Starting a Business in Greece: Requirements, Steps, Pros and Cons

Greece has evolved into a strategically located entry point for doing business in Southern Europe, thanks to its geography, economic reforms, and sector strengths. The country sits at the crossroads between Europe, Asia, and Africa, a position that has traditionally made it a hub for shipping, tourism, and trade. Maritime activity remains a powerful economic engine: Greek shipowners control around 16.4% of the global deadweight tonnage (dwt), making Greece one of the world’s top shipping nations.

The Greek economy is dominated by services, which account for about 68–70% of Greece’s GDP (Gross Domestic Product), while industry contributes around 15–16% of the country’s GDP, and agriculture roughly 3%. Although Greece suffered severe contraction during the European sovereign debt crisis, austerity measures, EU funding, and structural reforms since then have stabilized growth and improved competitiveness in several business sectors.

So, is Greece a good place to start a business in Europe?

Yes, Greece is a good place to start a business in Europe as it offers many competitive advantages for investors and entrepreneurs. Relatively lower labor and operational costs compared to Western Europe, access to the EU single market, strong sectors like shipping, tourism, and energy, and improved regulatory and legal infrastructures. That said, challenges persist (bureaucracy, regulatory complexity, taxation), which must be understood before getting started.

Benefits of Starting a Business in Greece

Starting a business in Greece offers investors and entrepreneurs a blend of strategic advantages, economic opportunities, and lifestyle appeal. While the country experienced economic turbulence in the past, recent years have seen a steady return to growth, attracting both local and international investors.

• Strategic Geographic Location

Situated at the crossroads of Europe, Asia, and Africa, Greece serves as a gateway to three continents. Its location makes it ideal for companies involved in trade, logistics, tourism, and shipping. Greek ports, especially Piraeus, are among the busiest in the Mediterranean, connecting European markets with global trade routes.

• Access to the European Union Market

As a full EU and Eurozone member, Greece provides unrestricted access to the European single market, allowing businesses to trade freely within one of the largest economic zones in the world. This also enables investors to benefit from EU funding programs, grants, and incentives for innovation, sustainability, and entrepreneurship.

• Growing Sectors with Strong Investment Potential

Tourism, renewable energy, real estate, shipping, and technology are key sectors showing robust growth. Greece has also made strides in digital transformation, green energy projects, and infrastructure, opening doors for startups and foreign direct investments.

• Improved Business Climate and Reforms

In recent years, Greece has undertaken several reforms to simplify business registration, streamline taxation, and enhance digital governance. The country now allows online company formation through the One-Stop Shop system, significantly reducing bureaucracy and processing time.

• Skilled Workforce and Competitive Costs

Greece offers a highly educated, multilingual workforce, particularly strong in engineering, IT, and tourism-related services. Labor and operating costs remain more affordable compared to Western European countries, making Greece an attractive base for startups and SMEs.

• Quality of Life and Lifestyle Appeal

Beyond its economic incentives, Greece offers a high quality of life with a pleasant Mediterranean climate, scenic landscapes, rich culture, and excellent healthcare and education systems. This lifestyle advantage attracts digital nomads, remote entrepreneurs, and investors seeking both business and personal fulfillment.

Best Sectors for Starting a Business in Greece

Greece’s diverse economy and ongoing modernization create fertile ground for investment across several promising sectors. The country’s combination of natural resources, strategic location, and government-backed reforms has made it increasingly attractive for entrepreneurs seeking long-term growth opportunities.

• Tourism and Hospitality

Tourism is the cornerstone of the Greek economy, contributing nearly 25% of the GDP and employing around one-fifth of the workforce. Greece welcomes over 30 million visitors annually, ranking among the top global tourist destinations.
Investment opportunities extend beyond hotels and resorts to include eco-tourism, luxury villas, wellness retreats, yacht charters, and digital tourism platforms. Government incentives also support sustainable tourism development and regional projects in less saturated destinations like the Peloponnese and the islands of Crete and Rhodes.

• Renewable Energy and Green Technologies

With abundant sunshine, wind, and sea energy, Greece is rapidly becoming a renewable energy hub in Southern Europe. The government aims to generate 60% of its electricity from renewables by 2030, creating demand for solar farms, wind projects, and energy storage solutions.
Foreign investors benefit from feed-in tariffs, tax incentives, and EU green energy grants, making this one of the most future-oriented sectors for entrepreneurs.

• Shipping and Maritime Services

Greece controls about 16% of the world’s merchant fleet capacity, maintaining one of the most powerful maritime sectors globally. Investment potential lies not only in shipping operations but also in port logistics, marine insurance, ship maintenance, and maritime technology.
The Port of Piraeus, operated in partnership with international investors, serves as a vital logistics and trade hub connecting Asia, Europe, and Africa.

• Real Estate and Construction

The Greek real estate market has rebounded strongly after years of decline, offering opportunities in both residential and commercial development. Foreign investors are particularly drawn to Greece’s Golden Visa Program, which grants residency through property investment starting at €250,000.
Demand for holiday homes, co-living spaces, and sustainable buildings continues to rise, especially in Athens, Thessaloniki, and the islands.

• Technology and Startups

Greece’s startup ecosystem is expanding rapidly, supported by government initiatives such as Elevate Greece and funding from EU innovation programs. Athens and Thessaloniki are emerging tech hubs, attracting investment in fintech, healthtech, agritech, and digital services.
The country’s competitive talent pool, growing venture capital presence, and relatively low operating costs make it an ideal location for digital entrepreneurs and R&D centers.

