Heraklion Chamber of Commerce | Letter Regarding G.E.MI. Administrative Fines
Heraklion Chamber of Commerce | Letter Regarding G.E.MI. Administrative Fines
The President of the Heraklion Chamber of Commerce, Mr. Vangelis Karkanakis, has expressed the strong concern and dissatisfaction of Heraklion’s business community over the heavy fines set to take effect next year for businesses that have not completed their registrations with the General Commercial Registry (G.E.MI.).
In a letter addressed to the Minister of National Economy and Finance, Mr. Kyriakos Pierrakakis — and also forwarded to the Minister of Development, Mr. Takis Theodorikakos — Mr. Karkanakis highlights the particular challenges faced by small, family-run, or newly established businesses that often lack sufficient personnel and expertise. As a result, they may neglect G.E.MI. entries unintentionally and without fraudulent intent.
Mr. Karkanakis calls on the Minister to reconsider the penalty framework and proposes that fines be calculated based on objective criteria to ensure the survival of small enterprises while still promoting transparency and compliance as required by G.E.MI.
The letter states the following:
“Dear Minister,
According to Joint Ministerial Decision 46982/2025 (Government Gazette B’ 3542/08‑07‑2025), the new fine framework for businesses failing to meet G.E.MI. publication obligations includes penalties of up to €100,000 for large companies, €50,000 for medium-sized, €25,000 for small, and €10,000 for micro-enterprises.
Feedback from the market overwhelmingly suggests these fines are seen as excessively strict and disproportionate, especially for small, family-run, or newly established businesses that lack adequate human resources and technical knowledge, often resulting in missed G.E.MI. entries unintentionally.
For this reason, we propose a revision of the framework based on the following objective criteria:
Size & Legal Form: Fines should vary according to staff size, turnover, and legal structure (e.g., SA, Ltd., PC, sole proprietorship). A flexible framework should also include warnings and temporary exemption for small or newly established enterprises.
Intent to Comply & Violation Frequency: Differentiate between accidental and repeated violations. The former should trigger a warning or corrective regime; the latter, stricter penalties.
Financial Status: Relief should be considered for businesses with poor financial performance or operating during crisis conditions.
Process & Time to Comply: Extend deadlines, introduce interim warnings, and allow temporary suspension of fines when the issue is promptly corrected.
Implementing these changes would reinforce the principle of proportionality, safeguard small business viability, and still achieve the important goal of compliance and transparency in G.E.MI.
We believe that through meaningful collaboration and the exchange of well-supported views, we can jointly shape a fair, functional framework adapted to the real needs of businesses.”**
This letter reflects the Chamber’s stance that regulatory compliance must be balanced with the realities of small business operations, especially during periods of economic uncertainty.
Source: Google News
