Doing business

Greece

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Setting up a company | FDI in figures | Why you should choose to invest | Procedures relative to foreign investment | Finding assistance for further information

Setting up a company

Types of companies and capital (max/min)	Number of partners/shareholders and liability
Eteria Periorismenis Efthynis (EPE) is a Private Limited Company Minimum 4,500 EUR totally released up to this amount.	Minimum 2 partners. NB: 1 partner for an EPE with extended benefits (limited liability) to the sole owner. Liability is limited to the amount contributed.
Anonymos Eteria (AE) is a Limited Company. Minimum 60.000 EUR totally released up to this amount.	One or more Liability is limited to the amount contributed.
Omorithmos Eteria (OE) is a general partnership. No minimum capital.	Minimum 2 partners Partners' liability is joint and several.
Eterorithmos Eteria (EE) is a limited partnership No minimum capital.	Minimum 2 partners Liability of active partners is unlimited. Liability of sleeping partners is limited to the amount contributed.

Business setup procedures

Setting up a company	Greece	OECD
Procedures (number)	15.0	5.6
Time (days)	19.0	13.8

Source: Doing Business.

For further information: Consult Doing Business Website, to know about procedures to start a Business in Greece.
Athens Chamber of Commerce and Industry
The competent organization: Upon establishment, the company is required to register with the Tax Office and procure accounting and company books stamped by the Tax Authorities and also to register with the Local Chamber of Commerce. Consult The Athens Chamber of Commerce and Industry.

FDI in figures

Foreign Direct Investment	2008	2009	2010
FDI inward flow (millions USD)	4,499	2,436	2,188
FDI stock (millions USD)	38,118.6	42,097.2	33,558.7
Performance Index*, ranking on 141 economies	118	115	-
Potential Index**, ranking on 141 economies	46	-	-
Number of Greenfield investments***	48	38	-
FDI inwards (in % of GFCF****)	6.6	15.0	-
FDI stock (in % of GDP)	10.9	13.6	-

Source:

Note: * The UNCTAD Inward FDI Performance index is based on a ratio of the country's share in global FDI inflows and its share in global GDP. ** The UNCTAD Inward FDI Potential index is based on 12 economic and structural variables such as GDP, foreign trade, FDI, infrastructures, energy use, R&D, education, country risk. *** Green field investments are a form of foreign direct investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up. **** Gross fixed capital formation (GFCF) measures the value of additions to fixed assets purchased by business, government and households less disposals of fixed assets sold off or scrapped.

Why you should choose to invest Greece

Strong points: Greece's main strong points are:
- Its membership to the European Monetary Union (EMU). Today, Greece has become the economic hub of Southeast Europe;
- Its competitiveness within the active population in terms of education, manpower costs and work productivity;
- Its geographical location, which makes it a strategic link to the emerging markets of the Balkans, Black Sea, Eastern Europe and Eastern Mediterranean regions; and
- Its infrastructures, which are improving significantly, mainly due to the 3rd European Union community support framework.
Weak points: The Greek economy has always been and continues to be subject, to intense governmental regulation. According to Transparency International the country also has to tackle high levels of corruption that affect many aspects of the economic and commercial life. In addition, growth has been financed by private sector loans and the public sector's absorption of EU structural adjustment funds, which has caused a large public deficit.
Government measures to motivate or restrict FDI: The Legislative Decree number 2687 of 1953 as well as Article 112 of the Constitution, give approved foreign "productive investments" property rights, preferential tax treatment and work permits for foreign managerial and technical staff.
Bilateral investment conventions signed by Greece: To see the list of countries, click here.

Procedures relative to foreign investment

Freedom of establishment: Yes
Acquisition of holdings: A majority holding interest in the capital of a Greek company by a foreign investor is legal, except in some sensitive sectors.
Competent organization for the declaration

Finding assistance for further information

Investment aid agency: Investment in Greece
Other useful resources: Invest in Greece
Invest in Greece