
1) Who can apply for registration
Eligible applicants are capital companies with their registered seat in Greece. Companies established abroad may also apply, provided they maintain a branch in Greece with a Greek tax identification number (AFM) and registration with the General Commercial Registry (G.E.MI.). In this case, the application is submitted by the branch and the registration concerns the Greek branch.
2) Formal eligibility requirements (must all be met cumulatively)
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The company must not have exceeded 8 years of operation from the date of commencement declared with the tax office (D.O.Y.), as of the date of submission.
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It must employ fewer than 250 employees, calculated in Annual Work Units (AWU), based on the data of the latest financial year (with reference to the ERGANI information system).
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If no financial year has been completed, the staffing criterion is evidenced by payroll statements signed by the Head of Accounting or by an external accountant holding a licence from the Economic Chamber of Greece (OEE).
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Annual turnover must not exceed EUR 50 million, based on the financial statements of the latest financial year.
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For a Greek branch of a foreign company, there is a critical requirement: the 8-year limit must apply both to the branch and to the foreign parent company, whereas the staffing and turnover criteria are assessed only in relation to the Greek branch.
3) Substantive criteria: Innovation
Beyond the “measurable” thresholds, the assessment examines whether the business is truly a startup. Innovation is typically substantiated when:
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there is technological innovation in the product/service and/or an innovative business model based on recent technology,
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competition is limited compared to businesses offering solutions with similar advantages (not generally all businesses addressing the same market),
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or, where the company’s main activity is research, there is an objective to generate intellectual property with prospects for commercial exploitation (a “knowledge-intensive” business).
4) Substantive criteria: Scalability
Scalability concerns whether the business model/technology can lead to rapid growth in sales, potentially even in a global market. Particular weight is given to the fact that:
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the core product/service must be standardised, or at least capable of being standardised, and
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the activity must not primarily involve consulting/feasibility services or custom-made construction/delivery.
5) What to check before submitting an application
For a sound and complete application, it is worth preparing on two levels:
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Compliance with the formal criteria (8-year limit, AWU headcount, turnover), with clear documentation from the tax office (D.O.Y.)/ERGANI/financial statements.
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A clear explanation of innovation and scalability, supported by specific evidence: what exactly is new, who the competitors are, why the product is standardisable, and how it can grow without turning into a predominantly custom-built project.
The process also provides for a fast-track (immediate registration) option. In simple terms, in certain cases your business may be registered more quickly because it is considered to already show “strong indications” of innovation and growth potential. This does not mean there are no rules: the company must first meet the formal requirements (i.e., age up to 8 years, fewer than 250 employees, turnover up to EUR 50 million), but it does not undergo the same in-depth assessment as under the standard procedure.
Fast track is typically applied where there is an objective “quality indicator”, such as: participation in the shareholding structure by an institutional Venture Capital investor; classification as a spin-off from a Greek higher education institution (AEI) or research centre; success/distinction in European programmes such as Horizon 2020 / Horizon Europe (e.g., EIC Accelerator, Seal of Excellence); or ownership of active patents granted by recognised patent offices (or an equivalent IP assignment/licensing agreement). The purpose of the fast track route is to avoid “re-proving” matters that already follow from recognised indicators.
