Greece is a country in the Balkans situated in South Eastern Europe. Classified as an advanced and high-income economy, Greece is a developed country with a high ranking in the Human Development Index. The Greek economy consists of the service sector which contributes 85%, industrial sector which contributes 12%, and agricultural sector which contributes 3%. Greece offers access to fast-growing and prominent regional markets being a gateway to over 140 million consumers in the Eastern Mediterranean and Southeast Europe.
Business Opportunities in Greece
- Greece is home to 18 UNESCO World Heritage Sites, long coastlines, islands, and beaches and has an excellent sunny climate and thus attracts over 20 million tourists annually.
- Greece is rich in natural resurces and thus acts as a major import-export hub of minerals. It is the largest European producer of tobacco and fifth largest exporter of cotton in the world.
- Contributing almost 8% to the GDP, shipping is one of the most important and rapidly expanding sectors of the Greek economy making Greece the largest European ship owner.
- With a record of 476 fish species, Greece supports aquaculture and thus tends to have a fostering fish industry.
Benefits of Setting Up a Company in Greece
- Greece offers high-quality logistics and communication infrastructure
- It has a highly educated, skilled and talented workforce
- Greece boasts of a strong entrepreneurial tradition
- The cost of labour in the country is low
- Greece offers an exemption of import duties on goods that are manufactured in the UK
Business Structures in Greece
Anyone who is willing to start a business in Greece has 5 business structure options:
1. Limited Liability Company
This is the most common and preferred business entity in Greece for establishing a small and medium-sized business. This business type requires at least one shareholder and one director. This can be an individual or a legal entity regardless of their nationality. A minimum share capital amounting to 4,500 euros is required for the setup of the company.
2. Private Capital Company
Similar to a limited liability company, this business entity also requires only one shareholder as well as one director who can be individual or a legal entity regardless of their nationality. The only difference between these two business structures is that this entity can be set up with a share capital of just 1 euro.
3. Public Limited Company
This business entity requires one shareholder and 3 directors who can be individuals or legal entities regardless of their nationality. This type requires a minimum capital share amounting to 60,000 Euros that has to be paid within 2 months of company setup.
This business entity requires at least one shareholder and one director who must be resident in Greece. The parent company is responsible for all the activities done by the branch as the branch does not get considered as a separate legal entity.
5. Representative office
This business entity does not perform any profit-making activities as it does not get considered as a separate legal entity and is established just to promote its parent company’s products and services and to conduct market research.
With all these lucrative benefits and amazing business opportunities, Greece can be your ideal place for business setup. So, if you’re looking forward to establishing a company in Greece and seeking for professional assistance, your search is over as you’re on the right track. Business Setup Worldwide is a platform which helps you with your company formation process and overall business support services. Our experts will always find the best for you and will help you grow internationally. To know more on how to set up a company in Greece, do contact us – we’d be happy to help!