Starting a Business in Greece

Starting a Business in Greece is a wise choice for UK founders. It offers a stable base in Southern Europe and access to the EU. We guide you to make a plan that works, balancing opportunity with reality.

Greece is a key spot at the crossroads of Europe, Asia, and Africa. It’s known for shipping, tourism, and trade. Greek shipowners control a big share of global shipping, showing their strong influence.

The economy is mainly service-based, with services making up 68–70% of GDP. Industry and agriculture play smaller roles. This information is crucial for entering the Greek market, as it guides your sector choice.

Reforms and EU funding have made the market more competitive. But, bureaucracy and taxes can slow you down if you’re not ready. Start Company Formations makes setting up in Greece easier, guiding you through every step.

If you’re setting up a company in Greece, we’re here to help. Call us on 0204 504 1544 to discuss your plans. We’ll also advise on business immigration, working with experienced Immigration advisers.

Some sectors need special attention from the start. This includes Gaming Licences and FX & Crypto Licensing Companies. Planning for licensing and tax early reduces risks and speeds up your journey.

Introduction to Starting a Business in Greece

Greece is a popular choice for businesses looking to expand in Southern Europe. It offers a mix of Eurozone membership and a digital public sector. This makes it easier for UK founders to start their journey.

Overview of the Greek Business Landscape

The Greek economy is mostly service-based, with 68–70% of GDP coming from services. Industry and agriculture make up smaller parts. This shows Greece’s focus on services, with opportunities in production and exports.

Tourism is a big player in Greece, making up 25% of GDP. It supports one-fifth of jobs and attracts over 30 million visitors annually. This demand boosts various sectors like hospitality and digital tourism.

Importance of Location in Greece

Location is key in Greece. Its geography supports logistics and regional distribution. This is crucial for businesses that need to get their products to market quickly.

The Piraeus port is a major hub in the Mediterranean. It connects European buyers to global shipping lines. This makes it easier for importers, exporters, and e-commerce brands to manage their supply chains.

Benefits of Operating in Greece

Greece offers lower labour and operating costs compared to Western Europe. It also provides EU single market access and trades in euros. These factors make it attractive for businesses.

The start-up ecosystem in Greece is growing. Programs like Elevate Greece support early-stage growth in software, fintech, and B2B services. This creates opportunities for new businesses.

Renewables are a key sector in Greece, aiming for 60% of electricity from renewables by 2030. This opens up opportunities in project services, maintenance, and energy tech.

Property and relocation plans are also important. The Golden Visa program starts at €250,000. Company set-up has become faster through digital pathways, allowing teams to focus on launching their businesses.

• Services-led demand that suits advisory, tech, and trade support models within the Greek business landscape
• Tourism-driven spending that widens Greece investment sectors beyond hotels into platforms and experiences
• Logistics advantage linked to the Piraeus port and regional distribution planning
• Operational reach strengthened by EU single market access and Eurozone participation
• Growth signals from the Greece start-up ecosystem, with clearer pathways for new ventures

Legal Requirements for Business Registration

For UK founders, starting a business in Greece is easier when you focus on compliance first. We begin by setting up your digital presence. Then, we handle filings, tax setup, and any necessary licenses.

You’ll need a Greek TIN (AFM) and TAXISnet access early on. This lets you securely interact with state systems. With these in place, GEMI and the One-Stop Shop Greece can help you incorporate quickly.

Understanding Business Structures in Greece

The legal structure you choose affects your liability, reporting, and investor appeal. Greece allows both Greek and foreign nationals to form businesses. However, eligibility rules vary based on nationality and residence status.

• EU/EEA citizens have similar rights to Greek nationals and can get a Greek TIN (AFM) remotely in many cases.
• Non-EU nationals need a residence permit for business or investment, like a D-type visa or Golden Visa.

We help you choose the right structure for your business. Then, we ensure the paperwork meets GEMI requirements from the start.

Key Documents Needed for Registration

Incorporations need a solid paper trail, even with digital filings. Reserving your company name through GEMI is a common first step to avoid future issues.

The Articles of Association are crucial. They outline share distribution, management, decision-making, and profit allocation. This information is important for banks and partners.

