Reasons To Start A Business In Greece

Greece is located on the crossroads of three continents; Europe, Asia, Africa, and connects people, cultures and plays a central role in the transportation of goods between the different continents. The country is a member of the EU, Euro-zone, OECD, and WTO, with an economy of around 1.5% of EU GDP. The primary economic sectors in Greece are agriculture, tourism, and shipping. Other important sectors are the maritime industry, mining, energy, and ICT. Greece has embarked on a policy of privatizing major public enterprises, including some leading banks. Here is why you should start a business in this country of so many islands and generate huge profits.

Easy Qualification For Work Permit Or Visa

Directors, partners, and shareholders of ground-breaking businesses are eligible for a work permit or a visa, depending on their country of origin. European country citizens can live and work in Greece by obtaining a work permit for the EU nationals (MEU1) certificate quickly. People from Non – European Union countries can obtain a working permit visa to work in Greece. Approved business owners are entitled to reside and operate in Greece for a year, with the opportunity to renew for at least another year. They become prospective residence in the country without any restriction if the enterprise succeeds and residence permit is allowed to family members.

Low Cost Of Doing Business

One of the advantages of starting a business in Greece is the availability of human capital. There is the availability of a well-educated and versatile work-force. Greeks are among the most highly educated citizens in Europe, and they are multilingual. The cost for professional and technical talents is much lower than in other major cities around Europe. English is not a part of the official languages of Greece, but it is still prevalently spoken.

Legal Security

Greece’s constitution grants legal security and International Treaties to any business owner starting a business or an already established business. The nature of the Constitution of Greece and other relevant laws of the fundamental rights are stated. They include freedom of contract and the practice of any profession and carrying on any trade or business. They are guaranteed to all individuals regardless of their nationality. There is no discrimination between Greeks foreigners.

In addition to a Greek business owner’s legal security, they are also comprised of entitlements, protection by the State, and support by the government and other state organs on an international level. If you’re considering starting a business in Greece, it’s advisable to seek legal help from professional business lawyers such as Oikonomakis Law.

Low Tax Deductions and Attractive Incentives

Business laws in Greece make business establishments enjoy lots of incentives. Business owners with annual income of €100.000 and who were not a citizen of Greece and are now employed in the country are entitled to 50% tax deduction on his income. The tax deduction is on all the business income generated in Greece and is valid for ten years from the day of business establishment. Of all countries in the European Union, Greece has the second-lowest tax rate after Ireland. Non-resident companies in Greece are subject to tax only on their income derived, so only their profits arising from their permanent establishment in Cyprus will be taxed.