• Agriculture and Food Exports

Despite its smaller share in GDP, agriculture remains a vital sector, particularly for organic farming, olive oil, wine, honey, and herbs. Greek food products enjoy high global demand for their quality and authenticity.
Export-oriented agribusinesses and food processing ventures can benefit from EU agricultural subsidies and Greece’s reputation as a Mediterranean food leader.

Who Is Eligible to start a Business in Greece?

Starting a business in Greece is open to both Greek and foreign nationals, including EU and non-EU citizens. However, the legal requirements and procedures vary slightly depending on your nationality and residence status.

Regardless of nationality, all entrepreneurs must first obtain a Greek Tax Identification Number (TIN) and TAXISnet credentials. These serve as your official digital identity in Greece, allowing you to complete business registration, file taxes, and manage company obligations entirely online in real time.

For Greek Citizens and Residents

Greek citizens or permanent residents can register a business directly through the online General Commercial Registry (GEMI) portal using their TIN and TAXISnet credentials. No additional documentation or approvals are required beyond the business setup process itself.

For EU Citizens

Citizens of other EU or EEA member states enjoy the same rights as Greek nationals to establish and operate a business in Greece, without the need for a residence or work permit.
However, before registering a company, EU citizens must obtain a Greek TIN.
This can be done remotely through the myAADElive platform by following these steps:

• Fill out the digital TIN application form.
• Schedule a video or telephone appointment with an AADE (Independent Authority for Public Revenue) representative.
• Receive your TIN electronically, enabling you to proceed with TAXISnet registration and business incorporation.

For Non-EU Citizens

Non-EU citizens can also start and operate a business in Greece, but they must first hold a valid residence permit that authorizes business or investment activity. This can include:

• A long-term residence visa (D-type visa).
• An entrepreneur or investor visa.
• Or a residence permit obtained through Greece Golden Visa program.

Once a valid residence permit is secured, non-EU nationals can apply for a Greek TIN either:

• In person at the local tax office (DOY), or
• Through a legal representative authorized to act on their behalf.

After obtaining the TIN and TAXISnet credentials, the business can be fully registered online without requiring a local Greek partner or additional investment conditions.

Starting a Business Through Greece Golden Visa Program

Holders of Greece Golden Visa enjoy full eligibility to establish and operate a company in Greece. They may act as shareholders, board members, or legal representatives of their businesses. This flexibility makes the Golden Visa one of the most attractive pathways for global entrepreneurs seeking both European residency and business opportunities in the EU market.

For seamless compliance and legal clarity, it’s highly recommended to work with a Greek business lawyer or Golden Visa advisor to ensure proper documentation, tax registration, and regulatory adherence.

Can I Start a Business in Greece While Not in the Country?

Yes, you can start a business in Greece without being physically present in the country. Greece has digitalized much of its business registration process, allowing both residents and foreign nationals to establish companies remotely.

With a Greek Tax Identification Number (TIN) and TAXISnet credentials, you can complete the entire registration process online through the General Commercial Registry (GEMI) portal. These credentials serve as your digital identity for submitting forms, signing official documents, and paying fees electronically.

If you’re not currently in Greece, you can still:

• Obtain your TIN remotely through a video appointment on the myAADElive platform (available for EU citizens).
• Authorize a legal representative, such as a Greek lawyer or accountant, to act on your behalf for non-EU citizens.
• Register and manage your company online, including opening a tax file, obtaining a business address, and enrolling in social insurance if required.

Many foreign investors use this remote setup method, especially when applying through the Greece Golden Visa route. It allows them to start operations and even generate income in Greece before relocating or spending time in the country.

What Is the Minimum Capital for Starting a Business in Greece?

The minimum capital required to start a business in Greece depends on the type of legal entity you choose to establish. For a Private Company (IKE – Idiotiki Kefaleouhiki Etaireia), the minimum capital is €1 only, making it the most flexible and affordable option for both locals and foreigners. Entrepreneurs can also contribute non-cash assets or services as part of their capital, which makes the IKE structure particularly appealing for startups, freelancers, and small businesses seeking a low-cost entry.

For a Limited Liability Company (EPE – Etaireia Periorismenis Efthynis), the minimum capital requirement is €4,500, with at least half of this amount paid in cash at the time of incorporation. This structure is better suited for medium-sized businesses or partnerships that require a more formal setup and shared liability.

A Public Limited Company (AE – Anonymi Etaireia), typically chosen by larger corporations or foreign investors, requires a minimum capital of €25,000, which must be fully paid up before the company registration is finalized. This form is ideal for businesses planning significant operations or investments in Greece.

Finally, a Sole Proprietorship has no minimum capital requirement, making it suitable for individuals offering professional or small-scale services.

In summary, Greece allows entrepreneurs to start a business with as little as €1, providing an accessible gateway for investors of all sizes. However, the most suitable structure depends on your business model, liability preferences, and long-term expansion goals.

What Are the Legal Structures of Companies in Greece?

Choosing the right legal structure is one of the most crucial first steps when setting up a business in Greece. Each company structure carries its own conditions in terms of capital, management, liability, and compliance, so the choice depends on the scale of your business and your long-term vision.

• Public Limited Company (A.E. – Anónymi Etaireía)

The Public Limited Company (A.E.) is considered the most established and reputable form of business in Greece. It’s typically the choice for large organizations or enterprises planning to attract investors or operate internationally.

• Minimum capital: €25,000, which must be fully paid before registration.
• Management: Supervised by a Board of Directors.
• Liability: Shareholders’ risk is limited strictly to the amount they invest.

This legal form provides strong credibility and access to external financing but involves more demanding procedures and regulatory obligations compared to smaller company types.

