ABOUT GREECE

Amongst all the countries in Europe, Greece, officially the Hellenic Republic, is a country located in Southern Europe, at the crossroads of Europe, Asia, and Africa. It occupies the southern tip of the Balkan Peninsula and is renowned for its immense historical significance as the birthplace of democracy, Western philosophy, and the Olympic Games, alongside its stunning islands, ancient ruins, and vibrant culture. The capital of Greece is Athens, which is its largest and most populated city, serving as the country’s primary economic, cultural, and political hub. According to the report of the World Bank, Greece has been classified as a High-Income Nation. The currency of Greece is the Euro (EUR), which it adopted in 2001 (cash in 2002). As of today’s exchange rates (June 2025), 1 Euro is approximately 89.85 Indian Rupees. The population of Greece is approximately 10.3 million in 2024. Its neighbouring countries are Albania, North Macedonia, and Bulgaria to the north, and Turkey to the east. It also shares maritime borders with Italy, Libya, Egypt, and Cyprus. The official language of the country is Greek. English is very widely spoken and understood, especially in business, tourism sectors, and among the younger population. The vast majority of the population belongs to the Greek Orthodox Church, with smaller communities of other faiths. Currently, Greece has numerous international airports, with Athens International Airport (ATH) being the primary international gateway. Other significant international airports include Thessaloniki (SKG), Heraklion (HER), and Rhodes (RHO), reflecting its strong tourism sector. As a country with extensive coastlines and countless islands, Greece boasts many crucial commercial seaports, with Piraeus (one of Europe’s largest passenger ports and a major container hub), Thessaloniki, Patras, and Heraklion being vital for international trade and maritime transport.

The standard corporate income tax rate in Greece is 22%. Greece has implemented various tax incentives and reforms to attract foreign direct investment and stimulate economic growth, particularly following its recent economic recovery. These include significant tax deductions for research and development (R&D) expenses (up to 200% for qualifying expenditure), and attractive tax benefits for foreign tax residents who relocate to Greece (e.g., a special tax regime for foreign retirees or for highly skilled employees). The “Strategic Investments Law” provides fast-track licensing and investment incentives for large-scale projects. Opesh Group of companies will be helping you in the completing Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Greece has become significantly easier and more streamlined in recent years due to ongoing government reforms aimed at improving the business environment and digitalizing administrative processes. The Enterprise Greece agency is the primary government body promoting and assisting foreign direct investment. A foreign investor who is planning to start his business in Greece can form various company types, with the most common and flexible structures being a Single-Member Private Company (IKE – Idiotiki Kefalaiouchiki Etaireia), a Limited Liability Company (EPE – Etaireia Periorismenis Efthynis), or a Société Anonyme (SA – Anonymi Etaireia). The Private Company (IKE) is particularly popular due to its low setup costs and flexibility, allowing 100% foreign ownership with a minimum share capital of just €1. Greece’s legal framework is aligned with EU directives, providing a secure and predictable environment for businesses.

In Case an investor is planning to establish an IKE in Greece or a corporate business setup, Opesh Group will be helping you in taking the right decision for setting up your business in Greece and we will also guide you about how to follow the procedure while formulating your company in Greece.

Types of Business which can be started in Greece-

• Tourism & Hospitality: As a global tourism powerhouse, Greece offers immense opportunities in developing new resorts, boutique hotels, specialized tourism (e.g., medical tourism, cultural tourism, luxury travel), and related services like travel agencies and event management.
• Energy (Renewables & Natural Gas): Greece is strategically positioned to become an energy hub, with vast potential in solar, wind, and hydropower, as well as ongoing natural gas exploration in its EEZ. Opportunities exist in renewable energy project development, energy storage, and energy infrastructure.
• Logistics & Shipping: Leveraging its strategic location as a gateway to Europe, the Balkans, and the Eastern Mediterranean, opportunities are significant in port infrastructure development, shipping services, freight forwarding, and multimodal logistics.
• Agri-food & Food Processing: With a rich agricultural tradition, opportunities exist in organic farming, modernizing agricultural practices, and especially in value-added food processing (e.g., olive oil, dairy, wine, processed fruits, aquaculture) for both domestic and export markets.
• Information & Communication Technologies (ICT): Greece’s tech sector is growing rapidly, supported by a skilled workforce and digital transformation initiatives. Opportunities are in software development, FinTech, cybersecurity, AI, and IT outsourcing.
• Real Estate & Property Development: The recovering economy and strong tourism sector drive demand for residential, commercial, and tourism-related property developments, including luxury villas and urban regeneration projects.
• Manufacturing (Niche): Opportunities in specialized manufacturing, particularly in pharmaceuticals, basic metals (aluminum), and food processing equipment.

