Greece is fast becoming a popular destination for entrepreneurs looking to leverage the country’s economic recovery. Since the country reappeared on the radars of investors, it has seen significant growth in its real estate and tourism sectors. Also, IT companies and startups are taking advantage of the opportunities available including favourable tax policies.
According to founder and managing partner at Invel, Chris Papachristophorou “The economic recovery, coupled with structural reforms, is expected to attract more foreign investors,” Kojakovic adds. “In this context, EBRD aims to continue supporting the resurgence of the real estate sector.”
Greece saw about 446 million Euros worth of investment in commercial real estate in the first quarter of 2019 – higher than previously recorded volumes for each of the past four years (source: Savills)
If you are considering setting up a business in Greece, here are a few tips to help you start on the right foot.
Before packing your bags and moving resources to Greece to start a business or expand your business operations, do due diligence and understand your target market, the general business climate, security, cost of living, and others. Even though Greece is generally favourable for most businesses, there is still a lot to learn about setting up a business there. Understand the culture and lifestyle of the citizens, research about the climate and how it can affect your business. Understanding how Greece works is your first step in running a successful business in the island country.
Register your company
You must register your company before you can operate it. This is standard practice across the globe. Before opening up your business, ensure that you have gone through all the necessary business registration processes in Greece. Once you have registered your business, it becomes a legal business that is now recognised by the Greek government.
Whether you plan to set up a partnership, a limited liability, or a sole proprietorship business, you need to be familiar with all the business regulations surrounding your business type. In most countries, there are different regulations for different types of businesses, and having an understanding of this will make it easier to set up your business. If you are a foreigner setting up a business in Greece, this is something that you need to pay close attention to. Getting the help of a local law firm will make it easier to understand these regulations.
Get the help of a lawyer or law firm
Getting legal advice when setting up a business cannot be overemphasised. Since you most likely may not be familiar with all the regulations and laws guiding business practice in Greece, your best bet is to seek the service of a law firm. There are several law firms in Greece that are experienced in helping businesses get settled. Therefore, if you are looking for a law firm in Athens, check oikonomakislaw.com.
License and permits
Obtain all necessary licenses and permits needed to operate your business. These licenses are determined by the type of company you are starting. Approach the necessary agencies to obtain these licences and permits to prevent disruptions to your business operation.
Set up your accounts and taxes
Ensure that you obtain the VAT number by registering your company at the Tax agency. In Greece, your company must be registered for VAT.
Founder Dinis Guarda
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