• Limited Liability Company (E.P.E. – Etería Periorisménis Efthínis)

The Limited Liability Company (E.P.E.) is a traditional structure that combines features of both partnerships and corporations, making it suitable for small and medium-sized enterprises.

• Minimum capital: €4,500.
• Management: Run by one or more administrators.
• Liability: Partners are only responsible for the value of their shares.

The E.P.E. has long been a common business form in Greece, but is now gradually being replaced by the more flexible and cost-efficient I.K.E. model.

• Private Company (I.K.E. – Idiotikí Kefalaiouchikí Etaireía)

The Private Company (I.K.E.) represents the new generation of Greek businesses. Introduced to simplify the setup process, it has quickly become the preferred choice for entrepreneurs and foreign investors.

• Minimum capital: €1 only.
• Contributions: May include cash, property, or even personal work or services.
• Liability: Fully limited to each partner’s contribution.

Its low entry threshold, flexibility, and the ability to register online make the I.K.E. ideal for startups and small teams looking for a fast and practical way to establish a legal presence in Greece.

• General and Limited Partnerships (O.E. and E.E.)

The General Partnership (O.E.) and Limited Partnership (E.E.) are simpler business forms often used for small-scale or family-run ventures.

• General Partnership (O.E.): All partners are equally responsible for the company’s management and debts.
• Limited Partnership (E.E.): One partner assumes unlimited liability, while others are protected by limited liability.

Both models are inexpensive to form and straightforward to manage, though they expose owners to greater personal risk compared to limited liability entities.

• Civil-Law Cooperative

A Civil-Law Cooperative brings together individuals who share a common business or social goal, such as those working in tourism, farming, or community development.

• Ownership: Shared among members.
• Governance: Democratic decision-making.
• Focus: Designed to benefit members collectively rather than generate maximum profit.

It’s an ideal structure for projects centered on cooperation, sustainability, and local empowerment.

• Civil-Law Association (with Economic Activity)

A Civil-Law Association allows a group of individuals to collaborate on an economic activity without creating a fully incorporated company.

• Structure: Informal but functional.
• Profit distribution: Shared among the members.
• Liability: Typically shared unless otherwise defined by contract.

This form is often used for professional groups or short-term business collaborations that prefer simplicity and low setup costs.

• European Legal Entities

Businesses planning to operate beyond Greece can also choose from EU-recognized company structures, which simplify cross-border operations.

• European Economic Interest Grouping (EEIG): Enables companies from different EU countries to work together under one cooperative structure while retaining their independence.
• European Company (SE): Allows for a unified corporate identity that can function seamlessly across all EU member states.

These entities are ideal for international companies looking to expand their European presence under a single legal framework.

• Joint Venture (Koinopraxía)

A Joint Venture in Greece is formed through an agreement between two or more parties to collaborate on a specific project or shared goal.

• Legal nature: Based on contract, not a separate legal entity.
• Common uses: Frequently used in large-scale construction, tourism, and infrastructure projects.
• Liability: Each participant remains individually responsible for their own commitments.

It’s a practical option for businesses that want to combine expertise or share risks on a limited-term basis.

Requirements for Starting a Business in Greece

Starting a business in Greece involves meeting specific legal and administrative requirements that vary depending on your nationality and business type. While Greek and EU citizens enjoy simplified procedures, non-EU citizens must hold a valid residence permit that allows business activity, such as through the Greek Golden Visa program, which grants residency rights and the ability to establish or invest in a Greek business.

For Greek Nationals

Greek citizens can easily establish a business through the One-Stop Service platform or e-GEMI (General Commercial Registry). The process is fully digital and can often be completed in real time.

Requirements:

1. Valid Greek identity card.
2. Tax Identification Number (AFM).
3. Company registration via the One-Stop Service or e-GEMI platform.
4. Submission of the company’s Articles of Association and business details online.
5. Proof of registered business address (leased or owned property).

For EU Citizens

EU citizens benefit from the EU’s principle of free movement of persons and services, making the process straightforward and similar to that of Greek nationals.

Requirements:

1. Valid EU passport or national ID card.
2. Obtain a Greek Tax Identification Number (AFM) via the myAADElive online platform.
3. Register the company through GEMI (General Commercial Registry).
4. Provide proof of a business address in Greece (lease or property ownership document).
5. Submit the Articles of Association and other relevant company documents.
6. No local partners or additional permits are required.

For Non-EU Citizens

Non-EU citizens must meet additional requirements to legally establish a business in Greece. They can either apply for a residence permit that allows business activity or use an existing one, such as the Greek Golden Visa.

Requirements:

1. Valid passport and entry visa (if applicable).
2. Residence permit that authorizes business or investment activity (e.g., entrepreneur visa or Greek Golden Visa).
3. Proof of residence in Greece or a declaration of intent to live there permanently.
4. Greek Tax Identification Number (AFM) obtained through the tax authorities.
5. Company registration via GEMI (General Commercial Registry).
6. Proof of business address in Greece.
7. Submission of the Articles of Association, company details, and legal representative information.

For Company Founders (Legal Entities)

If the founder is a company rather than an individual, requirements depend on whether the company is based in Greece or abroad.

If based in Greece:

1. Copy of the company’s Articles of Association or statutes (accessible via GEMI).
2. Official company resolution approving participation in the new entity.
3. Appointment of a legal representative to handle registration.
4. If registration is handled by another person, a power of attorney or written authorization is required.

If based outside Greece:

1. Certified copy of the company’s Articles of Association or statutes.
2. A recent certificate (issued within 3 months) from the home country’s business registry confirming legal status and solvency.
3. Certified power of attorney appointing a legal representative in Greece.