1. Company name reservation and basic corporate details for Greek business registration.
2. Draft Articles of Association, with governance and capital terms that match the chosen form.
3. Identification and declarations needed for the One-Stop Shop Greece submission.

Notarisation is often needed for E.P.E. or A.E. structures. I.K.E. formation might be digital, depending on the preparation.

Navigating Greek Business Laws

After incorporation, company data goes to AADE. They set tax status and assign VAT obligations as needed. With TAXISnet credentials, ongoing filings are easier and less likely to be missed.

If you plan to hire staff, you must register with EFKA. Certain activities, like tourism or healthcare, need sector approvals before trading starts.

Practical issues are important too. Filings are often in Greek, and a business bank account may require in-person checks. We guide you through everything, including immigration advice if needed. Call us on 0204 504 1544 for help.

Choosing the Right Business Structure

Choosing a business structure in Greece is more than just a legal formality. It affects your risk, costs, and how investors see you. We help you pick the best option for your goals, whether you want a quick start, strong governance, or a clear path to funding. For UK founders, deciding if to incorporate locally or use a branch of an existing company is crucial early on.

Sole Proprietorship vs. Limited Liability Company

Starting a sole proprietorship in Greece is fast, with fewer steps and no need for share capital. But, you face personal risk: the owner can be liable for debts and obligations. This might not be ideal if your business grows fast.

For those who prefer protection, IKE Greece is a good choice. It’s familiar to founders who know the LLC model. You can start with just €1, and contributions can be cash, property, or services. Liability is capped at each member’s contribution, and it can be single-member. Management can be with members or directors, and if no duration is stated, it’s 12 years.

EPE Greece is another limited company option. The minimum capital needed is unclear, ranging from €4,500 to “no minimum”. We recommend confirming this at setup. It’s managed by one or more administrators, who don’t have to be partners. Liability is with the company’s assets and the contributed capital.

Partnerships and Corporations

OE EE partnerships are good for shared control and simpler structures. But, liability rules are important. In an O.E., there’s no minimum capital, and partners have unlimited joint and several liability. In an E.E., at least one general partner has unlimited liability, while limited partners’ liability is capped at their contribution.

AE Greece is for those aiming to scale, with formal governance and wider investment plans. The minimum capital needed is unclear, ranging from €25,000 to €24,000. Liability is limited to share capital, and it’s managed by a Board of Directors with at least three members, appointed and removed by the Annual General Meeting.

Benefits and Drawbacks of Each Structure

• Risk control: IKE Greece and EPE Greece offer limited liability Greece. Sole proprietorship Greece and many OE EE partnerships can place more responsibility on individuals.
• Capital and credibility: AE Greece signals maturity for larger contracts but requires stricter governance and higher setup demands.
• Flexibility: IKE Greece allows varied contributions and flexible management, ideal for businesses still testing their model.
• Expansion approach: A branch may suit foreign groups wanting a presence in Greece without forming a separate entity, based on tax, reporting, and operational needs.

We match the structure to your risk profile, hiring plans, banking needs, and future investment goals. For business immigration or regulated activities, we work with experienced immigration advisers. We also support licensing strategies, including Gaming Licences and FX & Crypto Licensing Companies.

Taxation in Greece

Tax is a key area to focus on when starting a business in Greece. It impacts your pricing, cash flow, and how you distribute profits. Tax rules can change each year, and small details are crucial, especially for UK businesses trading in Greece.

Overview of Corporate Tax Rates

The corporate tax rate in Greece is often mentioned as 22% on profits. However, some sources still say 29%. We consider this difference a planning risk. It’s wise to confirm the current rate with a Greek accountant before you start trading or sign contracts.

When it comes to dividends, the withholding tax in Greece can vary. Some sources say 5%, while others mention 15%. The exact rate depends on the shareholder’s status, reporting, and treaty rules. We check this early to avoid surprises later.

Value Added Tax (VAT) in Greece

VAT is a common indirect tax you’ll encounter daily. The standard rate in Greece is 24% for most goods and services. There are also reduced rates of 13% and 6% for certain items.

After getting GEMI approval, your company details will move to AADE. They will give you a VAT number and outline your tax duties. We plan your invoicing, VAT evidence, and filing schedule to avoid unnecessary costs.

