What do I need to know about doing business in Greece?

Is it hard to do business on Greece?

A complicated and inefficient bureaucracy and a lack of access to regulatory information make it quite difficult for both expats and locals to start a business in Greece. In the World Bank Ease of Doing Business Survey for 2020, Greece was ranked 79th out of 190 countries surveyed.

Is Greece a good country to do business in?

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%.

Is it good to start a business in Greece?

Greece is one of the best locations with an enchanting atmosphere perfect for foreign investment. … Greece is also a country with good positioning in the Human Development Index. The creation of connections between Greece and the Black Sea and East European nations makes Greece an excellent place to start a business.

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How is business conducted in Greece?

Greek business partners like to establish personal relationships before doing business. Greeks need time to form an opinion and negotiations are usually conducted slowly, so you must be patient. The most senior person will tend to dominate the discussion and the negotiation process. …

What is the best business to start in Greece?

6 Small Business Opportunities in Greece 2019

  • Tourism. Greece is one of the top tourism destinations in the world; also it is one of the important sectors for Greece as it is the main pillar of the Greek economy. …
  • Energy sector. …
  • Greek ICT sector. …
  • Logistic Sector. …
  • The Pharmaceutical Industry. …
  • Maritime.

What are taboos in Greece?

Hugging, kissing on the cheek and walking arm in arm are all common. Greeks will maintain strong eye contact when speaking. While the Greeks may criticize aspects of their society or daily life (politics, traffic etc.) they do not appreciate the same criticisms being offered by outsiders.

How do I open a shop in Greece?

How to set up a Private Company ( IKE) in Greece?

  1. Step 1: Obtain a Tax Identification Number (TIN) from Tax Authority (for the founders) …
  2. Step 2: Find a tax seat for your new company. …
  3. Step 3: Prepare the Statutes of the company. …
  4. Step 4: Register the new company to the General Commercial Registry (GEMI)

What is the current business landscape in Greece?

Greece has Europe’s most fragmented business landscape, a stumbling block in terms of innovation and competition. According to OECD data, 99.9 percent of its companies are SMEs and 97.3 percent are micro-enterprises, with fewer than 10 employees.

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What are the values in Greece?

The ancient Greeks implemented their values of loyalty, glory, intelligence and hospitality into everyday life. While these values may seem simple, they effectively shaped an entire civilization into a culture that is one of the most referenced in history.

How much does it cost to open a company in Greece?

The minimum capital requirement is € 60,000.00 and must be fully paid up and the own capital is in shares with nominal value from 0.30 euro to 100 euro. According to article 1 of Greek Law 2190/1920, a public limited company (SA) is a trade company, even if its business scope is not related to trade.

Is Athens good for business?

While tourists still came to visit, there was a drop in overall investment in the country and locals became deeply afraid of starting businesses in Greece. … New businesses, companies, and organizations are being set up in the capital city of Athens, proving that it is still a great market to invest in.

Do Greeks give gifts?

Gift giving in Greece is seen as a kind gesture. Greeks like to exchange gifts for Christmas, birthdays, and name days. However, since gifts are generally reciprocated, a gift of great value could put a burden on the recipient to spend an equivalent amount of money on you in return.

What is considered rude in Greece?

Greeks are very hospitable to foreign visitors. Bring a gift to show your gratitude. Don’t thrust the palm of your hand in front of someone’s face, it is considered a very rude gesture, so don’t attempt to do this even jokingly!

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What is the business attire in Greece?

Business attire is relatively formal; men and women are expected to wear suits and men should also wear ties. More casual wear is sometimes acceptable during the summer but local businesspeople tend to dress conservatively.