Note: All foreign documents must be officially certified, apostilled, and translated into Greek by an authorized translator before submission.

Golden Visa Advantage

Holders of the Greek Golden Visa are eligible to establish, invest in, and manage a company in Greece without needing a separate entrepreneur visa. They can act as shareholders, directors, or legal representatives, making this an ideal route for global investors seeking both residency and business opportunities in Greece.

How to Register a Company in Greece?

Registering a company in Greece is now a streamlined digital process. The steps may slightly differ depending on the company type, but the general process follows these key stages:

• Step 1: Obtain a Greek Tax Identification Number (TIN)
  Every founder—Greek, EU, or non-EU—must have a TIN.
  • EU citizens can apply remotely via the myAADElive platform.
  • Non-EU citizens must apply in person at the local DOY (tax office) or through a legal representative.
• Step 2: Create TAXISnet Credentials
  TAXISnet is the official online tax system in Greece. These credentials act as your digital ID and allow you to complete all business registration and tax filings online.

• Step 3: Choose Your Legal Form
  Decide on the company structure (e.g., Sole Proprietorship, Private Company (IKE), Limited Liability Company (EPE), or Société Anonyme (AE)).

• Step 4: Draft the Articles of Association
  Prepare the founding document outlining the company’s purpose, structure, shareholders, and capital.
  • For IKE or EPE, this can be drafted digitally via gov.gr.
  • For AE companies, a notarial deed is required.
• Step 5: Register with GEMI (General Commercial Registry)
  Submit the required documents through the One-Stop Service (either online or at a notary/public service center). Once approved, the company is officially registered, and a GEMI number is issued.

• Step 6: Obtain a Company Tax Number and VAT Registration
  After registration, your company automatically receives its tax number and VAT status through the tax authority’s integrated system.

• Step 7: Open a Corporate Bank Account
  Present your GEMI certificate, tax number, and company documents to open a business bank account in Greece.

• Step 8: Enroll in the Social Security System (EFKA)
  Register the company and employees with EFKA to ensure compliance with social security obligations.

• Step 9: Apply for Any Necessary Licenses
  Depending on your business activity (e.g., hospitality, construction, or healthcare), you may need additional operational permits from the relevant authorities.

Can I Start a New Business in Greece All Online?

Yes, you can start a new business in Greece, all online (The entire company registration process online) through Greece’s digital platforms. The One-Stop Service (Υπηρεσία Μιας Στάσης) and the gov.gr portal enable entrepreneurs to register a new company, obtain a Greek Tax Identification Number (TIN), receive TAXISnet credentials, file company statutes, and register with GEMI (the General Commercial Registry) all digitally and in real-time. However, certain company types that require notarial deeds (such as a Société Anonyme – AE) may still need a notary’s involvement before online submission.

How Long Does It Take to Open a Company in Greece?

Setting up a company in Greece typically takes between 10 and 20 business days, depending on the company’s structure and the speed at which the required documents are prepared. The process is relatively straightforward, though additional time may be needed for translating or notarizing foreign documents.

Here’s an overview of how long each stage generally takes:

• Business Name Reservation (1–2 days)
  The first step is to secure your business name through the General Commercial Registry (GEMI) or a local Chamber of Commerce to ensure it’s unique and available.

• Preparing and Notarizing the Articles of Association (2–5 days)
  You’ll need to draft and notarize your company’s founding documents, including the Articles of Association and shareholder agreement, before proceeding with registration.

• Company Registration with GEMI (5–10 days)
  Once the documents are ready, they are submitted to GEMI for official registration. At this stage, your business gains legal status as a registered entity.

• Tax Registration and TIN Issuance (1–2 days)
  After registration, the company must obtain a Tax Identification Number (TIN) from the Independent Authority for Public Revenue (AADE).

• VAT Registration (1–3 days)
  If your business will be involved in VAT-applicable activities, you’ll need to register for Value Added Tax during this stage.

• Social Security Registration (3–5 days)
  For businesses employing staff, registration with EFKA (Unified Social Security Fund) is required to ensure compliance with social security obligations.

• Opening a Business Bank Account (2–4 days)
  A business bank account must be opened with a Greek bank, which typically requires proof of registration, the company’s TIN, and identification documents.

• e-GEMI Enrollment (1 day)
  The final step is enrolling your company in e-GEMI, the electronic commercial registry, which officially activates your digital business profile.

 Average total duration: Most companies are up and running within two to three weeks, though foreign founders may experience slight delays due to certification or translation of international documents.

How Much Does It Cost to Register a Company in Greece?

The cost of registering a company in Greece can vary depending on the chosen business structure and registration method. Generally, registration fees range from €18 to €80, depending on whether the process is completed online or in person.

1. Online registration (e-GEMI platform): The most cost-effective method, with total fees typically ranging from €18 to €24.
2. In-person registration (GEMI office): Slightly more expensive, with fees usually between €60 and €80.

Do I Need a Physical Office to Register a Company in Greece?

No, you don’t need a physical office to establish a company in Greece; a virtual office can be used as your official registered tax address. However, you must still have a local registered address in Greece. For businesses involved in trading, a physical space may be required, as tax authorities often view a virtual office as insufficient for such operations. If you’re setting up the company remotely, you’ll need to appoint a local lawyer or service provider to represent you.

Using a Virtual Office

• A virtual office allows your business to have an official registered tax address without maintaining a physical space.
• This option is cost-efficient and ideal for startups or service-based companies that don’t require a physical location.

Appointing a Local Representative

• Non-resident founders must appoint a local tax representative to manage tax ID (AFM) registration and online procedures.
• A lawyer, accountant, or service provider can act on your behalf for filings, document submissions, and digital signatures.

