Expanding into
Greece
Global expansion is a step to make for any business, regardless of what you wish to achieve. The opportunities that can come with an expansion can be both incredibly exciting as well as intimidating and confusing, especially when you consider all of the registration procedures that needs to be done and documentation required.
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Expanding to countries such as Greece – which is characterized by a highly educated and international workforce, multifaceted employment and tax laws, a robust infrastructure network linking to the rest of Europe, and leading sectors in agriculture, shipping and shipbuilding, tourism, mining, tobacco processing, textiles, chemicals, metal products, and petroleum – can bring both excitement to the possibilities, but also significant stress to ensuring the entity with the country’s rigorous legal structures and laws.
Ensuring compliance without the sufficient knowledge of the country’s laws also adds to the stress of getting your new entity off the ground and ready to test new markets. Going at it without the proper support can increase the costs, time and risks involved.
Each new markets bring new challenges, and these can be worked through more efficiently and cost-effectively with the support of an International Professional Employer Organization (PEO) such as Bradford Jacobs, especially through our Employer of Record (EOR) framework.
This can be best utilized when businesses are just beginning their expansion process and require more information before committing to incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in Greece
The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $222.770 billion per annum. In terms of purchasing power parity, Greece is the world’s 54th largest economy, at $378.693 billion per annum. As of 2020, Greece is the sixteenth-largest economy in the 27-member European Union. According to the International Monetary Fund’s figures for 2022, Greece’s GDP per capita is $20,940 at nominal value and $35,596 at purchasing power parity.
Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output in 2017.
Important Greek industries include tourism and shipping. With 18 million international tourists in 2013, Greece was the 7th most visited country in the European Union and 16th in the world. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013. The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.
The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is an important regional investor.
Greece was the largest foreign investor in Albania in 2013, the third in Bulgaria, in the top-three in Romania and Serbia and the most important trading partner and largest foreign investor in North Macedonia. The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.
Greece is classified as an advanced, high-income economy, and was a founding member of the Organization for Economic Co-operation and Development (OECD) and of the Organization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981.
Its economy is the largest in the Balkans, where it is an important regional investor. A founding member of the United Nations, Greece was the tenth member to join the European Communities (precursor to the European Union) and has been part of the Eurozone since 2001. It is also a member of numerous other international institutions, including the Council of Europe, NATO, the OECD, the WTO, and the OSCE.
Greece’s unique cultural heritage, large tourism industry, prominent shipping sector and geostrategic importance classify it as a middle power.
SMEs in Greece are the backbone of the country’s economy. SMEs play an important role in the ‘non-financial business economy’ of Greece. They generate 63.5% of total value added (EU average 56.4%) and an exceptionally high employment share of 87.9% (EU average 66.6%).
Greek SMEs employ an average of 2.6 people, about one third less than the EU average of 3.9.
The two most important SME sectors, wholesale and retail trade and manufacturing, together generate nearly half of all Greek SME value added. The average productivity of Greek SMEs, calculated as value added per person employed, is approximately €15,000, roughly two thirds lower than in the EU as a whole.
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Hiring Staff
in Greece
The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $222.770 billion per annum. In terms of purchasing power parity, Greece is the world’s 54th largest economy, at $378.693 billion per annum. As of 2020, Greece is the sixteenth-largest economy in the 27-member European Union. According to the International Monetary Fund’s figures for 2022, Greece’s GDP per capita is $20,940 at nominal value and $35,596 at purchasing power parity.
Greece is a developed country with an economy based on the service (80%) and industrial sectors (16%), with the agricultural sector contributing an estimated 4% of national economic output in 2017.
Important Greek industries include tourism and shipping. With 18 million international tourists in 2013, Greece was the 7th most visited country in the European Union and 16th in the world. The Greek Merchant Navy is the largest in the world, with Greek-owned vessels accounting for 15% of global deadweight tonnage as of 2013. The increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry.
The country is a significant agricultural producer within the EU. Greece has the largest economy in the Balkans and is an important regional investor.
Greece was the largest foreign investor in Albania in 2013, the third in Bulgaria, in the top-three in Romania and Serbia and the most important trading partner and largest foreign investor in North Macedonia. The Greek telecommunications company OTE has become a strong investor in certain former Yugoslav and other Balkan countries.
Greece is classified as an advanced, high-income economy, and was a founding member of the Organization for Economic Co-operation and Development (OECD) and of the Organization of the Black Sea Economic Cooperation (BSEC). The country joined what is now the European Union in 1981.
Its economy is the largest in the Balkans, where it is an important regional investor. A founding member of the United Nations, Greece was the tenth member to join the European Communities (precursor to the European Union) and has been part of the Eurozone since 2001. It is also a member of numerous other international institutions, including the Council of Europe, NATO, the OECD, the WTO, and the OSCE.
Greece’s unique cultural heritage, large tourism industry, prominent shipping sector and geostrategic importance classify it as a middle power.
SMEs in Greece are the backbone of the country’s economy. SMEs play an important role in the ‘non-financial business economy’ of Greece. They generate 63.5% of total value added (EU average 56.4%) and an exceptionally high employment share of 87.9% (EU average 66.6%).
Greek SMEs employ an average of 2.6 people, about one third less than the EU average of 3.9.
The two most important SME sectors, wholesale and retail trade and manufacturing, together generate nearly half of all Greek SME value added. The average productivity of Greek SMEs, calculated as value added per person employed, is approximately €15,000, roughly two thirds lower than in the EU as a whole.
VAT Number
Business Registration Number
The Main Sectors of the Greek Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Greek Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in
Greece
Commercial Laws in
Greece