Tax Incentives for Start-ups

Start-ups in the EU can benefit from various incentives in Greece. These include support for innovation, sustainability, and entrepreneurship. EU funding can also help with early-stage costs.

Green and energy-focused businesses might get extra support. This includes EU grants and tax incentives. We help you set up your business structure, VAT, payroll, and profit distribution to take advantage of these benefits. We also connect you with experts and immigration support for future growth.

• Confirm the Greece corporate tax rate for the relevant tax year before trading starts.
• Check dividend withholding Greece based on the shareholder profile and any treaty position.
• Register correctly for Greece VAT 24% and apply reduced rates only where supported by the rules.
• Assess EU funding Greece and start-up incentives Greece against your sector, budget, and timeline.

Financial Considerations

Planning your finances in Greece is simpler when you have a clear budget and timeline. For UK founders, the first steps involve managing cashflow and proving you have enough money. Knowing the costs upfront helps make decisions easier and faster.

Initial Costs of Starting a Business

The first cost is usually registration. You can file online through GEMI/One-Stop Shop for €18 to €24. This keeps the fees reasonable for simple setups.

Most registrations take two to four weeks if everything is correct. This time frame is crucial for getting a lease, setting up suppliers, or hiring staff. It affects the initial costs in Greece.

Capital requirements differ based on the business type. I.K.E. might need €1, while E.P.E. could be €4,500 or no minimum. Always check the latest rules before starting.

For A.E., costs vary between €25,000 and €24,000. It’s important to confirm these figures. Notary fees might also apply, especially for E.P.E. and A.E., adding to the costs.

Opening a bank account can also impact timing. Banks often require personal checks and documents, which can delay the first payment. This tightens cashflow for UK directors.

Accessing Funding and Grants

Greece’s EU membership offers access to EU grants and other support for innovation and sustainability. Renewable energy projects can get EU green energy funding. Agriculture and food exports might also qualify for EU subsidies.

However, funding for start-ups in some sectors can be limited. We suggest looking at various funding sources. This includes your own savings, private investment, and international options, along with any EU grants you can apply for.

Importance of a Business Plan

A solid business plan connects the legal structure to financial projections. It should align with your capital needs, licensing, VAT, and hiring plans. It also covers EFKA registration if you plan to hire staff.

We use the business plan to test our assumptions, not just to create a document. This is especially true for regulated areas like Gaming Licences and FX & Crypto Licensing Companies. It helps keep funding and timelines realistic from the start.

Navigating Bureaucracy

Greece has made big steps in digital services, but setting up from the UK can still be tough. Planning your filings, translating important documents, and keeping records consistent helps a lot.

Even with the One-Stop Shop, some steps need you to be there in person. Opening a bank account and verifying your identity might require you to go to Greece. If your documents don’t match the Greek language, it can slow things down.

Dealing with Government Agencies

Most founders first meet GEMI, which handles tasks like company name reservation and core registration. To get GEMI registration help, make sure your documents are clean and your activity description is clear. Small mistakes can lead to extra requests.

For tax and VAT duties, AADE TAXISnet is the place to go for filings, certificates, and account access. Meanwhile, EFKA registration covers social security for employers and employees. This ensures payroll and compliance are in line from the start.

KEP Citizen Service Centres are useful for certified copies, official stamps, or when you need to meet in person. They help solve practical issues that don’t fit online forms.

Importance of Local Knowledge

Knowing the local process can save time, especially for immigration status. Non-EU nationals might need a residence permit for business, while EU citizens can get an AFM through video or phone. It depends on the situation.

In some cases, non-EU founders need a legal representative for tax office actions, even if they manage the business remotely. These details are important but often hidden behind digital reforms. They affect how quickly you can start trading.

Using Professional Services

We help founders by mapping out each step, checking document readiness, and coordinating submissions. This keeps the story straight across GEMI, AADE TAXISnet, and EFKA registration. We also work with Greek lawyers and accountants for specialist filings.

• Document co-ordination and practical GEMI registration help for smoother set-up
• Account access preparation for AADE TAXISnet and ongoing compliance routines
• Guidance through EFKA registration for employer obligations and payroll readiness
• Targeted support for in-person needs via KEP Citizen Service Centres where required

For sector permits like tourism, health care, or food service, submissions go through municipal offices or ministries. With the right guidance and evidence, these applications can move forward smoothly.

