8 Steps to Starting Your Company in Greece

Ancient Greek society placed considerable prominence on literature, and the whole literary tradition began with Homer's arduous poems. Greece was also essentially responsible for inventing drama and producing both masterpieces of tragedy and comedy. The classic “golden age” of Athens in the 5th century was marked by achievements in government, philosophy, drama, and architecture. Greece is a modern, industrialized Christian country.

It is the most welcoming place for entrepreneurs who want to set up a business in Greece. This is the right place for you, as there is an abundance of opportunities available for a long-term business existence.

Why Invest in Greece?

The new economy of Greece is taking shape. Also, Greece has the high ground on human capital, a propelled framework and is right now a nation with extraordinary potential for reviving its economy. This is why the grand nation has been drawing in speculators from around the globe to make new organization and business bargains. In 2019, venture openings have become appealing and generally accessible in segments like Travel and Tourism, Defense and Aerospace, Maritime, Agricultural items and sustainable power sources. It is anticipated that by the unwinding of the following decade, the country is to see a monstrous lift in Tourism and Logistics.

Also, these are the few other factors that show why you need to invest in Greece. They are:

·European Gateway

Greece stands at the crossroads of Europe, Asia, and Africa and offers excellent opportunities for internal-continental connection. Its highly developed shipping infrastructure provides a platform from which to venture into nearby markets around the Balkans, the Black Sea, and the rest of Eastern Europe.

·Tourism Prospect

Greece's tourism remained strong through the crisis and continues to be vital to the country’s economy. Tourism ventures are creating opportunities for infrastructure investment in locations across the countries.

Business Opportunities

The service sector is also an essential part of Greece's financial profile. Still, other sectors, including the IT sector, Biotechnology, health care, and property management, hold numerous attractive investment opportunities for business setup in Greece.

Investment Opportunities in Greece

• Pharmaceutical company
• Tourism
• Information and Communication Technology
• Food and Agriculture
• Logistics

There are also a few small business investment opportunities in Greece like-

• Tourists guide
• Cold room business
• Cruise boat/ship Company
• Marble factory
• Football agency

Benefits of Starting a Company in Greece

• The economy has been enormously boosted by the Olympic Games in 2004
• There has been a massive investment in infrastructure projects, primarily financed by the EU
• The spending pattern of Greece's customers is higher per capita than any other EU member.

Four main types of Greek company registration business

• Limited Liability Company (EPE)
• Stock Corporations (AE)
• Partnership-

1. General Partnership
2. Limited Partnership

• Branches

8 Steps to start your company in Greece in 2019

Step 1- Legal Registration

Commercial legislation, company legislation, and limited liability company legislation define the procedures relating to the formation of the new company.

Step 2- Select the Legal Form of the business

• Sole Trader
• Corporate Company

There are four different types of corporate companies

1. Public limited company
2. General partnership
3. Limited partnership
4. Limited Liability Company

Step 3- Business Plan and Evaluation

The business plan is the key tool towards success. You need to plan everything without forgetting any details, with a sound commercial strategy and a secure financial plan.

Step 4- Registering a Company

Once you have chosen where the company will be based, the natural (sole trader) or the legal persons (corporate company) must register it with the Chamber of Commerce.

To register at the Chamber of commerce, you need

• Notarized copies of articles stamped before, the lawyers' pension fund, the lawyer’s welfare    fund
• Certificate of approval

Step 5- Obtaining a Tax Identification Number

You must then apply for the tax identification number at the relevant tax office.

Step 6- Special Procedures

For certain professional categories, a license to practice is essential for the commencement of any business activity. The majority of licenses to practice a profession, as well as the special operation license, are issued by the competent directories responsible for business activities in the various prefectures.

Step 7- Make a Company Seal

The company’s seal must also contain the tax registration number and the tax office. Banks still use a company seal, and companies are still required to make one in their daily practices.

Step 8- Books and Accounting

An accounting log and receipt books need to be ready. The company stamp should be used to imprint the accounting log on every single page of receipt books.

Also read about: Opening a Bank Account in Greece

Conclusion

Some steps taken in the right way can bring you closer to your destination. If you are interested in setting up a business in Greece, consider the factors mentioned above, select the one that suits your business idea, and jump towards executing the idea.

Don’t know how to kick start?

Don’t worry, we can help you!

Business Setup Worldwide is a platform to help you set up a business in Greece. We can assist you with company incorporation, registration, corporate secretarial services, intellectual property protection, and Greece tax advisory for your company formation in the country. Business Setup Worldwide's proprietary business design techniques, combined with its regional know-how and global reach, enable companies to anticipate changes in customer priorities and the economic market, and then mould their businesses and improve operations to make use of opportunities created by those changes, contact us-we’d happy to help.