Business Outlook and Intellectual Property in Greece

Many may not consider Greece a place to start a business at the moment, given the financial crisis that made headlines in 2008, but prudence would suggest otherwise. Greece is getting back on its feet after the major financial crisis, which sent ripples around the world. The situation has improved greatly in the past few years, thanks to bailouts by the European Central Bank (ECB) and the International Monetary Fund (IMF). Against the backdrop of such events, the revamped economy of Greece is expected to grow as a manufacturing hub, buttressed by the rapid growth in the tourism sector. With a well-trained labour force and an inflow of investment, the situation in Greece is sure to improve over the coming years. Greece's GDP, bouncing back after the recession, has rekindled itself with a sustainable growth pattern, which is expected to grow by 1.9% this year.

Growth in Industry

Greece’s economy has been bolstered by foreign investments, exports, and effective government policies, and has been expanding at a rapid pace in over 10 years. While the economy has come a long way since the financial crisis, growth is seen on the horizon. The Greek economy is based on the Service Sector (80%), the Industrial Sector (16%), and the Agricultural Sector (4%). Tourism and shipping are essential industries in Greece.

Ranking 72nd in the ease of doing business, Greece is credited with following the best regulatory policies, procedures, and standards. Located in the Eurozone, providing access to the European Market and augmented by a strategic location, trained labour market, and the Euro as its official currency, makes it a favourable destination for starting a business, trade, and industry. By setting up a business in Greece at this time, investors and businessmen can operate ahead of the curve by planning quickly and operating cheaply, thereby being in a position to enjoy a greater standing in the future market.

While the economic situation is improving, it is far from ideal; despite this, trading partners are showing strong interest in continuing business with Greece, as its strategic location supports international trade with key European, Asian, and African countries. Industries such as tourism, shipping, maritime, food processing, energy, defence, medicine, and hydrocarbon exploration are protected from economic collapse through the supervision and oversight of international investors and traders.

All these factors demonstrate the unmatched business potential that Greece has. It is the right time for overseas investors and entrepreneurs to get the Greece visa and kickstart a promising business journey. 

Intellectual Property in Greece

As a member of the European Union (EU), Greece is well-endowed within the framework of the European Union and is a member of the World Intellectual Property Organization (WIPO). Greece’s Intellectual Property standards are on par with those of all other European countries, as well as those of the European Patent Convention, the Washington Patent Cooperation Treaty, and the Bern Copyright Convention. The Intellectual Property (IP) Rights cover the rights over the inventions, artistic works, designs, brands, images, and symbols used or created by businesses.

IP is divided into the following categories

1. Industrial Property

This includes the trademarks of products, Research and development, Inventions, Industrial designs, Logos, and Geographical Indication Tags.

·Design Right

A design right protects the outer visible appearance gained over the totality or a part of a product, consisting of its special characteristics, such as the shape, line, colour, form, and/ or the product’s material(s) or its ornamentation. Accordingly, design protection may be granted, e.g. for fashion articles, kitchen utensils, jewellery, and automobile parts, provided that they do not fulfil exclusively a functional role.

2. Copyright

This covers artistic works, literature, graphical representation, Images, and motion pictures. The Hellenic Copyright Organization (OPI) is the only legally qualified institution responsible for issues related to copyright protection in Greece. It is a legal entity under private law, under the supervision of the Ministry of Culture and Tourism.

3. Trademark

Trademarks may consist of, among other things, words, names of natural persons or legal entities, pseudonyms, devices/logos, designs, letters, numerals, colours, combinations of numbers or letters (acronyms), musical phrases, the shape of a product or of its packaging. In accordance with Greek legislation, trademarks can last indefinitely, provided they are renewed every 10 years following their filing. If renewal is not requested within the specified period, a trademark can still be renewed up to 6 months later, upon payment of a fine.

The Greek government notified, signed, and incorporated the WIPO treaties into the Greek legislation in 2003. The enforcement of patent, intellectual property, and copyright laws is adequate and protects patents and trade secrets for 20 years.

Protection of Intellectual Property Rights according to Greek law is extended to the Protection of Property to both foreign and Greek nationals, and the legal system is entitled to protect and facilitate the acquisition and deposition of property rights within Greece. Furthermore, the government is keen on creating a comprehensive land registry, which is designed to increase the transparency of real estate management. Foreign nationals can easily acquire real estate property with an official tax authentication number. In an effort to promote business and investment, Law 4146/2013 permits foreign nationals to purchase property in Greece. In addition, the “Golden Visa” program in Greece has granted holders of Greek bonds with a value of at least 285,000 USD the privilege of extending their permit for an additional 5 years and free movement without a visa in all EU and Schengen countries.

In conclusion, it might be worthwhile to state that the Greek economy can only go upward from here, making the country a favourable choice to invest in. Should you be looking to register a company in Greece, do contact us – we’d be glad to help.