How to Start a Business in Greece as an Expatriate: A Step-by-Step Guide

Are you a foreigner looking to start a business in Greece? Greece has a vibrant and diverse economy, and the country is open to entrepreneurs from around the world. With an impressive track record of successful businesses, Greece offers a great opportunity for those looking to start their own venture. However, starting a business in Greece can be tricky, as regulations and bureaucracy can be daunting and hard to navigate. In this article, we will provide a comprehensive guide on how to start a business in Greece as a foreigner, covering subjects such as registration requirements, taxation, financing options, and more.

How to Start a Business in Greece as a Foreigner

Starting a business in Greece as a foreigner can involve some unique challenges. However, with the right guidance and preparation, it is an achievable goal. Here are the basic steps that you should take if you are interested in starting a business in Greece as a foreign national.

Step 1: Research Your Options

Before you get started, it is important to research the different options available to you. Consider factors such as capital requirements, the type of business you are interested in starting, cultural differences, and the regulatory environment you will be operating in. Doing your research up front will help you make informed decisions.

Step 2: Choose a Business Structure

Your next step is to select a business structure. There are several different structures available, such as sole proprietorships, limited liability companies (LLCs), partnerships, and joint ventures. Consider the pros and cons of each type of structure and decide which one is best for your needs.

Step 3: Establish an Office

Once you have chosen a business structure and decided on your business plan, it is time to establish an office. You may choose to rent an office space or work from home. Make sure you have all the necessary permits before establishing your office.

Step 4: Register Your Business

The next step is to register your business with the local government authorities. This can be done online or at a local office. You may need to provide documents such as passports or other proof of identity. Additionally, some permits may be required depending on what type of business you are registering.

Step 5: Obtain Necessary Licenses

Depending on what type of business you are running, there may be certain licenses that you will need to obtain before beginning operations. Research the laws and regulations related to your specific industry and make sure that all necessary documents and permissions are in place before starting operations.

Step 6: Hire Employees

Finally, if needed for your type of business, you should begin hiring employees. Make sure to adhere to all Greek employment laws when recruiting and contracting staff.

Can a foreigner open a company in Greece?

Yes, a foreigner can open a company in Greece. It is possible to form a company in Greece as a foreign national, particularly if you are from another EU country. However, there are some regulations to follow and paperwork to complete.

Firstly, you will need to create a business plan for your company and then register it with the Greek Company Register (ΔΗΜΟΣ/ΤΟ ΔΙΚΑΙΩΜΑ ΕΠΙΧΕΙΡΗΣΗΣ). You will need to provide documents such as proof of identity and residence, the business plan and any supporting documents. Once your application has been approved, you will be issued with an official business registration number.

You will also need to open a bank account in Greece in order to receive funds from customers and pay taxes. This can sometimes be a complicated process but it is an important step towards establishing your business in Greece.

It is advisable to get advice from an experienced lawyer or accountant who can guide you through the process of setting up your business in Greece. They can also help with tax filing and payments as well as providing other legal advice.

Overall, it is possible for foreigners to open a company in Greece with the right guidance and paperwork. Good luck!

How much does it cost to start a business in Greece?

Starting a business in Greece can be a great way to explore the country, while also creating an opportunity to make money. The exact cost of starting a business in Greece will depend on the type of business and the amount of preparation you put into it. However, it is estimated that you will need around €2,500 to start your business. This includes the cost of registering your business with the Greek Chamber of Commerce, obtaining the necessary professional permits or licenses, and other administrative fees. You may also need to factor in the cost of renting an office space, as well as any additional equipment or materials you may need for your business. Additionally, if you are bringing in employees or hiring freelancers for your business, you may have to pay wages or other associated costs such as healthcare benefits. After setting up your business, there are likely to be ongoing costs such as taxes and insurance payments that must be factored in.

Overall, it is important to consider all possible costs before starting a business in Greece and to create a budget beforehand so that you can plan ahead and manage your finances appropriately.

Can non-EU residents buy open a business in Greece?

Non-EU residents may open a business in Greece, however there are specific requirements that must be met. Firstly, non-EU residents must obtain a residence permit that is valid for at least three years. This can usually be done by applying for a long-term visa. Secondly, the non-EU resident must provide documentation that proves his/her financial stability to the Greek government. Thirdly, the business must comply with all applicable laws and regulations and must have a valid business license from the local authorities. Last but not least, it is important to note that some businesses and sectors are restricted or prohibited to non-EU citizens.

Which business is profitable in Greece?

Greece is a beautiful country rich in culture, history, and opportunity. It can also be a great place to start or grow a business. Tourism, agriculture, textiles, and technology are some of the most profitable industries in Greece. Additionally, there are plenty of opportunities for entrepreneurs to pursue new business ideas and create something unique.

For those interested in tourism, Greece offers an array of activities for travelers, ranging from its stunning coastline to ancient ruins and monuments. With such a large number of tourist attractions, this industry can be extremely profitable for businesses.

In terms of agriculture, the country is one of the largest producers of olives and feta cheese in the world. Fruits, vegetables, grains and livestock are also widely produced throughout Greece.

The textile industry is another area where businesses can find success. Greek fashion designers have become increasingly popular over the past few years, with many producing garments that combine traditional patterns with modern styles.

Finally, technology has been transforming the way people do business in Greece. Start-ups are popping up all over the country and providing innovative solutions to everyday problems. With increased investment in this sector, technology can be an incredibly lucrative industry for Greek businesses.
Starting a business in Greece as a foreigner can be a challenging but rewarding experience. It is important to become familiar with the country’s regulations, laws, and procedures pertaining to doing business in Greece. Additionally, having a capable team and an understanding of the local culture will increase the odds of success. Set realistic goals and strive to maintain open communication with everyone involved in order to make the process smoother. In conclusion, it is essential to take all necessary precautions when starting a business in Greece as a foreigner. The right decisions and preparation can set you up for success. Open dialogue and understanding of the local culture will help you maintain good relationships and lead to a more successful venture.