Virtual vs. Physical Offices for Trading Companies

• Businesses engaged in trading or import/export activities generally need a physical office that complies with the Greek tax authority regulations.
• Virtual offices are usually acceptable for companies offering consulting, digital, or professional services.

How much is renting a business office in Greece?

The cost of renting a business office in Greece can vary widely depending on the location, size, and type of space you choose. Offices in central business areas of major cities, such as Athens, command higher prices, while smaller towns like Patras or Corfu tend to offer more affordable options. Prices typically start at around €750 per month for a physical commercial office, while virtual offices can be found for significantly less in some cases, starting from just €1 per month. For example, a 96 m² office in Patras is available for around €750 per month, whereas a virtual office offering only a business address can cost as little as €1 per month.

How Can I Expand My Existing Business to Greece?

To expand your foreign company to Greece, you have two options: either open a branch office, which allows it to operate under the same legal identity as the parent company, or create a subsidiary, which forms a new Greek legal entity (often an I.K.E. or A.E.) and offers greater autonomy and local credibility

The process of expanding your foreign company into Greece differs based on whether you want to have an EU-based company or a non-EU-based company.

For EU-Based Companies

If your business is already registered in an EU member state, you can establish a branch or subsidiary in Greece. The following documents are required:

• The company’s articles of association or statutes outline its legal structure.
• A certificate of good standing issued by the business registry in the home country.
• A formal resolution or decision by the company to open a branch in Greece.
• An appointment document naming an authorized representative who will manage the branch and act on behalf of the company in Greece.

All documents must be officially certified, include an apostille, and be translated into Greek by an authorized translator.

For Non-EU Companies

Non-EU businesses expanding into Greece must go through the same steps but may also need to comply with additional legal and immigration requirements, such as appointing a local tax representative or securing a residence permit for the branch manager if they will be residing in Greece.

Currently, you cannot expand or register a foreign branch online through the e-GEMI digital platform. Instead, the registration must be completed in person or via a legal representative at the relevant General Commercial Registry (GEMI) office in Greece.

What Are the Business Tax Rates in Greece?

Running a business in Greece involves understanding a well-structured taxation system aligned with European Union standards. Both Greek and foreign-owned companies are subject to a range of taxes, including corporate income tax, VAT, and employer contributions. Below is a breakdown of the main tax obligations that apply to businesses operating in Greece:

In summary:

Greece maintains a transparent and business-friendly tax regime that balances competitiveness with compliance. With a moderate 22% corporate tax and clearly defined obligations, the system supports both local entrepreneurs and international investors looking to establish or expand their operations within the EU market.

What Business Loan Facilities Are Available in Greece?

Greece offers a wide range of business loan programs to support entrepreneurs, SMEs, and large investors, especially in green energy, digital transformation, tourism, and infrastructure. These programs include everything from microloans for startups to multi-million-euro co-financing for large corporations. Borrowers can benefit from reduced interest rates, flexible repayment schedules, state-backed guarantees, and access to green and digital transformation incentives. Examples of available loan facilities include the HDB Guarantee Fund (TEPIX III), Green Co-Financing Loans, and Digitalization Co-Financing Loans.

• HDB Guarantee Fund (TEPIX III)

One of the most widely used financing options, TEPIX III provides state-guaranteed loans through local banks such as Piraeus Bank and Aegean Baltic Bank.

• Loan amounts: From €10,000 upwards
• Duration: Up to 12 years
• Purpose: Working capital or business expansion
• Guarantee: 70–80% of the loan is guaranteed by the state
• Benefits: Lower collateral requirements and partial interest subsidies for the first 1–2 years

This program is ideal for small and medium-sized businesses looking for affordable financing with minimized risk.

• Green Co-Financing Loans

Offered by Piraeus Bank in partnership with the HDB, these loans focus on supporting environmentally sustainable projects.

• Loan range: €80,000 – €8 million
• Duration: 2–10 years
• Focus areas: Renewable energy, energy efficiency, and environmental upgrades
• Benefits: Lower interest rates and partially interest-free terms

This scheme encourages investment in Greece’s growing green economy.

• Digitalization Co-Financing Loans

Designed to help companies modernize and digitize operations, this program supports investments in technology, software, and infrastructure.

• Loan amounts: €25,000 – €1 million
• Repayment term: Up to 10 years
• Grace period: Up to 2 years before repayment begins
• Purpose: IT upgrades, digital transformation, automation, and innovation projects

This loan is particularly useful for SMEs and startups, enhancing their digital competitiveness.

• Real Estate and Infrastructure Loans

For businesses investing in commercial properties or equipment, Greek banks offer long-term financing options.

• Purpose: Purchase, construction, or renovation of business premises; equipment or machinery acquisition
• Repayment period: Up to 25 years
• Benefits: Grace period available to manage initial costs

These loans suit investors planning long-term operations or expansions in Greece.

• Working Capital Loans

Banks such as Alpha Bank provide short-term working capital loans to support day-to-day business operations.

• Use cases: Covering supplier payments, payroll, or inventory needs
• Features: Flexible repayment options and variable interest rates based on credit profile

These are practical options for maintaining liquidity and managing ongoing expenses.

• EU Recovery and Resilience Fund (RRF)  “Greece 2.0”

Large corporations and investors may benefit from the RRF, which channels billions of euros into private investment across Greece.

• Focus: Innovation, sustainability, green transition, and digitalization
• Funding model: Attractive co-financing and subsidy schemes for approved projects

This initiative is a cornerstone of Greece’s economic modernization plan, promoting both local and foreign participation.