For founders looking at residence routes, we work with Immigration advisers. This ensures your company setup matches your plans without delays.

Hiring Employees in Greece

For UK founders, hiring in Greece is a cost and compliance plan from the start. Payroll and tax readiness go hand in hand. We plan the steps early to avoid last-minute fixes.

Understanding Labour Laws

Greek labour compliance begins with clear contracts and accurate records. We ensure your HR process includes working time, leave, and notice rules. This way, managers don’t have to guess.

After setting up through GEMI, you’ll get key data for VAT and taxes. Payroll becomes a regular part of your yearly tasks, along with financial statements and tax returns.

Recruitment Process and Regulations

EFKA employer registration is mandatory for salary payments. You must register your business and each employee with EFKA. This rule also applies to single-member I.K.E. if the member plans to draw a salary.

To budget correctly, we forecast Greece payroll contributions. Employer contributions to EFKA are about 22%. Employee contributions are 13.87%. So, the true cost of hiring is more than just the base salary.

• Confirm role scope, pay, and start date before onboarding starts.
• Complete EFKA employer registration and enrol each employee on time.
• Set a monthly calendar for payslips, declarations, and payment deadlines.

Employee Benefits and Rights

Employee rights in Greece include pay protection, leave, and fair treatment. These rights are enforced through documentation and intent. We help you create policies that support staff and prevent disputes, especially during rapid team growth.

If you’re moving founders or key staff, we collaborate with Immigration advisers. This ensures hiring plans, payroll setup, and residency permissions align without slowing operations.

Finding the Right Location

The location of a company can impact costs, rules, and daily tasks. Greece is at a key spot between Europe, Asia, and Africa. This makes it great for trade, tourism, and shipping from the start. We also need a business address in Greece for registration, so choosing the right place is crucial.

Considerations for Selecting a Business Premises

First, we think about what kind of business it is and what permits it needs. Some businesses need special permits or safety standards. The building must meet these needs.

Getting to the site is important too. Good road links, public transport, and being close to suppliers can save time and keep customers happy.

The type of premises can also fit into your business plan. There’s a growing demand for green buildings, co-living, and flexible offices in big cities and on islands. Some founders might choose a property for the Golden Visa, which can affect whether they rent or own.

• Registration: a lease or title deed that supports a clear business address Greece.
• Operations: storage, delivery bays, and reliable utilities for your workflow.
• Commercial access: footfall, parking, and visibility where it matters.
• Risk: flood, fire safety, and business continuity in peak seasons.

Popular Areas for Start-ups

In Athens, start-ups find a dense network of talent, investors, and services. Programs like Elevate Greece help, and shared workspaces keep costs low. This is good for software, fintech, and other regulated businesses that need advice.

Thessaloniki is another hub, known for its strong university links and growing innovation scene. It’s a good choice for teams looking for solid infrastructure at a different price than Athens. It also helps in hiring skilled staff who prefer a well-connected city.

Piraeus is key for trade and maritime services. As a major Mediterranean port, it connects Europe with the world. Being close to the port can cut down on delivery times and improve service quality.

Tourism-driven businesses should look at Greece’s tourism spots. Tourism is a big part of the economy, with nearly 25% of GDP and a fifth of the workforce. Places like the Peloponnese and islands like Crete and Rhodes offer good footfall and varied competition.

Impact of Location on Business Success

Location can affect how much we charge, who we hire, and how fast we reach customers. A central location can boost visibility, while an industrial area can lower rent and improve vehicle access. The address is key for banking, licensing, and working with suppliers.

We also consider seasonality and supply chains. In tourist areas, peak months can strain transport and staffing. Port districts see spikes tied to shipping cycles. Choosing the right site for the demand helps protect cash flow and supports steady growth.

Marketing Your Business in Greece

Marketing in Greece is all about combining digital skills with local trust. The country’s digital growth means customers are ready for online shopping. This means we plan carefully to make your launch look credible from the start.

Digital Marketing Strategies

We focus on making a good first impression with Greek-language content. For tourism, we create mobile-friendly websites and fast booking systems. For shipping, we highlight reliability and service standards to win over procurement teams.

