The process of company incorporation can be difficult for a foreign investor, especially because there are many steps that have to be accomplished before starting the actual commercial activity. It’s advisable to use the help of a law firm in order to respect the procedure of registration and not delaying it.
Usually a company can be incorporated in eleven days if all the documents are submitted correctly and in time. The applicant must also know that all the documents must be submitted in Greek so an official translation from an authorized translator is necessary.
The Greek work force is usually formed by foreign workers, activating especially in the service sector, very developed here. In order to be hired in Greece as foreigner, a work permit is required. Only the citizens of EU can live and work in Greece without a visa or work permit. For obtaining a ork permit is necessary that the employer submit a request for foreign labor before the arrival in the country of the foreign citizen. The Ministry of Labor is checking it and sends it to the Ministry of Public Order. If approved, it is send to the Ministry of Foreign Affairs, which is allowing the consulate that has jurisdiction in the country of origin to issue the work permit.
The long term working permits are granted to foreign non EU citizens who are living and working legally for more than five years in Greece over 18 years old, are not connected to a Greek or an EU national by blood or marriage.
The main interest point for the investors interested in Greece are the following: tourism, transportation, agricultural technology, solar energy, logistics, luxury resorts, gas and oil drilling, waste management, and telecommunications.
Even though is facing the economic crisis stronger than other EU countries, Greece has managed to attract more foreign investments in 2011 than in the previous year.
The government is supporting the investors involved in strategic investment, such as construction, reconstruction, modernization or expansion of infrastructure when the following conditions are met: the cost of the investment to be higher than 100 million €, the cost of the investment in the industry sector from the operating industrial zone to be higher than exceeds 15 million Euro , if the cost of the investment is over 40 million Euro and is involving the creation of at least 120 new employment positions or if at least 150 new employment positions are created from the investment.
The foreign companies investing in Greece can beneficiate from the stipulations of the many treaties signed by Greece all over the year, such as the double tax treaties, which grants smaller or exempt corporate taxes or withholding taxes on dividends, interests and royalties.