Many entrepreneurs establish their companies in Greece as the nation has an attractive ambiance, which is ideal for international business. Greece’s economy is improving on a daily basis due to its strong foundation and significant level of human capital. In the Human Development Index, Greece is another nation that has achieved good rankings.
Greece is a business-friendly nation with affordable labor expenses, reasonable real estate costs, good infrastructural facilities, and much more.
This article will concentrate on the reasons to register your company in Greece.
Reasons to register your company in Greece
Considering all the benefits of incorporating a business in Greece, it is a desirable place to do so. Entrepreneurs can significantly benefit from affordable real estate costs there. A permanent residency scheme is also available to international entrepreneurs who spend a minimum of €250,000 on real estate.
The government provides grants for several projects in the mining as well as tourism industries. Greece is a significant center for the import and export of minerals.
This section will further describe the reasons to register your company in Greece.
1. Low Labor Expenses
- The reasonable cost of labor is one of the reasons to register your company in Greece. Greece boasts low labor expenses and a pool of extremely competent workers.
- As per Eurostat, Greece’s overall hourly labor expense in 2017 was approximately $17.80. This figure is significantly lower than the average of the European Union.
- Therefore, by forming a corporation in Greece, enterprises typically save a significant amount of money.
2. Excellent Infrastructural Facilities
- Greece provides well-developed logistical and communications facilities which is one of the reasons to register your company in Greece.
- Greece’s infrastructure improvements for its ports, roadways, and trains have been significantly upgraded. This has greatly streamlined the process of conducting commercial operations in the country.
3. Easy Access To The Markets
- The country’s geographical position makes travel to Southeastern Europe and the Middle East simple. This implies that businesses can readily reach these sizable marketplaces with their Greek-made goods and services.
- Organizations in Greece can take advantage of numerous trade advantages. Greece is a member of the European Union and receives the same trade privileges as every other European Union member nation.
- Greece, the biggest economy in the Balkans, provides excellent accessibility to the Balkan marketplace with advantageous trade accords with all of the Balkan countries. This is another one of the reasons to register your company in Greece.
4. Growing Industries In Greece
- Greece has a sizable tourism sector which is one of the reasons to register your company in Greece. Greece’s tourism industry is one of the main factors for the country’s economic expansion.
- This is a result of both the construction of advanced infrastructure projects in Greece and the influx of a rising number of tourists in the nation. About 29.2 million visitors visited the country in 2017, contributing about 18% of the nation’s GDP. Hence, the tourism industry may prove to be among the most crucial to invest in when considering registering a business in Greece.
- Greece’s economy is also strengthened by a robust merchant shipping sector, which continues to be the biggest around the world. Greece has a thriving shipping industry which contributes about 7% of the nation’s GDP.
5. Liberal Regulatory Framework
- Considering how generally bureaucratic the nation is, the business climate in Greece is remarkably open. Modern internet technologies have significantly decreased administrative problems.
- The legal requirements are consistent with those of other European Union member countries. Capital and revenues can be returned without limitation, and there aren’t any import limitations or tariff obstacles.
6. Taxation Advantages
- The taxation advantages provided are another one of the reasons to register your company in Greece. Several international entrepreneurs have prospered from registering a corporation in Greece due to the country’s tax-efficient commercial options.
- All business owners in the nation are eligible for tax exemptions, which has encouraged the growth of businesses across a variety of industries.
- In addition to that, Greece has double taxation agreements with a number of other nations that helps the entrepreneurs of the nations as well as the individuals to avoid being taxed on the same revenue twice.
7. Favorable Investment Incentives
- The favorable investment incentives provided by the government are another one of the reasons to register your company in Greece. In order to support economic growth, environmental conservation, and energy-efficient activities, the Greek government intends to provide several financial advantages to business proprietors in the nation.
- The extent of the benefit varies according to the locality and the business, but it frequently consists of subsidies, interest discounts, or tax breaks.
- For some mining and tourism-related enterprises, there are exceptional advantages. Greece’s government has made the decision to put into effect some privatization laws to help everyone establish a small company in the nation.
8. Excellent Banking Services
- In recent years, the Greek finance industry has undergone a significant transformation. It has expanded quickly as a consequence of liberalization and acquisition activities.
- A variety of private and public financing options are available to entrepreneurs, like venture capital and financing for startup businesses. Private financial institutions might be more accommodating in comparison to their state-owned competitors.
9. Extremely Qualified Workforce
- The workforce in Greece is exceptionally smart, competent, and trained, which is one of the reasons to register your company in Greece. Greece has been ranked in second place, regarding the availability of skilled workers.
- Greece has the second-highest proportion of Ph.D. and Master graduates, particularly those with technical, industrial, and scientific specializations.
- When opening a company in Greece, entrepreneurs won’t have a hard time obtaining qualified candidates to occupy the positions.
Conclusion
Greece has benefited greatly from the funds derived from the European Union and its numerous infrastructure improvement programs as a member of the European Union. The shipping industry, which accounts for around 7% of Greece’s GDP, is one of its most stable industries to make investments. Additionally, Greece is the biggest proprietor of shipping boats in Europe.
Greece also has excellent banking services, skilled and trained personnel, various taxation and financial incentives, etc. All of the conditions mentioned above are the various reasons to register your company in Greece.
You can speak with our professionals at Odint Consulting if you have any additional questions about the reasons to register your company in Greece. Our experts will help you solve your queries.
FAQ’s
Greece is a very business-friendly nation with affordable labor expenses, reasonable real estate costs, good infrastructural facilities, excellent banking services, skilled and trained personnel, various taxation and financial incentives, etc. The shipping industry, which accounts for around 7% of Greece’s GDP, is one of its most stable industries to make investments.
Greece’s tourism industry is one of the main factors for the country’s economic expansion. Greece’s economy is strengthened by a robust merchant shipping sector, which continues to be the biggest around the world. Greece has a thriving shipping industry which contributes about 7% of the nation’s GDP.
There are various tax exemptions for entrepreneurs in Greece. In addition to that, Greece has double taxation agreements with several other nations to avoid being taxed twice.
In order to support economic growth, environmental conservation, and energy-efficient activities, the Greek government intends to provide several financial advantages to business proprietors in the nation. The government also provides grants for several projects in the mining as well as tourism industries.
- Greece provides top-notch telecommunications and logistics facilities.
- Greece has a population that is incredibly talented, competent, and informed.
- The nation has low labor costs.
- Greece offers a duty-free import policy for products made in the UK.
