How to start a business in Greece

Greece has long been known for business planning and creating companies. It’s a beautiful place with a rich culture. Greece has a great climate and many resources that help businesses grow. Starting a company in Greece can lead to a rewarding and exciting journey, whether you live there or not.

This guide will help you kick off your business in Greece the right way. It covers the laws you need to know, the market, how to get money, and other key tips. Greece is in a great spot for business, with friendly rules and lots of different industries waiting for new ventures.

Key Takeaways

Greece has a rich history and culture, making it an attractive destination for business planning and company incorporation.
The country offers a business-friendly environment with a thriving economy, supportive government policies, and access to resources.
Entrepreneurs can leverage various funding options, including government incentives and grants, as well as private sources of capital.
The process of starting a business in Greece involves choosing the right legal structure, registering the company, and obtaining necessary licenses and permits.
Greece’s diverse industries, such as tourism, ICT, healthcare, and energy, present numerous opportunities for new and growing businesses.

Introduction to Starting a Business in Greece

Greece is a great place for starting a business due to its unique mix of benefits. It is at the center of Europe, Asia, and Africa. This means it offers a big market for your business and easy trading. The Greek government also supports people wanting to start a company there, by helping with policies and encouraging foreign business owners.

Starting a business in Greece has its perks. You could get tax breaks, deal with less red tape, and find money for your project easily. Being a beautiful place with a deep history, many tourists visit Greece. This makes it perfect for new businesses, especially in places like hotels and tourism. The start-up scene in Greece is also growing, which means it’s a good time for new ideas and companies.

Greece’s Business-Friendly Environment

The Greek government works hard to welcome new businesses and investments. They’ve put in place policies and programs to make things easier. Because of this, setting up shop in Greece is becoming more and more appealing for entrepreneurs.

Advantages of Doing Business in Greece

Greece’s middle-of-everywhere location is a big plus. It’s easy to get support for your business, and the rules aren’t too strict, helping your business grow. With its rich culture and natural scenery, Greece also offers great chances for new companies, especially in tourism.

Business Opportunities in Greece

Greece is a top spot for both entrepreneurs and investors. It has many business chances in various industries. These include a growing ICT field and a strong tourism scene. This makes it a great place for savvy business minds.

Thriving Tourism Industry

The tourism scene is key to Greece’s economic success. It is filled with chances for those in the hospitality and travel fields. Greece’s culture, natural beauty, and bustling cities draw in crowds globally. This creates room for investment in hotels, eateries, and tours.

Information and Communications Technology (ICT)

Greece’s ICT sector is on the rise thanks to skilled workers and better tech. It offers openings in software, cybersecurity, and digital services. The country’s supportive startup environment is also attracting interest. Both public and private sectors are investing heavily here.

Healthcare Sector

The healthcare scene is ripe for investors, especially in medical tourism and tech. Greece’s need for more healthcare services is growing. This growth presents a golden opportunity for those seeking to enter the health market.

Energy and Natural Resources

Greece’s energy and resources are a draw for investors. Its energy sources and location make it promising. Also, it’s building up its LNG infrastructure. This makes it an ideal time for businesses to get involved in energy and resource projects.

Requirements for Starting a Business in Greece

To start a business in Greece, there are key steps to follow. These include getting a tax identification number and choosing a company name. It’s essential to know the requirements for starting a business in Greece. This knowledge will help make the process smoother and ensure you follow the rules from day one.

Tax Identification Number (TIN)

The starting point is to get a valid Tax Identification Number (TIN) in Greece. This number, called Αριθμός Φορολογικού Μητρώου (ΑΦΜ) in Greek, is crucial. It’s needed for any business activities and when you deal with Greek tax authorities. Entrepreneurs use this number along with the TAXIS system credentials for online business activity.

Company Name Availability

Choosing a company name starts with making sure it’s available. Business owners need to check this with the Chamber of Commerce and Industry. There are rules in Greece about what names you can use, so finding a unique and legal name is important before registering your business.

Minimum Capital Requirement

In Greece, the minimum capital requirement changes based on your business’s legal type. For a private company, you need just one euro in share capital. A partnership, on the other hand, requires at least €1,000 in share capital. Meeting these capital needs is vital to kickstart your business in Greece.

Registered Office Address

Having a registered office address is necessary to set up a company in Greece. This is where your business is officially located. The office must be in Greece and at least one director and shareholder should be linked to it.

Understanding the requirements for starting a business in Greece is key. It helps entrepreneurs take their first steps in the exciting Greek market.

Types of Business Structures in Greece

Entrepreneurs in Greece can choose from various legal structures for their businesses. Each one has benefits and rules. Knowing about these choices is key to starting a company in Greece.

Limited Liability Company (EPE)

The EPE structure is a favorite among business owners in Greece. It needs at least one person to start, with a base capital of €4,500. EPEs have many freedom to do business, except in banking and insurance.

Societe Anonyme (AE)

The AE company is also popular in Greece. It requires at least €60,000 in capital and can be owned by one person or a company. AEs can do business in any sector, offering great flexibility.

Branch Office

For foreign companies, opening a branch office in Greece is an option. The parent company must submit an application and show its foreign capital. This way, companies can enter the Greek market without a new legal entity.

General and Limited Partnerships

Greece has partnerships too. General partners include at least two people with unlimited liability. Limited partners have one person whose liability is limited by their contribution.

Knowing the business structures in Greece well is crucial. It helps entrepreneurs pick the right one for their goals and legal needs. This is a big part of starting a company in Greece.

