Legal services and legal protection of businesses in Greece - COREDO

Legal services and legal protection of businesses in Greece

Greece, officially known as the Hellenic Republic, is a small country with a developed economy that has faced significant challenges in recent years due to the global financial crisis. However, the economic situation is gradually improving. Greece is an industrial and agrarian country, it has close economic ties with the states of the Balkan region and other members of the European Union. It has been a member country of the EU since 1981. The main industrial potential of Greece concentrates in the area of Athens and Thessaloniki. Tourism industry, food production, textile manufacturing, chemical production, and metallurgy are the most developed sectors. According to the Central Bank of Greece, foreign direct investment in the country’s economy in 2021 exceeded 4.8 billion euros, a notable increase of 2 billion euros compared to 2020. Foreign businessmen are generally welcomed with a favourable attitude here, however, non-residents may encounter challenges during the registration and operation of their businesses, including language barriers, unfamiliarity with local legal intricacies, and bureaucratic processes.


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”).


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).


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.


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.


COREDO will provide the widest range of necessary legal services, our specialists will advise on such issues as:

  • registration or re-registration of a business in the territory of the Hellenic Republic;
  • collection and preparation of documentation required for obtaining a licence;
  • procedure for the legal liquidation or bankruptcy of the company;
  • verification of counterparties before negotiations and signing of a contract;
  • specifics of Greek tax legislation, etc.

Legal support of the business in Greece by COREDO specialists will allow not to spend extra time on resolving legal issues, but to focus on more significant matters.


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