Advantages of Starting Business in Greece-

• Strategic Geopolitical Location: Greece serves as a crucial gateway to the EU, Balkan countries, Eastern Mediterranean, and North Africa, offering unique market access.
• EU & Eurozone Membership: Provides full access to the vast European Union single market and the stability of the Euro currency, facilitating trade and investment.
• Significant Economic Recovery: The Greek economy has shown strong resilience and growth in recent years, with ongoing reforms to improve the business environment.
• Highly Skilled & Increasingly English-Speaking Workforce: A well-educated talent pool, particularly in engineering and IT, with a growing proficiency in English.
• Major Tourism Destination: A robust and globally recognized tourism brand ensures continuous demand and opportunities in the hospitality sector.
• Competitive Operating Costs: Labor costs and operational expenses are generally more competitive compared to Western European countries.
• Improving Business Environment: Continuous efforts by the government to simplify administrative procedures, digitalize services, and attract foreign investment.

Business Opportunities for Indians in Greece-

There are excellent business opportunities in Greece for new investors who are planning to start their business abroad. Greece’s strategic position, its recovering economy, and increasing focus on specific high-growth sectors make it an attractive emerging market within the EU. Indian investors with strengths in IT services (especially software development, digital transformation for tourism), pharmaceuticals (distribution, niche manufacturing), tourism & hospitality (hotel management, investment in resorts), renewable energy projects (solar, wind), and shipping/logistics (port services, maritime technology), can find significant avenues for investment, partnerships, and market entry into both European and regional markets.

Imports & Exports-

Many goods are imported and exported from Greece. Imports and exports business is an ever-growing business in any country; however, you need to do proper R&D before investing in that product which you can import or export. You need to check whether that product is suitable for your target market and how much revenue you will be able to generate from that market.

Major items which are exported from Greece:

• Petroleum products
• Aluminium and other basic metals
• Pharmaceutical products
• Food and beverages (e.g., olive oil, fruits, vegetables, dairy)
• Textiles and apparel
• Chemicals

Major items which are imported in Greece:

• Crude oil and petroleum products
• Machinery and transport equipment
• Chemicals
• Foodstuffs
• Pharmaceuticals
• Electrical machinery

Major items traded between Greece and India (as of 2023-2025 data):

• Exports from Greece to India: Mineral fuels, oils, distillation products, Aluminium, Copper, Iron and steel, Optical & medical instruments, Food preparations.
• Imports in Greece from India: Organic chemicals, Pharmaceutical products, Cotton, Articles of apparel & clothing accessories, Iron and steel products, Electrical machinery, Vehicles.

Manufacturing-

Manufacturing in Greece is a significant sector, with strengths in specific areas. Opportunities exist particularly in food and beverage processing (including olive oil, dairy, and alcoholic beverages), pharmaceuticals (generic drugs), basic metals (especially aluminium and steel processing), and refined petroleum products. The sector is evolving towards higher value-added production and incorporating more advanced technologies.

Mining-

The mining business in Greece is notable, particularly for certain industrial minerals and metals. Greece possesses significant reserves of lignite (used for electricity generation), bauxite (for aluminium production), nickel, magnesite, perlite, and bentonite. There is also some gold exploration and extraction. Opportunities exist in the responsible extraction and processing of these minerals, particularly given their industrial applications and the country’s strategic location for exports.

Major Indian companies which are currently working in Greece-

While Greece might not host as many large-scale Indian manufacturing units as some Western European nations, there is a growing presence and interest, especially in the service and trade sectors.

• IT Services: Some Indian IT and software development companies have established a presence or provide services to Greek clients.

• Pharmaceutical Companies: Indian pharmaceutical products are widely distributed in the Greek market through local partners, and some companies might have representative offices.

• ArcelorMittal: While not exclusively Indian, as a global steel giant with Indian roots, it has a significant European presence that can indirectly impact the Greek market through trade and material supply.

• Trading & Investment Firms: Various Indian trading houses and investment firms explore opportunities in shipping, renewable energy, and other sectors.

• Education Sector: Due to academic exchanges and interest in Greek studies, some Indian educational institutions or consultants may have ties.

• GDP = $260 billion (nominal, 2024 est.)

• GDP Growth = 2.3% (2024 est.), 2.2% (2025 forecast by IMF)

• Ease of doing business rank = The World Bank’s ‘Doing Business’ report has been discontinued. However, Greece has significantly improved its ranking in global competitiveness and business environment indices due to ongoing reforms.

• GDP per Capita = $25,246 (nominal, 2024 est.)

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