How to Start a Business in Greece from the UK

Planning to start a business in Greece? It’s easy to see why, as the country offers a strategic location, low labour and real estate costs, and a business-friendly environment. And of course, it also has a pleasant Mediterranean climate and high quality of life.

In this guide, we’ll run through everything you need to know on how to start a business in Greece as a foreigner. This includes choosing a business structure, getting on the Greece company register and much more.

We’ll also show you a smart way to manage your company’s finances in Greece, Europe and worldwide, using Wise Business - the ideal solution for international businesses.

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Doing business in Greece

Greece is an attractive place to do business for a number of reasons. Real estate, labour and living costs are generally quite low, and the government is business-friendly. The country provides excellent access to EU and global markets, thanks to its location and logistical infrastructure.

There are lots of opportunities for business growth too, especially thanks to Greece’s advantageous business tax policies.

If you’re researching opportunities in Greece, it can be useful to know which sectors contribute most to the economy. These are:¹

• Tourism
• Shipping
• Agriculture
• Mining
• Textiles.

However, there are also challenges associated with starting a business in Greece. The country has historically experienced a great deal of economic turbulence. It’s also known for a complicated and inefficient bureaucratic system, and you may also face difficulties finding information regarding regulatory requirements.¹

Much of the commercial activity is focused on Athens, so you may face challenges if you’re trying to set up elsewhere.

There are also cultural and language barriers to consider. Many Greek people do speak English, but you will need a working knowledge of the Greek language in order to run your business.¹

Greece company register

One of the most important things you’ll need to do to set up your new business is to register it with the Greece company register. This is the General Commercial Register (GEMI). You can register your company online, as long as you have an active Greek Tax Identification Number (TIN).²

But before you can register, you’ll need to decide on a legal structure for your new venture. There are a few different entity types to choose from in Greece:

• Public limited company (PLC)
• Limited liability company (LLC)
• Private company (PC)
• General and Limited partnership (ordinary or by shares)
• Civil-law cooperative
• Civil-law association
• European Economic Interest Grouping
• European company
• Joint venture.

We’ll run through these business types in more detail next.

Public limited company (PLC)

Ideal for medium and large businesses, this company type has its capital divided into shares. Shareholders have limited liability and the company is managed by a Board of Directors.

Limited Liability Company (LLC)

This is a commercial company type widely used for small and medium sized businesses in Greece, where capital is divided into parts. Liability for shareholders is limited to the amount of their contributions.

Private Company (PC)

A private company is ideal for small and medium-sized enterprises. It’s simpler and more flexible than an LLC, and there’s no minimum capital requirement. All partners have limited liability.

General and Limited Partnership (ordinary or by shares)

There are two types of partnership in Greece. A general partnership of two or more people has no minimum capital requirement, and partners are personally liable for the obligations of the company.

A limited partnership is the same, except that there is one limited partner and one general partner. The limited partner is only liable for the company’s obligations up to the amount of their contribution.

Joint Venture

A joint venture is very similar to a general partnership, although it doesn’t have its own legal personality. It’s designed for the purpose of bringing together individuals or legal entities to carry out a specific project.

Other business structures in Greece include:

• Civil-Law Cooperative
• Civil-Law Association
• European Economic Interest Grouping
• European Company
• European Cooperative Society.

How to start a business in Greece - Step-by-step

Let’s take a look at the initial steps you’ll need to take to get your new venture in Greece off the ground:²

1. Get your Greek Tax Identification Number (TIN) if you haven’t already
2. Head to the business portal digital platform and use your Taxisnet credentials (used to access tax services) to login.
3. Fill in your details when prompted, and complete the on-screen instructions
4. Sign the articles of association of statutes of the company electronically.
5. Pay the fee (if required) and submit your application.

Once you’ve successfully completed the process, your company will be registered with the GEMI and you’ll receive a GEMI number. Your new business will also be automatically registered with the tax authorities and you’ll get a tax identification number. You can then start running your business.²

If you’re unable to use the online system to register your business for any reason, you’ll need to make your application in person at an authorised notary public or a GEMI department.

To do this, you’ll need to take along the following documents as a third-country citizen:²

• A valid passport (with relevant entry visa)
• A declaration of your intention to live permanently in Greece
• A residence permit.

You’ll also need details of your business, including articles association and other relevant documents for the incorporation of the company.

Setting up a business in Greece - FAQs

If you’re setting up a business abroad for the first time, you’re bound to have questions. We’ll tackle some of these below.

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

To use the digital platform to register your business, there’s a fee of between €18 and €24 EUR.²

If you need to register at a GEMI department, the fee is higher at €60 to €80 EUR.² You may also have to pay notary and other associated fees, especially if you use legal services.

Check below the current conversion rate between GBP and EUR.

Wise Business account is a handy tool for UK business expanding abroad. Once you set up your business in Greece you can easily convert British Pounds to Euros to hold money on the currency, receive Euros with your account details or set payments like a local. All conversion is done based on the mid-market exchange rate with low and transparent fees.

Get started with Wise Business 🚀

Is Greece a good country to start a business?

Greece has many attractive qualities for UK entrepreneurs, including access to the EU, advantageous business tax policies and low labour and real estate costs.

However, the country is known for its complex and slow bureaucratic processes, as well as historic turbulence in its economy. Thankfully though, the process of registering a new business has been made much quicker and easier thanks to the introduction of the online system.

You can get help and advice to start your new business and plan your life in Greece at gov.gr, a site run by the Ministry of Digital Governance of the Hellenic Republic.

Can a foreigner start a business in Greece?

Yes, a foreign citizen can start a business in Greece, but you will need to get hold of a Greek Tax Identification Number (TIN). You’ll also need the required entry visa and resident permit.

Manage your Greek company's finances with Wise Business

It can certainly be useful to have a Greek bank account for your business. But it’s definitely not the only option, so it’s worth considering alternatives which could save you time and money.

Open a Wise Business account and you can manage your company’s finances in 40+ currencies, including EUR and GBP. You’ll be able to pay suppliers and staff in their own currency, as well as receiving payments in multiple currencies.

You can even automate payments using the powerful Wise API to save even more time. See how it works here in our case study

Wise payments are fast and fully secure (even for large amounts). Best of all, you’ll only pay low, transparent fees and always get the mid-market exchange rate.

This is the rate that banks use to buy and sell currency, and is widely considered the fairest rate you can get. When banks carry out currency conversions on behalf of customers, they usually add a mark-up or margin to the exchange rate. This makes it more expensive for your business, as less of your money reaches your recipient.

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Check out the requirements here.

Get started with Wise Business 🚀

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After reading this, you should have a good grasp of the first steps required to start a new business in Greece. The best of luck with your new venture!

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Sources used for this article:

1. Expat Arrivals - Doing business in Greece
2. Govgr - How to start a business in Greece

Sources checked on 22-Feb-2024