How to Start a Business in Greece

Starting a business in Greece means following certain steps. You start by picking the right legal structure for your business. Then, you choose a name and check if it’s available. After that, you submit some documents to get things going.

Choose a Legal Business Structure

Greece offers different business structures. Each has its own rules and benefits. You can go for an EPE, AE, or even a partnership. Choose carefully to match your business’s aims.

Register the Business Name

Finding a unique business name at the start is very important. You need to check if the name is already taken. This is done with the Chamber of Commerce. It helps keep your business legal.

Submit Required Documents

For a business to be official in Greece, you need to fill out some paperwork. You’ll need to provide personal details and create a business account online. You will also need to set up rules for your company. Once you register and get a GEMI number, you are ready to go.

Obtain Necessary Licenses and Permits

Getting your business running legally also means getting the right permits. This might involve getting specific industry approvals or general business permits. This makes sure you follow all local rules from the start.

Tax and Legal Considerations

Businesses working in Greece should know about important

tax considerations greece

and laws. The country’s

corporate income tax greece

is 22%. If profits go to shareholders, there’s a

withholding taxes greece

of 25%. But, if a company is from another EU country, it may not have to pay withholding taxes. This is thanks to the “parent-subsidiary directive.”

They also need to follow employment laws greece and make required payments to social security, starting at 167 euros a month. Knowing and following the legal requirements businesses greece is key to running a successful and legal business in Greece.

Funding and Support for Businesses in Greece

Starting a business in Greece opens the door to many support options. The government there gives out incentives and grants. This aims to help new businesses grow. It also helps them find private funds and join business accelerators.

Government Incentives and Grants

The Greek government helps businesses with many types of support. This includes money help, tax cuts, and cash for new ideas. Its goal is to boost funding options greece and to support government incentives greece. This way, both new and older companies can do well.

Private Funding Sources

In Greece, businesses can also find help from private investors like venture capital and angel investors. They fund new and small businesses. This help is crucial for these companies to grow and succeed.

Business Incubators and Accelerators

The country has lots of business incubators and startup accelerators. These places give tips, help connect with others, and give resources. They are a great place to find financing for businesses greece. This support can really speed up a company’s success.

Setting Up a Branch or Subsidiary in Greece

Companies interested in growing in Greece can open a branch or subsidiary there. The steps needed can change depending on the legal type chosen. This includes what documents are needed and how to make your company legal in Greece.

Requirements for Foreign Companies

EU companies wanting to start a branch in Greece need certain paperwork. This includes the company’s rules, a clear status update, a decision to branch out in Greece, and a person in charge. All these documents must be officially verified.

Registration Process

To get started, companies have to submit their documents to the local Commercial Register. This agency watches over new business registrations in Greece.

Legal and Tax Implications

Branches in Greece of foreign companies face a 22% tax rate on their profits. They also have to pay a 25% tax if they send profits back to their home office.

Requirement	Details
Required Documents for EU Companies	Company’s articles of association or statutes Certificate of good standing Formal decision to open a branch in Greece Designated representative or country manager
Registration Process	Deposit the required documents with the nearest General Commercial Register (GEMI) department.
Tax Implications	22% corporate income tax rate 25% withholding tax on profits remitted to the head office abroad

Conclusion

Greece is full of chances for business people and companies wanting to go global. It has a perfect spot, a warm welcome for business, and lots of growing industries. This guide has given a full look at what you need to know, the rules, how to sign up, and ways to get money for starting a business in greece.

Following the steps and using the help and special offers, anyone can build and expand their business in this lively and culturally deep place. The greece business opportunities, greece entrepreneurship, and greece startup ecosystem are ideal for greece company formation. By choosing the right paths and getting help, companies can use the country’s unique benefits and do well in the market.

If you dream of starting a company or your business aims for global, Greece is a smart choice. This guide shows what you need to do and know about the law, money, and how to run your business here. This beautiful Mediterranean country is ready for your business, with its sunny welcome and lots of opportunities.

FAQ

What are the advantages of starting a business in Greece?

Greece blends economic, cultural, and geographic perks. It sits at a pivotal spot linking Europe, Asia, and Africa. This allows for a broad market reach and easier trade. The country also welcomes businesses with tax breaks, easy bureaucracy, and financial support.

What types of business opportunities are available in Greece?

Greece is rich in business chances. It shines in tourism, ICT, healthcare, energy, and infrastructure. These sectors offer great prospects for starting or expanding a venture.

What are the legal requirements for starting a business in Greece?

To begin in Greece, you must get a Tax Identification Number. Also, ensure your business name is available. There are minimum capital rules for different business types. You need a place of business, plus directors and shareholders.

What are the different business structures available in Greece?

In Greece, you can pick from different company types. These include EPE, AE, a branch, and partnership forms. Each choice comes with its unique rules and tax matters.

What are the tax and legal considerations for businesses in Greece?

Businesses in Greece face a 22% income tax and a 25% tax on profits sent to shareholders. They must follow local work rules and pay into the social security fund.

What funding and support options are available for businesses in Greece?

Starting up in Greece brings many options for aid. There’re government funds, private investments from venture capital and angels, and help from incubators and accelerators.

What are the requirements for setting up a branch or subsidiary in Greece?

Foreign firms opening a Greek branch need to submit specific papers. These include company bylaws, good standing certificate, and an opening decision. The branch follows Greek tax rates and faces withholding for profits sent abroad.