Published on and written by Cyril Jarnias
Greece, with its strategic location at the crossroads of Europe, Africa, and the Middle East, offers numerous opportunities for foreign entrepreneurs. Despite past economic challenges, the country has implemented significant reforms to attract foreign investment and facilitate business creation. This comprehensive guide presents the benefits, procedures, and essential considerations for establishing your company in Greece.
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Why Greece is an Attractive Destination for Entrepreneurs
Greece offers several advantages for foreign investors looking to establish their business there:
A recovering market: After years of crisis, the Greek economy is experiencing significant recovery. The country’s GDP grew by 8.3% in 2021 and is expected to continue this positive trend in the coming years. This growth offers numerous opportunities across various sectors.
Competitive operational costs: Compared to other European countries, Greece offers relatively low labor and real estate costs, allowing businesses to reduce their operational expenses.
Privileged access to European and Mediterranean markets: Its strategic geographic position makes Greece an ideal gateway to the European Union, the Balkans, and the Middle East.
Attractive tax incentives: The Greek government has implemented various measures to attract foreign investment, including tax reductions for innovative companies and startups.
A simplified regulatory framework: Recent reforms have significantly simplified administrative procedures for company creation and management, reducing associated delays and costs.
Good to know:
Greece offers a recovering economic environment, advantageous operational costs, and strategic access to European and Mediterranean markets, making the country a prime destination for international entrepreneurs.
Main Legal Structures for Doing Business in Greece
The Greek legal system offers several company forms adapted to the needs of foreign investors. Here are the most common structures:
Public Limited Company (AE – Anonymi Etaireia)
The public limited company is the Greek equivalent of a joint-stock company. It is particularly suitable for large companies and projects requiring significant investments.
- Minimum share capital: €25,000
- Limited liability for shareholders
- Management by a board of directors
- Possibility of stock exchange listing
Limited Liability Company (EPE – Etaireia Periorismenis Efthinis)
The EPE is a flexible structure, suitable for small and medium-sized enterprises. It offers a good balance between management simplicity and partner protection.
- No minimum share capital required
- Limited liability for partners
- More flexible management than AE
- Suitable for family businesses or partnerships
Private Capital Company (IKE – Idiotiki Kefalaiouchiki Etaireia)
Introduced in 2012, the IKE is a modern and flexible legal form, particularly attractive for startups and small businesses.
- Minimum share capital of €1
- Limited liability for partners
- Great flexibility in internal organization
- Simplified creation procedures
Branch of a Foreign Company
Foreign companies can also opt to open a branch in Greece, which does not have separate legal personality from the parent company.
- No minimum capital required
- Activities limited to those of the parent company
- Unlimited liability of the parent company
- Management simplicity for local operations
Good to know:
Greece offers a variety of legal structures adapted to different business needs, from large public limited companies to flexible startups. The IKE is particularly attractive for small businesses and foreign entrepreneurs due to its simplicity and flexibility.
Corporate Taxation in Greece: An Evolving Regime
The Greek tax system has undergone significant reforms in recent years, aiming to make it more competitive and attractive for foreign investors. Here are the main aspects of corporate taxation in Greece:
Corporate Tax
The corporate income tax rate has been progressively reduced in recent years. In 2025, it stands at 22%, placing Greece in a competitive position compared to other European countries.
- Tax reduction for innovative companies and startups
- Tax credits for research and development
- Tax incentives for investments in certain regions or priority sectors
VAT and Other Taxes
VAT: The standard VAT rate in Greece is 24%, with reduced rates of 13% and 6% for certain goods and services.
Property tax: Companies owning real estate properties are subject to an annual property tax, with rates varying based on the property’s value and location.
Social contributions: Employers must pay social contributions for their employees, representing approximately 24.81% of gross salary.
International Tax Treaties
Greece has signed double taxation treaties with many countries, facilitating international operations and avoiding double taxation of income.
- Reduction or elimination of withholding tax on dividends, interest, and royalties
- Clarification of tax rules for tax residents
- Mechanisms for resolving tax disputes
Holding Company Tax Regime
Greece has introduced an attractive tax regime for holding companies, aiming to attract foreign investment:
Dividend exemption: Dividends received by a Greek holding company from its subsidiaries (Greek or foreign) are tax-exempt under certain conditions.
Capital gains exemption: Capital gains realized from the disposal of qualifying participations may benefit from tax exemption.
Good to know:
With a competitive corporate tax rate of 22% and tax incentives for innovation and strategic investments, Greece offers an increasingly attractive tax environment for foreign companies. International tax treaties and the favorable holding regime strengthen its appeal for international investment structures.
