Expanding a Business in Greece
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Why Expand to Greece?
Greece may not be the one of the giants in the European economy but if every country was like Germany where would we be? Companies interested in expanding a business in Greece should know that it does however have a reasonably attractive climate for foreign investors. British products and services have a strong reputation with Greece, as long as the price is good. The Government is keen to reform the economy and move the country forward. The main economy sector in Greece is tourism and tourists flock their throughout the year for various reasons; whether hunting for culture in their museums, discovering the history at an archaeological site and monument or simply enjoying their stunning coastline.
Whats the Attraction for UK Businesses?
With Greece being the UKs 30th largest export market, there are opportunities for foreign investors. With its fast growing economy and a high standard of living for a developed country, confidence is growing for foreign investors. There are opportunities for British goods and services and with a movement towards privatisation and public-private partnerships being high on the agenda, things are looking up. Licensing or incorporating a business in Greece are also valuable options.
There are several areas of potential opportunities for expanding a business in Greece. They are listed below:
Ports - Greece has a long tradition in shipping, and a strong and vital shipping industry. With an incredibly long coastline and a unique situation, it is considered to be the backbone of economic and commercial growth.
Food and drink - With Greece part of the Mediterranean, its rich with food culture. Food and drink is an important sector throughout the world. In the foods sector, the main opportunities exist in breakfast products, biscuits, marmalades, sauces, ethnic foods, and meat products.
Healthcare - The current status of the health sector involves the interaction between the Public and the Private sector. Their inter-dependent course creates a dynamic relation in terms of figures, potentiality, manpower, equipment, management, entrepreneurial flexibility, economic cost and social welfare.
Tourism and leisure - By far the biggest economic sector in Greece. Tourism and leisure can cover a variety of things and finding your market with the correct area is important.
Financial services - With the growing economy and the Governments keenness to reform it, financial services are becoming important for the growth of the country. Its important to undertake research first.
Construction - When a country moves their economy forward, new construction comes along. As the country develops, so does its construction and infrastructure.
Security - With increasing technologies it has become easier, as well as important for businesses and households to invest in security.
Environment - Greece hasn't always been the front runner when it comes to matter of the environment but now has an opportunity to enhance its previously failing policy on climate change.
Energy - The energy sector in Greece is characterised by a high dependence on imported oil, electricity production largely coming from domestically mined lignite, a largely state-owned company dominating the market and an increasing role for Greece as an energy hub. New business opportunities will emerge after the completion of the new pipelines, the liberalisation of the market and the fulfilment of the rising needs of Southeast Europe.
Greece is made up for ten regions and the main cities are reasonably spread out throughout the country. The following cities are considered the best locations for starting a business in Greece:
Challenges Foreign Companies Face
Challenges that foreign investors setting up a business in Greece face is the extensive government regulations and bureaucracy that hamper them. However the Greece Government is trying to reform the country and its economy, making expanding a business in Greece easier and easier. Research and planning is the key to helping your business to grow and develop. Before licensing, incorporating or registering a business in Greece, research your market area as well as location.
Organisations that can assist with Entering the Market
Need to register a company or setting up a company?
When expanding your business to Greece, donít forget to protect your brand. We provide Trademark Registration Services in Greece and in the entire European Union.
Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.
TopSource Worldwide offers a complete range of employer services that allows you to employ and pay people promptly, consistently and compliantly ó locally and internationally to suit your business needs. Our systems and processes are designed to work with your technology, and we bring decades of experience and a track record of success to our operations.
Do you need advice from an expert in your field, on the ground? Need help finding the best route to market for your product or service?