Global Upside helps businesses expand into Greece by providing talent acquisition, human resources, accounting, payroll, tax, incorporation, and professional employer organization (PEO)/employer of record (EOR) services. Our comprehensive offerings create an end-to-end solution that helps you establish your business and optimize your operations, all while maintaining compliance with Greece’s laws and regulations.
The hiring and incorporation processes in Greece are often complex, time-consuming, and involve numerous legal and compliance challenges. Global Upside simplifies these processes and lifts the compliance burden from your business. Our teams have the experience and expertise required to help you establish a legal entity in Greece. We also offer PEO/EOR solutions to companies interested in hiring employees quickly, without setting up a legal entity in the country.
Located in the southernmost part of the Balkan Peninsula, Greece is a nation that has an export-oriented economy. Trade represents a major part of the economy of Greece and petroleum products are both accounted for export and import items.
- Greece ranks as the 52nd largest economy in the world in terms of nominal GDP.
- Greece ranks as the 21st largest economy in the EU.
- Greece is one of the biggest exporters of crude oil
- Greece ranks as one of the largest countries in medicine import.
A Societe Anonyme (S.A.) is a form of establishment where the liability is enforced entirely on its assets and not individually on its investors. Daily operation is run by an officer who is elected by the directors of the company.
A Limited Liability Company (L.T.D) is a distinct and individual entity where the investor’s liability is limited solely to the benefits of the company. The shareholders appoint the director who is responsible for managing the daily operations and commercial activities of the company.
A private company (P.C.) is a distinct and individual entity and the liability of the investor is limited solely to the benefits of the company. The shareholders appoint the director/administrator who is the legal representative of the firm and is responsible for all the daily operations.
It takes approximately three weeks to establish a legal entity set up in Greece.
According to the Greek employment law Act No. 2112/1920 and 3198/55, employers must provide the employees, both for a fixed-term or open-ended contract, a written employment agreement.
The terms that need to be stipulated in a Greek employment contract are:
- Employer and employee details
- Job location
- Job description
- Employment duration
- Working hours
- Leave entitlements
- Collective agreements (if applicable)
Being a member of the European Union (EU), Greece is subject to the accounting, assessing, and financial reporting prerequisites established in EU Regulations and Directives as rendered into national laws and guidelines. Law 4308/2014, drafts the accounting standards in Greece.
The corporate tax rate in Greece is 24%. However, for credit institutions, the rate is 29%.
Value Added Tax (VAT)
The VAT rate in Greece is 24%. There is a reduced rate of 13% and a super-reduced rate of 6% for medicines and vaccines.
On August 29, 2019, the Greek law 4624/2019 was ratified which provides for the legal steps of GDPR in Greece under Regulation 2016/679. The Greek legal order of Directive 2016/680 furnishes protection for personal data processing.
Anti-Bribery & Anti-Corruption Law
The Greek Penal Code (GPC) lays out the legal provisions for bribery and corruption under Articles 159 to 159A and 235 to 238 and also under Law 4557/2018 in the anti-money laundering legislation.
1. Bribery of Public Officials:
i) Imprisonment for up to 5 years
ii) Monetary fine
2. Bribery of Private Officials
i) Imprisonment for up to 5 years
ii) Monetary fine of up to €36,000