How do I start a business in Greece?

To start a business in Greece, follow 6 steps: Register via One-Stop Shop (e-YMS), Obtain Tax Registration (AFM), Register for VAT, Register with Social Security (EFKA), Register with Labor Inspectorate, Open Corporate Bank Account. The process takes approximately 31 days and costs around $100 USD.

What types of business entities can I register in Greece?

Greece offers 4 entity types: Private Company (min capital: $0, foreign ownership: 100%); Limited Liability Company (min capital: $4500, foreign ownership: 100%); Societe Anonyme (min capital: $25000, foreign ownership: 100%); Branch of Foreign Company (min capital: $0, foreign ownership: 100%).

Can foreigners own a business in Greece?

Yes, foreigners can own businesses in Greece. Private Company allows up to 100% foreign ownership. Limited Liability Company allows up to 100% foreign ownership. Societe Anonyme allows up to 100% foreign ownership. Branch of Foreign Company allows up to 100% foreign ownership.

What is the minimum wage in Greece?

The minimum wage in Greece is $830/month (EUR). Average monthly wage is approximately $1200. Standard work week is 40 hours with 20 paid leave days per year.

How much does it cost to run a business in Greece?

Estimated monthly overhead for a small business (5-10 employees) in Greece is approximately $8000. Office rent averages $10/sqm/month. Skilled workers average $1800/month. Typical break-even: Tech 12 months, Services 9 months, Retail 14 months.

Countries GreeceBusiness Guide

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Start a Business in Greece

Complete guide: entity types, registration, costs, taxes, labor laws, and break-even analysis

~31 days

Setup Time

~$100

Setup Cost

22%

Corporate Tax

100%

Foreign Ownership

#79

Ease of Business

Entity Types

Entity	Min Capital	Foreign %	Liability	Min Shareholders	Best For
Private Company Idiotiki Kefalaiouchiki Etaireia (IKE)	None	100%	Limited	1	Most popular for SMEs and startups - no minimum capital, fast digital registration, flexible governance structure
Limited Liability Company Etaireia Periorismenis Efthynis (EPE)	4,500 EUR	100%	Limited	1	Traditional LLC structure - EUR 4,500 minimum capital, suitable for medium businesses seeking established entity form
Societe Anonyme Anonymi Etaireia (AE)	25,000 EUR	100%	Limited	1	Larger companies and those planning stock exchange listing - EUR 25,000 minimum capital, board of directors required
Branch of Foreign Company Ypokastima	None	100%	Unlimited	0	Foreign companies establishing direct operations in Greece without forming a separate legal entity

Registration Steps

Submit incorporation electronically through the e-YMS (Electronic One-Stop Shop) platform at the General Commercial Registry (GEMI)

1-3 days

~$100

GEMI (General Commercial Registry)

Obtain Tax Registration (AFM)

1-3 days

Free

AADE (Tax Authority)

1-5 days

Free

AADE

2-5 days

Free

EFKA (Social Security Fund)

File the company's work regulations and employment terms with the Labor Inspectorate (SEPE)

1-5 days

Free

SEPE (Labor Inspectorate)

Open Corporate Bank Account

Open a business bank account at a Greek bank with GEMI registration and AFM tax number

3-10 days

Free

Commercial Bank

Total Estimated

31 days max$100

Tax Framework

Corporate Income Tax22%

22% standard CIT. 50% tax reduction for 7 years available for non-domiciled individuals transferring tax residence to Greece under Article 5C. Shipping companies under tonnage tax regime pay near-zero effective rates. R&D super-deduction of 200% on qualifying expenses.

FPA24%

Personal Income Tax9-44%

Capital Gains Tax15%

Dividend Withholding5%

Tax Treaties57 countries

Tax Incentive Zones

Article 5C regime offers 50% income tax reduction for 7 years for individuals transferring tax residence to Greece. Non-dom regime for high-net-worth individuals. Special Economic Zones in Thrace and islands with reduced VAT rates.

Labor Laws & Costs

$830/mo

Minimum Wage

$1200/mo

Average Wage

40 hrs/week

Work Hours

20 days/year

Paid Leave

2 weeks/year

Severance

22.29% of salary

Employer Social Security

13.87% of salary

Employee Social Security

Required

Foreign Worker Permit

Foreign Worker Quota: EU/EEA nationals have free movement. Non-EU workers need a work permit or combined residence/work permit. Golden Visa holders can establish businesses but cannot work as employees.

Visa & Immigration

Schengen Business Visa

Short-stay Schengen visa for business meetings up to 90 days in a 180-day period. Many nationalities have visa-free Schengen access.

8 weeks

Processing time

$300

Estimated cost

Golden Visa

Investor

EUR 250,000 minimum real estate investment (EUR 500,000 in Athens, Thessaloniki, and Mykonos/Santorini from 2024). Grants 5-year residence permit, renewable. Includes family members. No requirement to reside in Greece.

