Greece is officially called the Hellenic Republic, representing the ancient moniker of the region. The country is situated in Southeast Europe and hosts some of the most well-known remains of the ancient world. The land borders of the country are shared with Albania, North Macedonia, Bulgaria, and Turkey.
Greece has a very stable economy and enjoys a place among developed nations. The economy heavily relies on tourism while shipping, agriculture, textile, minerals and iron, and mining industries play a supportive role. Initiating a business in Greece is rather complicated as compared to other European nations.
Most of the business activities in Greece are concentrated in Athens, however, there are other locales that offer many opportunities as well. Several legal business structures are available to locals and foreigners, depending on their requirements.
Some of the most prevailing business structures are represented in the table below:
| S# | Type of business entity | Local name | Min. paid-up capital required |
| 1. | Public Limited Company | Société Anonyme (S.A) | €60,000 |
| 2. | Private Capital Company – PC | Idiotiki Kefalaiouchiki Etaireia (IKE) | €1 |
| 3. | Limited Liability Company – LLC | etairia periorismenis efthinis (E.P.E) | €18,000 |
| 4. | Partnership | Omorthymos Eteria (OE) | No minimum capital requirement |
Public Limited Company – S.A.
A Public Limited Company in Greece is a capital company with high operational flexibility. Regulated under Greek Commercial Law, an S.A. can be private or listed. One or more natural persons or businesses can establish an S.A. for a commercial purpose. A certain sum of money is pledged with a commercial bank, called the paid-up capital. Paid-up capital may be in the form of cash or asset, or both.
Capital is distributed into shares, which are priced with a face value. The shares then can either be made available to the public for trading or dividends or distributed at a premium among selected shareholders. During the registration process, one may expect to incur a total cost of approximately €3,000.
This cost includes:
- Notarization
- State and local fees
- Registration fees
- Translation costs
- Legal and court fees etc.
Private Capital Company – PC
Similar to a private limited company elsewhere, a PC is a new format of business governed by the Commercial Law Act 4072/2012. The format has garnered popularity among investors due to its flexible corporate nature and various personal elements such as the ability of a single natural or legal person to establish a PC.
Mostly opted by small and medium enterprises, a PC can be registered with as little as €1 in paid-up capital, while the online registration fee is a mere €60. By paying a fee of €30, the company name can be trademarked nationwide.
Limited Liability Company – E.P.E
A limited liability company is recognized as a legal person in the eye of the law. The owners are separate from the company’s liabilities and losses. In case of solvency, debt, or loss, it is the company that is responsible to compensate through its assets or otherwise, while no liability falls on the owners.
The major costs involved in registering and incorporation process include:
- Fee note for establishment at one-stop-shop service – €60 (70% discount if done online)
- Registration at the General Electronic Commercial Registry (G.E.MI) – €10
- Company name and distinctive title control nationwide – €30
Partnership Company – O.E
A partnership company is formed by two or more natural persons or entities to carry out a common commercial objective. By law, there must be at least two persons in a partnership, a single person can not enter into a partnership with him/herself.
This format is minimalist in nature and does not require any paid-up capital. A partnership is divided into two formats, a limited partnership, and a general partnership. While the formation is similar in both cases, the two differ in the roles of the partners.
A general partnership means that the partners have unlimited liabilities and must compensate for loss, debts, etc. in a personal capacity. Whereas in a limited partnership, at least one partner assumes the role of a general partner and hence has unlimited liabilities, while the limited partners only compensate to the extent of their share in the business.
The costs involved in registering and incorporating any kind of partnership include:
- Fee note for registration – €50
- Company’s registration in G.E.MI. – €10
- Company name and nationwide control over the title – €30
Various costs and expenses
There are numerous other costs and expenses involved in the formation and operation of a business in Greece. Some costs are imposed by the state, some are associated expenses, and others are operational expenses.
- Membership in the Greece Chamber of Commerce (optional) – €40
- Annual G.E.MI fees – €100
- Company seal – €40
- Registration with Unified Social Security Institution – €110/person
- Office rent – €22/sq.ft/month
- Electricity – €0.12/kWh
- Staff wages – €29-€35/day or €650-€750/month
- Fuel – €1.9/liter
- Internet – €49/month
General requirements for forming and registering a company in Greece
Foreigners are permitted to operate and run businesses in Greece, provided they fulfill the requirements and satisfy legalities.
- Obtain the Greek Tax Identification Number (TIN)
- Arranging required licenses
- Permits (work/residency, etc.)
- Bank accounts
- Registered business address
- Legal representation in Greece
- Formal Representation in Greece
- Audit and account reports
- Bank statements and registrations (if already registered in another country)
- Memorandum of Association (articles of association)
- Copies of passport(s)
15 most attractive businesses in Greece
Based on the flexibility of investment and ease of operations, here are some of the most attractive businesses to set up in Greece:
- E-commerce & marketing agency
- E-commerce fulfillment
- Cleaning Business
- Real estate
- Solar energy
- Beverages
- Logistics
- Tourism
- Wedding & event planning
- Sports & Leisure
- Taxi/car rental services
- Construction/Civil engineering firm
- Food/restaurant
- Social/digital media management
- Spa/Boutique/Salon
Most ideal places to do business in Greece
The business activities in Greece are generally focused around its capital, Athens. There are however other cities that may be considered as they too present lots of opportunities for investors.
Some of the cities that hold potential in terms of business possibilities are listed below:
- Athens
- Corfu Town
- Kalamata
- Kozani
- Trikala
- Ioannina
- Thessaloniki