• Search and local listings that match how people actually look for services in the Greek consumer market
• Paid social and paid search built around measurable enquiries, not vanity metrics
• Email and remarketing that support longer decision cycles in B2B and high-value services

Networking and Local Connections

Building relationships is key in Greece. We encourage founders to attend trade events and join local business groups. Connecting with the start-up ecosystem in Athens and Thessaloniki can help.

We also help with the basics to keep outreach going. This includes bank-ready documents and VAT registration. A clear corporate identity makes meetings more likely to turn into sales.

Importance of Brand Awareness

Building trust takes time and consistent signals. We make sure your brand looks the same everywhere. Clear language and responsive service are key in the Greek market.

Having a well-formed company helps your marketing run smoothly. We use Start Company Formations to ensure everything is in order.

Cultural Considerations for Business

When we help UK founders expand, we focus on the day-to-day realities that shape deals in Greece. Greek business culture values respect, clarity, and steady follow-through. This is especially true when timelines meet public processes. These details matter in negotiations, supplier onboarding, and first sales.

Understanding Greek Business Etiquette

Strong first impressions come from business etiquette Greece. This includes polite greetings, being on time, and a calm approach when plans change. Meetings can be direct, yet decisions may take time while stakeholders align. We encourage UK teams to keep messages clear and to confirm next steps in writing.

• Use formal greetings at the start, then follow the room’s lead on tone.
• Bring concise documents and be ready to explain figures without jargon.
• Recap actions after meetings to reduce misunderstandings.

Building Relationships in Business

Growth often depends on trust, so relationship-based selling Greece is practical, not optional. Introductions, repeat contact, and reliability can carry more weight than a sharp pitch deck. This is also where local partners Greece help with referrals, site visits, and credibility when you are new to the market.

These relationships support “hard” steps too. Bank account opening can involve in-person identity checks and careful document handling. Trusted local partners Greece can reduce delays by preparing meetings and confirming what the bank will accept.

The Role of Language

Most filings and official forms are handled in Greek, so Greek language in business can become a blocker without bilingual support. This shows up in tax interactions with AADE/TAXISnet, municipal paperwork, and sector licensing handled through ministries. We build a process with bilingual legal and accounting input, so approvals and submissions move forward without rework.

We also co-ordinate with experienced Immigration advisers when residency or entry rules affect directors and key hires. With the right language cover and local workflow, business etiquette Greece stays consistent across emails, meetings, and compliance tasks.

E-commerce Opportunities in Greece

For UK founders, e-commerce in Greece is now closely tied to the country’s modernisation. Digital governance has made things easier, allowing remote operators to start online businesses quickly. This means less delay and clearer records.

The Growth of Online Shopping

Online shopping is growing fast as people get used to quick delivery and mobile checkouts. This growth is also increasing demand for digital services in Greece. Many founders start small, then grow their catalogue once they get the hang of it.

Regulations for E-commerce Businesses

Setting up for compliance early on is key. VAT is the main thing to get right. In Greece, VAT for online sales is 24%, with lower rates for certain items. After registering with GEMI, you get a VAT number and must follow certain rules, which can be managed online.

• Track product type and place of supply before pricing goes live.
• Keep invoices and order data consistent across your shop, courier, and bookkeeping.
• Build a routine for filings so VAT for online sales Greece does not become reactive.

Leveraging Technology

Payments and reporting tools are as important as marketing. Wise Business is a top choice for cross-border payments, with a high Trustpilot score. It has no fees and offers local account details for a one-off fee.

For online businesses selling abroad, Wise Business supports receiving funds from Amazon and Stripe. It also integrates with popular accounting software. Plus, it has a free invoicing tool and options for paying large groups without extra fees.

We help founders by setting up everything from the start. This way, e-commerce in Greece can grow smoothly. We focus on processes that work well for digital services and cross-border payments.

Challenges of Doing Business in Greece

When we plan to expand, we see the challenges in Greece as things to manage, not obstacles. The market is modern and linked to the EU single market. Yet, the day-to-day steps can feel slower than expected.

Economic and Political Factors

Greece faced a deep contraction during the European sovereign debt crisis. Growth has steadied through reforms, EU funding, and tighter oversight. But, many sectors are still sensitive to shocks and policy changes.

Greek bureaucracy can slow down registrations, licensing, and routine filings. Most formal submissions are in Greek. So, translation and local review often add to the timeline.

