Greece - Market Entry and Legal Services

Lawyer & Law Firm in Greece

Greece made a groundbreaking rebound from both financial crisis and the pandemic with a growth rate of 5.9% in 2022. This growth has been driven by the various reforms undertaken by the Greek government to attract more investment, cut red tape, promote innovation and entrepreneurship, and digitize the government services. Greece economy is the 53rd largest economy in the world with nominal GDP of US$ 242.38 billion per annum. As a developed country, the economy of Greece is based on services sector (80%) and industrial sectors (16%) with only 4% contribution from the agricultural sector.

Diplomatic relations between Greece and India were established in May 1950 and it has flourished ever since. On the recent visit of the Greece Prime Minister Kyriakos Mitsotakis to India, he met with Prime Minister Narendra Modi, and both reaffirmed to escalate the bilateral trade between India and Greece by two-fold by the year 2030. The countries have agreed to boost ties in defence, pharmaceuticals, space, and shipping sectors.

COMMERCIAL RELATIONS BETWEEN INDIA-GREECE

• In the fiscal year 2022-23, bilateral trade between India and Greece amounted to USD 2 billion.
• India predominantly ships aluminium, organic chemicals, fish and crustaceans, and iron and steel to Greece, alongside other commodities.
• Conversely, Greece primarily exports mineral fuels, mineral oils and products, sulphur, and aluminium foil to India.
• Notably, India was designated as the 'Honoured Country' at the 84th Thessaloniki International Fair (TIF) in 2019, marking its participation in Greece's largest annual commercial exposition.

BUSINESS ADVANTAGE FOR INDIAN COMPANIES IN GREECE

Indian companies exploring business opportunities in Greece can leverage several advantages. Firstly, Greece's strategic location provides access to both European and Balkan markets, enhancing the potential consumer base. Bilateral trade agreements between India and Greece further facilitate smoother trade operations and reduce barriers to entry. Moreover, Greece's economic stability, despite previous challenges, creates a conducive environment for investment and business growth. The thriving tourism and hospitality industry presents significant opportunities for Indian companies to invest and collaborate, considering Greece's status as a popular tourist destination. Additionally, Greece's focus on infrastructure projects, including transportation enhancements, opens avenues for Indian firms specializing in infrastructure development and related sectors to participate and contribute to the country's development initiatives. These combined factors make Greece an attractive destination for Indian companies seeking expansion and diversification opportunities.

INCENTIVES AND SUPPORT PROGRAMS BY GREECE FOR INDIAN COMPANIES

• Greece extends various incentives and support programs to foreign investors, including Indian enterprises. These initiatives encompass investment incentives such as tax breaks, financial subsidies, and grants aimed at reducing investment costs and enhancing the business environment.
• Investment promotion agencies like Enterprise Greece offer guidance throughout the investment process, aiding with legal and regulatory requirements, market research, and local network access.
• Special Economic Zones (SEZs) in Greece provide preferential treatment and incentives to companies within designated areas. These incentives include tax exemptions, simplified administrative processes, and access to infrastructure and support services.
• Greece also advocates for Public-Private Partnerships (PPPs) to attract investment and finance infrastructure projects, offering opportunities for Indian companies to collaborate in sectors like transportation, energy, and telecommunications.
• Greece encourages Research and Development (R&D) and innovation through various support programs and funding mechanisms. Indian firms engaged in innovative technologies, renewable energy, and biotechnology may benefit from funding opportunities and collaborations with Greek research institutions.
• Indian enterprises seeking to export goods or services to Greece can benefit from trade promotion events, market access support, and business matchmaking services.
• Furthermore, Greece provides legal and regulatory assistance to foreign companies, aiding with aspects such as company registration, licensing, intellectual property protection, and compliance with local laws.