• Microfinance Programs

To support smaller entrepreneurs and self-employed individuals, Greece has expanded microfinance initiatives that make funding more accessible.

• Loan range: €3,000 – €25,000
• Repayment period: Up to 8 years
• Eligibility: Micro-enterprises and startups with limited access to traditional bank loans
• Benefits: Minimal collateral and simplified documentation

Which Institutions and Facilities Support Businesses in Greece?

Greece has a strong ecosystem of national and European institutions designed to support entrepreneurship, innovation, and investment across various sectors, including the national Greek platform “Elevate Greece”, the Recovery and Resilience Facility initiative, European Investment Bank, and more.

Government and EU Programs

• Elevate Greece:
  A national platform dedicated to supporting startups and innovative enterprises. It provides access to:
  • Funding and grants
  • Networking with investors
  • Government support programs
  • Mentorship and growth opportunities
• Recovery and Resilience Facility (Greece 2.0):
  A major EU-backed initiative offering low-interest loans and funding to encourage:
  • Private sector development
  • Green and digital transformation
  • Research, innovation, and infrastructure investments
• European Investment Bank (EIB):
  Supports large-scale sustainable projects, including:
  • Renewable energy and green infrastructure
  • Urban development and transport
  • Social and digital innovation projects
• European Investment Fund (EIF):
  Provides equity financing and venture capital to boost:
  • Life sciences and healthcare
  • Sustainability and technology sectors
  • Innovative SMEs (with over €200 million dedicated to Greek enterprises)

Business Setup and Infrastructure

• General Electronic Commercial Information System (GEMI):
  Greece’s official business registration portal allows company formation through one-stop-shop services for faster and simpler setup.

• Infrastructure:
  Greece boasts modern logistics, transport, and telecommunications networks, making it an ideal base for regional and international operations.

• Financial Markets:
  The Athens Derivatives Exchange (ADEX) supports financial activities and investment trading in Greece.

• Private Sector Support:
  Numerous private service providers assist with:
  • Facility management
  • Legal, accounting, and administrative support
  • Business consultancy for both local and foreign investors

What Is the Business Culture Like in Greece?

Greece blends tradition with evolving modern business practices, where respect, personal relationships, and adaptability coexist with formal procedures and a growing push for efficiency. Business interactions often hinge on building trust and personal rapport, and while professionalism is expected, there’s usually a relaxed atmosphere around time, social customs, and workplace hierarchy. If you plan to work there, knowing these cultural norms can help you integrate seamlessly and avoid missteps.

Key Traits of Greek Business Culture

• Relationship and Trust-Oriented
  Personal connections matter a lot. Before diving into contracts or negotiations, Greeks often invest time in informal meetings, small talk, and socializing. Trust built through these interactions can strongly influence business decisions.

• Respect for Hierarchy and Seniority
  Companies tend to have clear hierarchical structures. Decision-making usually involves senior figures. When dealing with Greek firms, it’s common to address senior executives formally (Mr./Ms./Dr + surname) until invited to use first names.

• Communication Style: Expressive, Direct yet Polite
  Greeks generally communicate openly and passionately. Gestures, tone, and body language are important. While what is said matters, how it’s said with warmth, sincerity, and respect carries weight. Silence or indirectness may also be used to soften nos or bad news.

• Flexibility with Time and Punctuality
  Punctuality is appreciated, but meetings may not always begin exactly on time. It’s not unusual for discussions to run over, or for agendas to be somewhat fluid. Being patient is considered good form.

• Working Hours & Legal Framework
  Standard working hours are 40 hours per week, typically Monday to Friday. However, recent labor reforms allow up to six working days in certain sectors (especially continuous services), and have increased flexibility in overtime pay.

• Emphasis on Work-Life Balance & Social Life
  Despite the long working hours in some sectors, Greeks place a high value on family, social time, and vacation. August is often seen as a holiday period, and many businesses reduce operations during the summer. Coffee breaks, social meals, and building personal rapport are integrated into work life.

• Formal Business Etiquette
  In formal settings, addressing people with titles and surnames is customary until a more informal relationship is established. Exchanging business cards, exhibiting good manners, and showing appreciation for hospitality go a long way.

What Is the Business Etiquette in Greece?

In Greece, business etiquette is built around respect, personal connection, and showing sincerity. While Greeks are generally warm and informal once relationships are established, the early stages of business interactions often demand a more formal, courteous approach. Etiquette covers greetings, communication style, dress, interaction in meetings, and even dining, all of which help build trust and credibility.

Key Etiquette Practices in Greek Business

• Greetings and Introductions
  When meeting someone for the first time, a firm handshake with direct eye contact is expected. Use titles (Mr., Ms., Dr.) followed by surnames until invited to use first names. Business cards are exchanged. It’s respectful to pause and review the card you receive before putting it away.

• Dress Code
  For formal business meetings, conservative, well-tailored attire is the norm. Men typically wear suits and ties, women formal business suits or dresses. Even in more casual settings, neatness matters; quality fabrics, clean shoes, and a polished look go a long way.

• Punctuality and Meeting Timing
  Though being on time is respected, there is generally more flexibility with meeting start times in Greece than in more rigid business cultures. Meetings may start a little late, may run longer than scheduled, and agendas might shift. But showing up on time still signals professionalism.

• Communication Style
  Greeks tend to favor face-to-face interactions over emails or phone calls for serious discussions. Conversations often include informal or personal topics before focusing on business. Communication is more expressive and enthusiastic. Interruptions are more accepted than in some cultures. Honesty and clarity are valued, though diplomacy is still important.

• Respect for Hierarchy
  Decision-making often lies with senior figures. Showing respect to leadership, waiting your turn to speak, and deferring to seniority in discussions are part of local expectations.

