DOING BUSINESS IN GREECE IN 2017
Since 2003, Healy Consultants Group PLC has assisted our Clients with starting companies in Greece. Our services include i) Greece business registration ii) government license registration iii) corporate bank account opening in Greece and abroad iv) employee recruitment v) visa strategies and vi) office rental solutions.
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Advantages and disadvantages
Advantages of Greece company registration
- It is possible to register a new company in Greece within three weeks, with only one shareholder and one director, who can be of any nationality and place of residency. The minimum paid-up capital for the company is only €4,500 and our Clients do not need to travel to complete Greece company formation procedures;
- While Greece suffers from an economic meltdown since 2008/09, there are still advantages to do business in Greece:
- Foreigners investing in Greece are welcomed and can purchase existing Greek companies at prices far below their book value. There is also no restriction on foreign investment in Greece, from both inside and outside the EU;
- The Greek economy is supported by a strong merchant shipping industry, which has remained the largest in the world and which benefits from attractive tax advantages, which the Tsipras Government has committed to maintain in spite of the current economic difficulties known by the country;
- Greece is a member of the EU, and enjoys the same trade benefits as all other EU members. As the largest economy in the Balkans, Greece offers great access to the (non-UE) Balkan market, with favorable trade agreements with every Balkan nations;
- Opening global corporate bank accounts to assist companies to trade in Greece and abroad is easy. Healy Consultants works with internationally recognized banks such as HSBC and Citibank to provide corporate bank account services in Greece.
Disadvantages of Greece company registration
- The Greek sovereign crisis is not over. While the country managed to secure increased financial support from other European Union countries in August 2015, the country has committed to implement an austerity program which the IMF and other economists expect to lower business opportunities over the coming years;
- Companies formed in Greece are liable to corporate income tax on their worldwide earnings at a standard rate of 26%. They can also be required to register for VAT and to charge their local customers VAT at a rate of 19%. The Greece tax rates have changed several times over the past 3 years, and more changes are likely.
Best uses for a Greek company
- Our Clients often find attractive to start a company in Greece in the seashipping and F&B industries;
- It is also currently interesting to consider buying private equity in Greece, due to low price/book value ratios.
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- Time to incorporate: Three weeks
- Cost to set up: €11,600
- Minimum capital: €4,500
- Physical office required: No
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 26%
- Corporate tax base: Worldwide
- Shelf companies: No
- Main company type: IKE company
Useful links for Greece
Government and public authority websites:
- Greece Tax Authority
- Central Bank of Greece
- Greece Stock Exchange
- Greece Chamber of Commerce
- Greece airports
- Hellenic Corporate Governance Code
- PKF; Greece Tax Guide
- Doing Business in Greece
- Greece Investment Overview
- KPMG; Taxation in Greece
- Policies for a Sustainable Recovery