Creating Your Legal Structure in Greece: A Simplified Process
Company creation in Greece has been significantly simplified in recent years, thanks to the implementation of online procedures and the reduction of administrative formalities. Here are the key steps to establish your legal structure:
1. Choose and Reserve the Company Name
Availability check: Conduct a search with the General Commercial Registry (GEMI) to ensure the chosen name is available.
Reservation: Once the name is validated, you can reserve it for a period of 3 months.
2. Prepare the Founding Documents
Company statutes: Draft the statutes defining the company’s structure, operation, and objectives.
Incorporation minutes: Prepare a document detailing decisions made during company creation.
3. Obtain Necessary Certifications
Bar Association certification: For certain legal forms, statutes must be certified by a lawyer.
Chamber of Commerce certification: Obtain certification from the local chamber of commerce, attesting to the legality of the planned activity.
4. Open a Bank Account and Deposit Capital
Business bank account: Open an account with a Greek bank in the name of the company being formed.
Capital deposit: Make the deposit of the minimum share capital required according to the chosen legal form.
5. Register with the General Commercial Registry (GEMI)
File submission: Submit all required documents, including statutes, certifications, and proof of capital deposit, to GEMI.
Obtaining registration number: After verification, GEMI assigns a unique registration number to your company.
6. Obtain Tax Identification and Social Security Numbers
Tax identification number (AFM): Register your company with the Greek tax authority to obtain an AFM.
Social security number (AMKA): Register with the social security organization to obtain an AMKA for the company and its employees.
7. Obtain Specific Licenses (If Necessary)
Depending on your business sector, you may need additional licenses or authorizations. Check specific requirements for your field with the competent authorities.
Good to know:
Creating a company in Greece can be completed within a few days thanks to online procedures and administrative simplification. The GEMI one-stop shop greatly facilitates the process, allowing most formalities to be completed in one place.
Greece vs Offshore Jurisdictions: An Attractive European Alternative
Although Greece is not traditionally considered an offshore jurisdiction, its recent reforms and position within the European Union make it an interesting alternative for international entrepreneurs. Here’s how it compares to other popular destinations:
Advantages of Greece Compared to Classic Offshore Jurisdictions
Credibility and reputation: As an EU member, Greece offers better image and credibility than many offshore jurisdictions, often perceived negatively.
Access to European market: Companies based in Greece benefit from direct access to the single European market, a major advantage compared to non-EU jurisdictions.
Regulatory stability: The Greek legal framework, aligned with European standards, offers greater stability and predictability than some offshore jurisdictions.
Comparison with Other Attractive Destinations
Cyprus: Although Cyprus offers slightly lower tax rates (12.5% vs 22% in Greece), Greece compensates with a larger domestic market and better infrastructure.
Malta: Greece offers faster business creation procedures than Malta, and its more diversified economy offers more sectoral opportunities.
Luxembourg: While Luxembourg remains attractive for large financial holdings, Greece positions itself advantageously for SMEs and startups, with significantly lower operational costs.
Specific Strengths of Greece
- Favorable tax regime for holdings and strategic investments
- Competitive labor costs compared to other EU countries
- High quality of life, attracting international talent
- High-growth sectors like technology, tourism, and renewable energy
Good to know:
Greece offers a unique balance between the advantages of an established European jurisdiction and some benefits traditionally associated with offshore destinations, such as competitive operational costs and targeted tax incentives. This position makes it an attractive option for entrepreneurs seeking to combine legitimacy, access to the European market, and tax optimization.
Social Obligations for Companies in Greece
Companies operating in Greece must comply with a set of social obligations aimed at protecting employees and contributing to the social security system. Here are the main aspects to consider:
Social Contributions
Contribution rate: Employers are required to pay social contributions representing approximately 24.81% of each employee’s gross salary. Employees also contribute approximately 15.75% of their salary.
Contribution ceiling: There is a monthly ceiling for contributions, set at €6,500 in 2025.
Paid Leave and Public Holidays
Annual leave: Employees are entitled to a minimum of 20 days paid leave per year for a 5-day work week (24 days for a 6-day week).
Public holidays: Greece has approximately 12 national public holidays per year, during which employees are generally exempt from work while maintaining their pay.
Employment Protection
Employment contracts: Indefinite-term contracts are the norm, but fixed-term contracts are allowed under certain conditions.
Dismissal: Dismissal procedures are regulated by law, with severance calculated based on the employee’s seniority.
Health and Safety at Work
- Occupational risk assessment
- Employee training on safety procedures
- Provision of personal protective equipment
Equality and Non-Discrimination
Greek legislation, aligned with European directives, prohibits all forms of discrimination based on gender, age, ethnic origin, religion, or sexual orientation in the workplace.
Good to know:
Although social obligations in Greece may seem numerous, they are generally in line with European standards. Complying with these obligations helps create a stable and attractive work environment, essential for attracting and retaining talent in an increasingly competitive labor market.
