Challenges to setting up business in Greece

Oftentimes, a Greek American wants to set up a business in Greece but lacks the necessary knowledge to navigate the challenges that one encounters trying to set up such a business. Let's take a look at some of the main points that need to be kept in mind while embarking on such an enterprise.

In recent times, Greece has been dealing with an economic crisis that has left many companies teetering on the brink of collapse. Not only has this crisis affected businesses, but also the consumers, with customers showing increased wariness before placing their trust in new companies or products.

The best way to deal with such uncertain situations is to make absolutely sure that the product your company plans to offer has a real and valid demand. Certain businesses, such as land, food and clothing find an audience irrespective of the state of finances for the country. Even if your product falls into a more risky category in terms of demand, you can avoid suffering losses by starting slowly and cautiously, and making sure to test the waters thoroughly before launching a new product on an unsuspecting audience. 

The Greek tax law can often carry substantial tax liabilities for businesses. In the past few years, it has been found that the amount of taxes paid by companies in Greece was often as much as two-thirds of their overall profits. Naturally, this makes companies think long and hard before setting up business in Greece.

Certain tax rebates are available for people who have a Greek heritage, and these need to be taken full advantage of by Greek Americans. You can also enter into partnerships with local companies or organizations to get added tax cuts and a partner with prior experience in making sense of the Greek market.

As with any other country, the laws of the land need to be respected and followed in order to avoid business disputes or contract disputes. The best way to ensure your company follows the rules is by having the forethought to consult with and receive skilled guidance from lawyers who are experienced in the matters of setting up businesses in Greece.

While it can be challenging to set up a business in Greece, it can also be a rewarding experience resulting in great profit. Several surveys have been conducted which revealed that most companies which follow a legitimate business model, adhere to Greek business laws and invest in the right regions of Greece have turned a profit.