Navigating Competition

Competition is fierce in areas like tourism, shipping, energy, technology, and real estate. Strong competition is a sign of opportunity. But, it also means higher pricing, service levels, and speed to market.

We help founders stand out by using Greece’s location-led logistics, EU access, and lower operating costs. Clear positioning is crucial in crowded markets.

Common Pitfalls for New Businesses

Many new businesses underestimate Greece’s taxation complexity, especially around VAT, payroll, and deadlines. Social security costs are significant, with figures around 22% employer and 13.87% employee. So, cash-flow planning must be precise.

• Missing filings or misreading local rules can increase compliance risks Greece, particularly in regulated verticals.
• Opening a bank account Greece may require an in-person identity check. This can slow payments, payroll setup, and supplier onboarding.
• Limited local funding in some areas means founders may need stronger reserves, partner finance, or alternative routes to capital.

For teams entering regulated fields, including Gaming Licences and FX & Crypto Licensing Companies, we focus on reducing avoidable delays. We aim to keep documents consistent across advisers, banks, and authorities.

Success Stories of Greek Entrepreneurs

Greek entrepreneurship is growing fast, even without personal stories. Start-ups now have better networks, funding, and EU market access. Teams in Athens and Thessaloniki are launching products quicker and growing their services with confidence.

The government’s support is key. Elevate Greece makes funding clearer, and EU programs back innovation in tech fields. This makes Greece a viable option for UK founders, not a big risk.

Case Studies of Successful Start-ups

Tourism is a big success story in Greece, making up nearly 25% of GDP. It supports a fifth of the workforce and attracts over 30 million visitors yearly. This is why Greek start-ups focus on experience and platform-based offers.

The maritime sector is also thriving. Greek shipowners control 16.4% of the global fleet. This opens up opportunities in port logistics, insurance, maintenance, and tech.

Energy is also changing. Greece aims for 60% of electricity from renewables by 2030. This supports green ventures, which often grow through partnerships and repeatable operations.

Lessons Learned from Their Journeys

The lessons are practical. Speed and flexibility are key. Many founders choose an I.K.E. structure for quick trading and clear liability.

• Plan compliance early, including AADE VAT registration and EFKA payroll obligations.
• Use EU market access to design pricing, data handling, and customer support that works across borders.
• Lean on local professional support to reduce friction with documentation, filings, and timelines.

Elevation comes from being visible. Elevate Greece boosts credibility with partners, banks, and grant bodies. A clear compliance plan and focused model help.

Inspiration for New Entrepreneurs

UK founders see that momentum is spreading. Greek start-ups can grow from Athens, Thessaloniki, or smaller hubs. They serve tourism, shipping, and energy.

We advise founders to see Greek entrepreneurship as an execution game. Set the structure, get the documents right, and build a team. With this approach, Elevate Greece and the ecosystem are tools for success, not just headlines.

Conclusion: Taking the First Steps

Thinking about starting a business in Greece? It’s wise to follow a clear path and work with official bodies. Treat it like a checklist to avoid missing steps. This way, setting up your company in Greece can be smooth and quick.

Key Takeaways for Aspiring Business Owners

First, get your TIN/AFM and set up TAXISnet access. Then, reserve your company name and file through the GEMI One-Stop Shop. Next, prepare your Articles of Association. You might need to notarise them for certain types of companies.

After that, open a business bank account. Be prepared for in-person verification when depositing capital. Next, set up VAT and taxes with AADE. VAT rates are 24%, 13%, and 6%.

Finally, register with EFKA for payroll. Also, check for any sector licences with the right office.

Resources for Further Learning

When deciding, remember the main options. An I.K.E. starts at €1 and is flexible. Sole proprietorships have no minimum capital but come with unlimited liability. O.E./E.E. partnerships need careful thought on responsibility.

For bigger investments and governance, an A.E. is often used. Minimum capital is €25,000 or €24,000, depending on the source. For trusted guidance, use GEMI, AADE, EFKA, and KEP Citizen Service Centres. Wise Business can help with cross-border payments and international trading.

For UK-based support, Start Company Formations can help with setting up and managing your business. We also work with Immigration advisers for business immigration. To plan your route and timelines, contact Start Company Formations on 0204 504 1544.