HOW TO SET UP BUSINESS IN GREECE

• Choose a Business Name
• Obtain Tax Identification Number (TIN)
• Register Office Address
• Draft Company Statutes
• File Registration Form with GEMI
• Enroll in EFKA (National Insurance Corporation)
• Design Company Seal

VISA AND IMMIGRATION

Greece provides different types of Visas to foreign nationals depending upon the purpose and duration of their visit. Here are the common types of visas required for conducting business in Greece:

• Schengen Visa
• Type D Visa
• Work Visa
• Investor Visa

To conclude, located at the intersection of Europe, Asia, and Africa, Greece provides access to diverse markets, promoting trade and investment opportunities. However, prior to entering the Greek market, it is important to undertake in-depth study and gain insight into the cultural, regulatory, and business landscape of the country. With a thorough market analysis, a comprehensive business plan and tailored market strategy, Indian businesses can successfully flourish the Greek market.

To read more about the Greece market and various business opportunities – CLICK HERE

HOW DO WE HELP?

India Law Offices (ILO) is committed to providing outstanding legal services our clients in India and overseas. For more than two decades, we have worked extensively to grow our international reach by forming strategic partnerships, both formal and informal, with professionals from respected law firms in major commercial centres across the world. These alliances have enabled our firm to provide efficient and seamless representation to our clients in any jurisdiction. Furthermore, it has helped us in addressing varied requirements of clients, ensuring that they receive best legal services across borders.

Having extensive global partnerships with premier law firms and being part of international legal and business networks has helped India Law Offices in making business possible for our clients worldwide. We provide comprehensive legal support to Greek companies that are keen to enter the Indian market and assist them in establishing a subsidiary or branch office in India, negotiating commercial contracts, and navigating the complex regulatory compliances. On the hand, we provide tailored legal and corporate support to Indian businesses that are looking to expand their business in the Greek market. In collaboration with our Greek partners, we provide advise on all types of cross-border transactions covering Mergers and Acquisitions (M&A), Joint Ventures, and other related alliances. ILO along with our counterparts in Greece, are dedicated in supporting our clients in successfully navigating the complexities involved in India-Greece business collaborations. Although our expertise range across diverse segments, following are few of the key areas where our firm provides legal assistance:

• Corporate and M&A – Incorporation of Company, Branch Office, Merger & Acquisitions, Joint venture, Technical Collaboration, Taxation, Financial Reporting
• Commercial Contracts – Drafting & vetting of contracts like franchising, distribution, sales and marketing, licensing etc.
• Business and Civil Litigation – Representation before courts and judiciary bodies, Arbitration, Mediation
• Immigration – Obtaining Visa, Citizenship, Visa extension, Work Permit etc.
• Labour & Employment – Advice on Employment Laws, Tax implication on French nationals working in India, Drafting Employment Contracts & HR Policy
• Real Estate – Buying & Selling of Property, Development of real estate projects.
• Intellectual Property Rights – Trademark, Copyright & Patents registration
• Family Law and Inheritance – Cross border Divorce, Marriage Registration, Child Custody, Adoption, Drafting Will, Setting up Trust or Estate

OUR PARTNER IN GREECE

India Law Offices has formed a collaborative partnership with Constantinos N. Couccoullis & Associates, a respected law firm in Greece, to provide comprehensive legal services to clients on cross-border matters related to India and Greece. This alliance is built on their mutual membership in Warwick Legal Network (WLN), an international network that comprises of independent business and commercial law firms from across the globe. Constantinos N. Couccoullis & Associates, located in Athens Greece, specializes in the areas of Corporate & Commercial Law, Family Law, Banking and Investment Issues, Civil Law and Litigation, Marine Law, Criminal Law and Litigation, Insurance, Taxation, Real Estate, and Immigration Law.

If you are a Greek company or individual seeking assistance in India or an Indian entrepreneur planning to enter the Greek market, we encourage you to complete the form below and connect with our team of legal experts. We are dedicated and committed in providing best guidance and support based on your specific requirements.