• Hospitality and Social Interaction
  Sharing a meal, coffee, or informal social time is common in Greek business. Accepting invitations to lunches or dinners, as long as those times are suitable, helps strengthen relationships. Gifts are not required, but small, thoughtful tokens are appreciated when visiting someone’s home or during more personal business events.

• Non-Verbal Communication
  Eye contact, posture, and facial expressions are very important. Personal space tends to be smaller: standing a bit closer in conversation, occasional touch (on arm or shoulder) when making a point, etc., are all part of how Greeks communicate warmth. Avoid gestures that may be offensive in Greek culture, like the “OK” hand sign in certain contexts.

• Negotiation Protocols
  Initial business meetings may focus more on establishing trust than on closing deals. Proposals and decisions may take place over several meetings. Be prepared to provide supporting documentation and demonstrate competence. Also, showing patience, listening actively, and being ready for back-and-forth discussion helps.

What Are the Best Cities to Start a Business in Greece?

Choosing the right city to start your business in Greece can make a big difference in startup costs, access to talent, quality of life, and growth opportunities. Generally speaking, the best cities to start a business in Greece are Athens, Thessaloniki, Patras, and Crete. 

Top Cities to Consider:

• Athens
  Athens remains the primary hub for businesses and startups in Greece. It offers a dense network of incubators, accelerators, VCs, and coworking spaces (e.g., The Cube, Foundation, EGG), which helps early-stage companies get mentoring, funding, and visibility. It also has a large, diverse talent pool coming from major universities like the National Technical University of Athens and the Athens University of Economics and Business. Infrastructure (transport, internet, services) is more developed here than in most other Greek cities.

• Thessaloniki
  Thessaloniki is often considered the best option beyond Athens, especially for tech startups and businesses seeking lower operating costs. The city has a strong startup ecosystem, supported by incubators, research institutions, and active coworking spaces. Costs for office rent, wages, and general operations tend to be considerably lower than in Athens. It also serves as a gateway to northern Greece, the Balkans, and southeastern Europe.

• Patras
  Known for its science and technology sector, Patras is growing as a hub for innovation in sectors like biotechnology, industrial applications, and IoT. It offers more affordable premises and local incentives for businesses. That makes it appealing for companies that want research support without the price tag of capital-city rents.

• Heraklion (Crete)
  Heraklion offers a different mix: strong in tourism technology, sustainable energy, and creative sectors. The lifestyle appeal (climate, scenery) combined with lower cost of living than Athens and growing infrastructure make it attractive for businesses that can be location-flexible or want part-of-year operations in island settings.

• Ioannina
  Though smaller, Ioannina is emerging as a regional hub, especially for specialized tech innovation and materials science. For certain business models — R&D, university spin-outs, or ones where cost and quality of life matter more than proximity to large markets, Ioannina can be a smart choice.

Tips for Starting a Business in Greece

Starting a business in Greece requires a clear understanding of the legal, administrative, and operational procedures. The country provides structured support to help new companies establish themselves successfully. Here are some key tips to consider:

• Choose the right legal form
  Determine the most suitable business structure from available options such as a sole proprietorship, limited liability company (EPE or IKE), or public limited company (AE). Each has its own implications for taxation, liability, and management flexibility.

• Select a unique and compliant company name
  Before registering, verify that the company name is available and not already in use. A distinctive and relevant name helps your business stand out in the market.

• Prepare and submit the required documentation
  Essential documents include the articles of association, certificate of incorporation, and proof of share capital payment. These must be submitted to the competent commercial registry (GEMI).

• Register for tax purposes
  Enroll your business with the relevant tax authority and obtain a Tax Identification Number (AFM). This step is necessary for all legal and financial transactions.

• Obtain necessary licenses and permits
  Depending on the business activity and sector, certain operations may require specific licenses. Always confirm the regulatory requirements in advance to ensure compliance.

• Seek professional guidance
  Consulting a local accountant or business advisor can simplify administrative procedures and help you navigate Greece’s tax and legal systems effectively.

What challenges come with starting a business in Greece?

While Greece presents a range of advantages for entrepreneurs, establishing a business there continues to involve notable challenges. Navigating complex regulatory frameworks, securing the required permits, and comprehending administrative procedures can be demanding. Despite ongoing reforms aimed at simplifying these processes, certain bureaucratic steps remain time-consuming. Access to financing also poses difficulties for start-ups, particularly those unfamiliar with the local banking and investment landscape. Furthermore, entrepreneurs must strategically account for regional economic fluctuations as well as potential linguistic and cultural barriers when developing local partnerships.

Key challenges include:

1. Limited access to financing or investment opportunities for new businesses
2. Time-consuming administrative and licensing procedures
3. Complexity in understanding local legal and tax frameworks
4. Regional economic fluctuations that may affect business stability
5. Language and cultural barriers when dealing with local partners or clients

To overcome these challenges, it’s essential to have the right local expertise and support.  GICG (Global for Citizenship and Residency) offers comprehensive guidance for investors and entrepreneurs looking to establish a business in Greece. With a global network and local knowledge, GICG provides tailored advice and hands-on assistance to ensure a smooth and successful market entry.

Can I Buy an Existing Business in Greece?

Yes, foreign investors can buy an existing business in Greece, and this option is often considered a faster and more practical route to entering the Greek market. Purchasing an established company allows investors to benefit from an existing customer base, reputation, licenses, and infrastructure, saving time compared to setting up a new business from scratch.

