“Again, it’s not like setting up in the USA or in Canada. Although there is less red tape than before, Greece is still a politically socialist nation with the majority of their agencies and supporting services working in an archaic framework.”

— George Stroumboulis

Starting a new business in Greece?!

Living outside of Greece and wanting to set up a new business there can be a daunting undertaking to say the least. In most cases, it can be straight up discouraging... and I'm speaking from years of experience working within the Greek system and from outside of it. Setting up a company in Greece is something that is very intimidating at first, until you dive into it. And once you master it, it can be extremely fruitful for you and your business.

There are three key items needed to facilitate this new business process in Greece, they include:

1) THE FINANCES

The first thing is financing. Whatever you are going to be doing, you need the finances to support this 100%. Do not depend on any local investments, bank support or lending avenues in Greece to finance your business. You need to come in with 100% of the funds in hand and enough cash to be able to operate your business for 36 months. This is not a law or requirement, just my personal advice. Add those funds to your new Greek bank account and focus your energy on the other elements needed to set up your business.

2) YOUR GO-TO PERSON

You need your go-to person selected and on board. This needs to be a person that lives in Greece full time, is in good standing with the law and tax authority and someone that you trust with your (business and personal) life. This person needs to operate the business on your behalf and is connected and privy to everything related to your new business - legal, banking, government... everything. So, choose wisely.

3) LEGAL & FINANCIAL COUNSEL

The third element to make it a successful process is having the right legal and financial counsel working together. You need to have a really strong team of local accountants and lawyers to navigate the laws, work on your behalf and coordinate with the other authorities to provide the best advice to you and to keep the other parties in check. In my case, my accounting team has international experience, knows the local Greek laws, and knows how they apply to American, Canadian and/or Australian practices for reporting financially back home. My firm is a catalyst for everything on the ground in Greece and a vital component to this puzzle.

Why Greece? Isn’t it a shady place to conduct business in?

On the World Bank's list of top countries for the ease of doing business in, Greece has ranked around 75th in the world with projections pushing them in the top 30 in the next few years. That is a huge jump and very promising for the country itself, the business owners already working in Greece and those interested in setting up shop in Greece. That just shows you what this government and its administration is doing to create a positive outlook, fostering investment from the outside and working hard to streamline the government services as much as possible to help eliminate the archaic and chaotic system Greece has been known to have since the beginning of time.

It's still Greece, tho! Please be cautious.

Again, it's not like setting up in the USA or in Canada. Although there is less red tape than before, Greece is still a politically socialist nation with the majority of their agencies and supporting services working in an archaic framework. They can operate at their own pace and the clear and logical requirements for documentation in other countries can seem like a tedious and cumbersome process in Greece. Patience.

Also, and speaking from personal experience, there are several laws that apply to local hiring, office operations and logistics that vary from back home. Be cautious as it can be easy to find yourself paying random fines and penalties on the spot.

I'm obviously passionate about doing business in Greece and benefitting from what it has to offer for my global company. If you ever need advice, just let me know.

Πάμε! Αλλά με υπομονή!
(Let's go! But with patience!)

Launching in the European market with a business in Greece is not an easy undertaking, but with the right team members and support crew, you can help mitigate potential issues.

Top talent is the most important asset to have. Step #1: Invest in amazing people like Georgios, Kostas, Daphne and Nuva.

Making sure to have an integrated and effective media plan when you launch is key. I always partner with local professionals in the media space to help get our messaging out to the industry.

Make sure to watch George Stroumboulis’ video for advice on how to launch your business in Greece.

INVESTING IN GREECE: If you are considering investing in Greece, Greek property or starting your very own business there, make sure to do your research. Ping me if you ever want to chat about it to.

Visit the Enterprise Greece Investment & Trade website by clicking here: https://www.enterprisegreece.gov.gr/en/