SPECIFICS OF DOING BUSINESS IN GREECE
The Greek government is actively developing investment incentives aimed at fostering economic growth within the country. These include, for example, tax incentives, wage subsidies, financial loans, etc. Special emphasis is placed on supporting investment projects in such sectors as digitalization, environmental innovation, logistics, and tourism. The extent of state aid provided depends on the industry and the location (place of registration) of the business.
When planning to open a company in Greece, it is crucial to consider that the professionalism of specialists is of great importance when solving business issues. Reputation and reviews hold substantial weight in this context, with openness and honesty being highly esteemed values.
Non-resident businessmen are eligible to obtain a residence permit in Greece through ownership of a business in the country or real estate worth over 250,000 euros (the so-called “golden visa”).
TAXATION
Greece has the same tax system as the rest of the EU member countries. In 2023, businessmen and individuals are required to pay a certain percentage of income tax. Net income is taxed at a rate of 29%. If the business income does not exceed 25,000 euros, the tax rate is 22%. For incomes ranging from 25,000 to 42,000 euros, the tax rate reaches 32%. Incomes exceeding 42,000 euros are subject to a 42% tax rate. It is necessary to carefully study the tax return for the presence of clauses on increasing the tax under certain circumstances, or vice versa, the possibility of obtaining a reduced tax rate for certain areas of activity (for example, the production of printed materials or the sale of drinking water).
LICENSING
Like in other European countries, certain types of businesses in Greece require a special permit or a licence. These include companies and individuals offering professional services in the areas of medicine, cosmetology, finance, transportation, and others. The licensing process has been improved in recent years, and it is even possible to obtain the required licence online now.
REPORTING
All companies operating in the Hellenic Republic are required to report on tax payments and financial transactions. The reporting process varies depending on the company’s income level and may involve submission to the general register of commerce or the tax authorities, with different levels of information required. Reports can be submitted in printed or electronic form, using a specialized application. The State Revenue Control and Audit Agency is responsible for auditing the accounts. Greece follows both national accounting standards and International Financial Reporting Standards (IFRS). Individual enterprises can submit financial statements using a simplified scheme.