You do not need to be a Greek resident or hold a Golden Visa to buy a business in Greece. However, if you plan to live in Greece and manage your business directly, obtaining a residency permit or a Golden Visa through investment (such as real estate or business ownership) can be highly beneficial, as it allows you to stay and operate in the country without restrictions.

The process typically involves several key steps and official parties. First, due diligence is essential. You should hire a Greek lawyer and accountant to review the company’s financial status, debts, and legal standing. Once the terms are agreed upon, the purchase agreement is usually signed before a notary public, and the transaction must be recorded with the General Commercial Registry (GEMI). The Greek Tax Authority will also be involved for tax number registration and verification of financial obligations.

While you do not need to be physically present in Greece to finalize the purchase, having a legal representative with power of attorney in Greece makes the process far smoother. Working with a local consultant or business advisor ensures that all legal, tax, and administrative requirements are properly fulfilled, allowing you to take ownership of the business confidently and in full compliance with Greek regulations.

Do Foreigners Need a Greek Partner to Start a Business in Greece?

No, foreigners do not need a Greek partner to start a business in Greece. The country’s business laws allow full foreign ownership, meaning non-Greek individuals and companies can establish and operate a business independently without the requirement of a local shareholder or director.

Foreign investors have the same legal rights and obligations as Greek nationals when it comes to business formation, taxation, and property ownership. However, you will need to appoint a tax representative in Greece if you are not a resident, to handle communication with the Greek tax authorities and ensure compliance with local regulations.

While a Greek partner is not mandatory, many entrepreneurs choose to collaborate with local professionals or partners to benefit from their market knowledge, language fluency, and local network. Such partnerships can simplify administrative procedures, facilitate client relationships, and help navigate cultural nuances, but they remain a strategic choice rather than a legal requirement.

Greece vs Portugal: Which Is Better for Starting a Business?

When choosing between Greece and Portugal as a base for launching a business in Europe, both countries offer compelling advantages and some trade-offs. The right choice largely depends on your priorities: cost, speed, market access, regulatory flexibility, tax incentives, or lifestyle. Here’s a detailed comparison across key dimensions to help you decide.

Market & Economic Climate

Portugal currently has a lower unemployment rate (~6.4 %) compared to Greece (~10.1 %) , and has cultivated a reputation as one of Europe’s most dynamic startup hubs, particularly in cities like Lisbon and Porto. The Portuguese government is proactive with incubators, grants, and support infrastructure for new ventures. Greece, meanwhile, is recovering strongly, with tourism driving demand in sectors like hospitality, real estate, and travel services. For industries tied to tourism, coastal properties, or Greek cultural assets, Greece offers strong niche potential.

Entry Costs & Regulatory Ease

Portugal tends to offer smoother and faster business registration, in part thanks to “empresa na hora” and digital services that allow a company to be registered in as little as a day. Greece has made strides toward streamlining procedures, but some bureaucratic steps and local approvals still slow down new entrants. In terms of minimum capital or structuring requirements, Portugal’s focus is now more fund and innovation-based, while Greece still leverages real estate as a key entry vehicle.

Tax & Incentive Regimes

Portugal offers a competitive business taxation framework, including a 21 % corporate tax rate, and special regimes such as Non-Habitual Residency (NHR) for individuals. These can include reduced taxes on certain foreign income sources for up to ten years. Greece’s corporate tax stands at ~22 %, and the country also offers a non-dom (“non-domicile”) option where high-net-worth individuals may pay a flat fee (e.g. €100,000) for global income taxation. If your business benefits from real estate, tourism, or cultural investment, Greece may grant favorable allowances or exemptions.

Residency & Mobility for Founders

Portugal’s Golden Visa (and newer visa programs) allows investors to live, work, or open a business freely in the country, improving flexibility. In Greece, the Golden Visa traditionally grants residency without employment rights, meaning you may manage your own investments or property but cannot necessarily take conventional employment unless permitted via a separate visa arrangement. Portugal’s path to citizenship (5 years) is also quicker than Greece’s (7 years) under these programs.

Strategic & Sector Fit

• If your business aligns with tourism, hospitality, real estate development, or island economies, Greece may offer unique advantages through local demand, coastal property opportunities, and cultural positioning.
• If your business is tech, innovation, finance, international services, or creative industries, Portugal’s ecosystem, connectivity, and policy support can offer a more agile, business-friendly environment.
• For scaling into EU markets, both grant you entry to the Schengen area, but Portugal’s stronger infrastructure and regulatory reputation in tech may be an edge.

In Summary: 

If your priority is cost efficiency, tourism-linked sectors, or leveraging real property as an asset, Greece’s lower thresholds and sector advantages make it a very strong contender. However, if you want flexibility to work, faster registration, startup support, and smoother regulatory operations, Portugal is likely to be the better choice, especially for founders whose core business isn’t tied to real estate.

Conclusion:

Greece presents a unique mix of opportunity and lifestyle from its strategic location, bridging Europe, Asia, and the Middle East, to its growing economy, supportive investment policies, and access to the European market. Whether you plan to launch a startup, expand your existing company, or invest through Greece Golden Visa, the country offers an appealing environment for entrepreneurs seeking growth, stability, and EU presence.

However, navigating Greek bureaucracy, legal structures, and residency requirements can be complex without the right guidance. That’s where GICG (Global for Citizenship and Residency) comes in.

Our experts at GICG provide comprehensive support for investors and entrepreneurs from choosing the right legal structure and obtaining residency or a Golden Visa, to setting up your business efficiently and compliantly in Greece.

Take your first step toward doing business in Greece today and contact  GICG (Global for Citizenship and Residency) to receive personalized guidance and end-to-end assistance in launching your company and securing your place in one of Europe’s most promising investment destinations.