Digital Nomad Visa (Article 5C)

Remote Work

For remote workers and freelancers earning from foreign sources. 50% income tax reduction for 7 years for individuals transferring tax residence. Must earn at least EUR 3,500/month from foreign employers or clients.

Work Permit Process: Employer applies through the Decentralized Administration for a work permit or combined residence/work permit. Process includes labor market assessment. Digital nomad and Golden Visa routes offer alternative pathways.

Business Environment

#79/190

Ease of Business Rank

4 days

Starting a Business

20 days

Registering Property

1711 days

Enforcing Contracts

49/100

Corruption Perception

83%

Internet Penetration

EUR

Currency

UTC+2

Time Zone

GoodCould be betterHover a dot for the threshold and source. Sources: World Bank, Transparency International, ITU.

Greek

Investment Zones & Provinces

Athens Riviera and Innovation District

Tech Hub

Athens, including Technopolis and the Ellinikon development

Incentives

50% tax reduction for 7 years under Article 5C for relocated professionalsStartup Greece ecosystem and Elevate Greece programGrowing venture capital and angel investor communityEUR 200M Ellinikon innovation hub under development

Key Sectors

FintechTourism TechShipping TechnologySoftware DevelopmentCreative Industries

Article 5C tax regime plus competitive rents make Athens 40-60% cheaper than Western European capitals for tech startups

Thessaloniki Tech Corridor

Tech Hub

Thessaloniki, Northern Greece

Incentives

OK!Thess and other accelerator programsAristotle University talent pipelineLower operating costs than AthensProximity to Balkans for regional expansion

Key Sectors

Software EngineeringData AnalyticsGame DevelopmentAgricultural TechnologyEnergy

20-30% lower operating costs than Athens with strong university talent pipeline

Western Greece and Thrace SEZ

SEZ

Thrace region, Northeastern Greece

Incentives

Enhanced investment incentives under development lawReduced VAT rates on certain island and border regionsEU structural fund co-financingStrategic location at EU-Turkey border

Key Sectors

AgricultureFood ProcessingRenewable EnergyCross-Border TradeTextiles

Development law incentives can cover 40-55% of qualifying investment costs in assisted regions

Break-Even Analysis

Retail (months)

F&B (months)

Tech (months)

Manufacturing (months)

Services (months)

Typical Operating Costs in Greece

Per-person or per-unit costs. Multiply by your team size for total estimates.

Office Rent	$10	per sqm/month
Skilled Worker Salary	$1,800	per 1 worker/month
Unskilled Worker Salary	$900	per 1 worker/month
Electricity	$0.18	per kWh
Business Internet	$25	per 1 connection/month
Est. Monthly Overhead (5-10 staff)	$8,000	total/month

Sources: World Bank Open Data, ILO, Numbeo Cost of Living Index, local government publications. Salaries reflect market averages and may vary by city, industry, and experience level. Last updated 2025.

Break-Even Calculator

Total Investment (USD)

Monthly Revenue (USD)

Monthly Costs (USD)

Tax rate applied: 22% (corporate rate)

months to break even

$5,460

monthly net profit

131%

annual ROI

$130,000

total cost to break even

Break-even progressFast recovery

Next Steps

Your Action Checklist

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Key Considerations for Foreign Investors

Golden Visa program (from EUR 250,000) provides EU residence rights without requirement to live in Greece - popular for non-EU investors

Article 5C regime offers 50% income tax reduction for 7 years for professionals and digital nomads relocating to Greece

IKE entity requires zero minimum capital and can be registered in as little as one day through the digital e-YMS platform

Shipping industry is the backbone of the Greek economy - Greek-owned fleet is the world's largest, with tonnage tax offering near-zero effective rates

Contract enforcement is slow (1,711 days average) - use arbitration clauses and consider international arbitration for commercial disputes

Tourism sector generates approximately 25% of GDP - significant opportunities in hospitality, tourism tech, and related services

Greece uses the euro, eliminating currency risk for eurozone trade and making it attractive for EU-focused business operations

Last updated: 2025-Q4

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Start a Business in Greece

Entity Types

Registration Steps

Tax Framework

Labor Laws & Costs

Visa & Immigration

Business Environment

Investment Zones & Provinces

Break-Even Analysis

Next Steps

Legal & Registration

Financial & Tax

Operational

Immigration & Visas

Key Considerations for Foreign Investors

Start a Business in Greece

Entity Types

Registration Steps

Tax Framework

Labor Laws & Costs

Visa & Immigration

Business Environment

Investment Zones & Provinces

Break-Even Analysis

Next Steps

Legal & Registration

Financial & Tax

Operational

Immigration & Visas

Key Considerations for Foreign Investors