Your question: What is it like to do business in Greece?

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 hard to do business in Greece?

Greece ranks at the top in difficulty in setting up and running a business among 75 countries, according to the Global Business Complexity Index for 2019.

Is Greece business friendly?

Ease of doing business index (1=most business-friendly regulations) in Greece was reported at 79 in 2019, according to the World Bank collection of development indicators, compiled from officially recognized sources.

What kind of business should I 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.
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Is it easy to do business in Greece?

With an ongoing sovereign debt crisis, doing business in Greece is certainly a challenge. Unsurprisingly, Greece’s weak economic position has impacted its ‘Ease of Doing Business’ rankings, which continue to decline each year.

What are the working hours in Greece?

The length of a typical working week in Greece is 8 hours a day, 5 days a week starting at between 8am and 9am. Greeks do spent more time working as, according to Eurostat, employees in Greece work on average 42 hours per week compared to a European average of 40.3 hours per week.

Do I need to speak Greek to work in Greece?

Many people speak English, and you rarely need to speak Greek. However, if you learn even a little Greek, you’ll find that Greeks appreciate you trying to communicate in their language. … These days most civil servants speak English, so you have access to help in the local tax office.

How long does it take to open a business in Greece?

When asked by the World Bank, Greece reported that it only took 15 steps and 15 days to start a business. In reality, however, there are up to 18 steps and each has other steps that could extend the processing time to months or years, unless connections and bribes are used to speed the process.

Do Greeks like to negotiate?

Bargaining – Most Greeks enjoy bargaining and haggling. They expect to do a lot of it during a negotia- tion. This may include a lot of drama, exaggerations, and bragging. Your counterparts may be offended if you refuse to play along.

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What are taboos in Greece?

Greeks live their lives with an exclamation point. Thumbs down is usually considered rude. The open hand facing outward is also considered offensive. This hand sign (three fingers up, index and thumb touching) is obscene.

How do Greeks view time?

The ancient Greeks had two words for time: chronos (χρόνος) and kairos. The former refers to chronological or sequential time, while the latter signifies a proper or opportune time for action. While chronos is quantitative, kairos has a qualitative, permanent nature. Kairos also means weather in Modern Greek.

How do I start a small business in Greece?

8 Steps to start your company in Greece in 2019

  1. Step 1- Legal Registration. …
  2. Step 2- Select the Legal Form of the business. …
  3. Step 3- Business Plan and Evaluation. …
  4. Step 4- Registering a Company. …
  5. Step 5- Obtaining a Tax Identification Number. …
  6. Step 6- Special Procedures. …
  7. Step 7- Make a Company Seal. …
  8. Step 8- Books and Accounting.

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.

How can a foreigner start a business in Greece?

The Registration Process in Greece for Foreigners

  1. Register your company name (ensure if the name is not being used by another company in Greece)
  2. Choose a business activity which suits the type of business you are willing to execute.
  3. Choose a corporate structure for your business.
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