Opening a Business Bank Account in Greece: Steps and Tips
Opening a business bank account is a crucial step in the process of creating a company in Greece. Here is a detailed guide to help you navigate this procedure:
1. Choose the Right Bank
Local vs international banks: Greece has several major national banks (like Alpha Bank, Piraeus Bank, National Bank of Greece) as well as international banks. Choose based on your specific needs (international presence, online services, etc.).
Service comparison: Evaluate banking fees, online services offered, availability of English support, and facilities for international transactions.
2. Prepare Necessary Documents
- Company statutes
- GEMI registration certificate
- Company tax identification number (AFM)
- Identity documents of directors and authorized signatories
- Company proof of address
- Minutes designating persons authorized to manage the account
3. Schedule an Appointment with the Bank
Initial contact: Most Greek banks prefer that you schedule an appointment to open a business account. Contact the chosen bank to arrange a meeting.
Preparation: Ensure you have all necessary documents and be prepared to explain the nature of your business and your banking needs.
4. During the Bank Appointment
Document verification: The banker will examine all your documents and may ask additional questions about your business.
KYC (Know Your Customer): Be prepared to provide detailed information about the company’s ownership structure and source of funds.
Service selection: Discuss different account options and banking services available for your business.
5. Account Activation
Opening timeframe: Effective account opening can take from a few days to a few weeks, depending on the complexity of your file.
Initial deposit: Some banks may require a minimum initial deposit to activate the account.
6. Online Services Configuration
Once the account is opened, make sure to configure online banking services to facilitate daily management of your business finances.
Good to know:
Opening a business bank account in Greece can take time due to due diligence procedures. Prepare well in advance and be patient. Some banks offer dedicated services for foreign businesses, which can facilitate the process for international entrepreneurs.
Promising Sectors for Entrepreneurship in Greece
Greece offers numerous investment opportunities in various growing sectors. Here is an overview of the most promising areas for entrepreneurs:
Tourism and Hospitality
- Sustainable and ecological tourism
- Luxury experiences and high-end tourism
- Medical and wellness tourism
Information Technology and Startups
- Artificial intelligence and machine learning
- Fintech and innovative payment solutions
- Maritime technologies (martech)
Renewable Energy
- Solar and wind energy
- Energy storage
- Smart grid technologies
Agri-food
- Organic and sustainable agriculture
- Innovative and functional food products
- Export of quality Greek products
Logistics and Maritime Transport
- Innovative maritime transport services
- Port management technologies
- Sustainable logistics solutions
Real Estate and Construction
- Urban renovation and sustainable development projects
- Luxury real estate and residences for foreign retirees
- Coworking spaces and flexible offices
Good to know:
Greece offers diverse opportunities for entrepreneurs, ranging from traditional sectors undergoing modernization to emerging high-tech industries. Favorable government policies and investment incentives make these sectors particularly attractive for foreign investors.
Recruiting Staff in Greece: Tips and Best Practices
Recruiting qualified staff is crucial for the success of your business in Greece. Here are some tips to effectively navigate the Greek labor market:
Understanding the Local Labor Market
Workforce profile: Greece has a well-educated workforce, with an increasing number of graduates in technical and scientific fields.
Unemployment rate: Although decreasing, the unemployment rate remains relatively high, which can facilitate recruitment in certain sectors.
Effective Recruitment Methods
- Online platforms: Use popular job sites like kariera.gr or jobfind.gr
- Professional social networks: LinkedIn is increasingly used in Greece
- Recruitment agencies: Particularly useful for specialized or management positions
- Universities and schools: Establish partnerships to recruit young talent
Legal Aspects of Recruitment
Employment contracts: Ensure contracts are drafted in compliance with Greek labor legislation.
Trial period: Generally set at 12 months maximum, during which the employer can terminate the contract without severance.
Non-discrimination: Respect equal opportunity and non-discrimination laws in your recruitment practices.
Compensation and Benefits
Minimum wage: Stay informed about the legal minimum wage, which is regularly reassessed.
Compensation structure: In addition to base salary, consider bonuses and benefits in kind to attract the best talent.
13th and 14th month: It is common in Greece to pay additional salaries at Christmas, Easter, and for summer vacation.
Integration and Training
Integration program: Develop a structured onboarding process to facilitate new employee integration.
Continuous training: Invest in developing your employees’ skills to improve retention and productivity.
Corporate Culture and Communication
Adapt your management style: Greek culture values personal relationships and a more hierarchical management approach.
Multilingualism: Although Greek is the official language, English is widely used in international companies.
Good to know:
Recruiting in Greece requires understanding local labor market specificities and corporate culture. By combining modern recruitment methods with an approach respectful of local traditions, you can attract and retain the best talent for your company.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
