Greece
Greece is a unitary parliamentary republic, and a developed country, with an advanced high-income economy, and a high quality of life, ranking 32nd in the Human Development Index. Its economy is the largest in the Balkans, where it is an important regional investor. A founding member of the United Nations, Greece was the tenth member to join the European Communities (precursor to the European Union) and has been part of the Eurozone since 2001. It is also a member of numerous other international institutions, including the Council of Europe, NATO, the OECD, the WTO, and the OSCE. Greece's unique cultural heritage, large tourism industry, prominent shipping sector and geostrategic importance classify it as a middle power.
Greece is a developed country with a high standard of living and a high ranking in the Human Development Index. Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output. Important Greek industries include tourism and merchant shipping, while the country is also a considerable agricultural producer (including fisheries) within the union.
International trade is important for the Greek economy. With the most important commodities being food and beverages, textiles, chemicals, petroleum products, and manufactured goods. Greece’s main export partners are Italy, Germany, Turkey, and Cyprus. The US is Greece’s 6th biggest export partner, receiving 4% of Greek exports. Greece exports mostly food and agricultural products, clothing and apparel, tobacco products, cement, marble, and petroleum products to the US.
Greece mostly imports machinery, chemicals, fuels, and transport equipment. The country’s main import partners are Germany, Italy, Russia, and China. US companies sell IT and communications equipment, medical and pharmaceutical items, machinery, wood pulp, and agricultural products in Greece.
Greece ranks in the top 15 destinations worldwide: miles of glimmering coastlines, dramatic mountains for excursions or paragliding, ancient sites, museums and theatre performances are all part of the Greek cultural heritage. The tourism industry is a vital part of the Greek economy as it is an undisputed fact that Greece is a highly attractive destination. Nevertheless, tourism is a very competitive sector and Greece has to keep up with the pace. In recent years there has been a shift toward upmarket and more diversified products and services, offering travellers the opportunity to enrich their activities by attending specialised programmes such as therapeutic-spa tourism, religious tourism, ecological tourism, agrotourism etc. Thus, the country has become a popular tourist destination for people interested in alternative holidays who, apart from relaxing and sightseeing, wish to enjoy the unique experience offered by the country’s nature and its “products”, its religious culture and the specialised infrastructure of the Greek tourist industry.
Greece’s banking system consists of the four majorsystemic banks, seven co-operative and otherno-systemic banks.
A number of foreign banks are also operating in Greece offering a full range of services for corporate and consumers business, including venture capital, finance and advice for newly formed companies.
The Greek Banking System operates in a regulated environment through the control that is still exercised through the Bank of Greece. The Bank of Greece is the central bank and the monetary authority in Greece. It is responsible for the authorisation and supervision of credit institutions, including subsidiaries of EU and non-EU banks and financial institutions operating in Greece in accordance with the criteria set down by relevant EU directives.
The taxation system is non-friendly to developing businesses which can make it difficult to start up a highly profitable business. Greece Income Tax Code (ITC) 29% on profit of the total business.
Greece, the country in South-east Europe, is well known for its democracy, western-civilization, and magnificent heritage sites. Establishing and evolving business in Greece has its own benefits and advantages. The main industries owning the stage in Greece are tourism, shipping, fisheries.
The most common way to establish a business in Greece is to either register a Corporation (AE), a Limited liability company (EPE) or a Branch. Foreign shipping companies can also establish an offshore office under Law 89/67. Under the provisions of this Law, income from activities outside Greece is tax free.
In accordance with the domestic Greek legislation, an entity (legal person) acquires permanent establishment if:
a) It is established or incorporated under Greek legislation;
b) It has registered office in Greece;
c) It has its place of effective management in Greece at any time during the tax year.
Non-resident legal entities or physical persons are generally subject to tax on their Greek source income, subject to the terms of any applicable tax treaty.
The applicable legislation on copyright and related rights in Greece is based on Law 2121/1993. The aim of the Greek Law 2121/1993 is the full and effective protection of authors, a principle manifested in many provisions, such as the broad protection of moral rights, the rule that only individuals may be considered as authors, the establishment of the percentage fee for authors, the written form of legal acts, the non-entitlement to conclude contracts which cover the whole of the future works or concerning future method of exploitation, the equitable remuneration for reproduction of works for private use, the interpretative rules concerning the term, purpose, extent and means of exploitation, the provisions concerning the enforcement of rights and in particular the civil sanctions.
The Judiciary is independent of the executive and the legislature and comprises three Supreme Courts: the Court of Cassation, the Council of State and the Court of Auditors. The Judiciary system is also composed of civil courts, which judge civil and penal cases and administrative courts, which judge disputes between the citizens and the Greek administrative authorities.
Our law firm VLO provides legal services for corporate and private clients in Greece. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
Greece is a developed country with a high standard of living and a high ranking in the Human Development Index. Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output. Important Greek industries include tourism and merchant shipping, while the country is also a considerable agricultural producer (including fisheries) within the union.
International trade is important for the Greek economy. With the most important commodities being food and beverages, textiles, chemicals, petroleum products, and manufactured goods. Greece’s main export partners are Italy, Germany, Turkey, and Cyprus. The US is Greece’s 6th biggest export partner, receiving 4% of Greek exports. Greece exports mostly food and agricultural products, clothing and apparel, tobacco products, cement, marble, and petroleum products to the US.
Greece mostly imports machinery, chemicals, fuels, and transport equipment. The country’s main import partners are Germany, Italy, Russia, and China. US companies sell IT and communications equipment, medical and pharmaceutical items, machinery, wood pulp, and agricultural products in Greece.
Greece ranks in the top 15 destinations worldwide: miles of glimmering coastlines, dramatic mountains for excursions or paragliding, ancient sites, museums and theatre performances are all part of the Greek cultural heritage. The tourism industry is a vital part of the Greek economy as it is an undisputed fact that Greece is a highly attractive destination. Nevertheless, tourism is a very competitive sector and Greece has to keep up with the pace. In recent years there has been a shift toward upmarket and more diversified products and services, offering travellers the opportunity to enrich their activities by attending specialised programmes such as therapeutic-spa tourism, religious tourism, ecological tourism, agrotourism etc. Thus, the country has become a popular tourist destination for people interested in alternative holidays who, apart from relaxing and sightseeing, wish to enjoy the unique experience offered by the country’s nature and its “products”, its religious culture and the specialised infrastructure of the Greek tourist industry.
Greece’s banking system consists of the four majorsystemic banks, seven co-operative and otherno-systemic banks.
A number of foreign banks are also operating in Greece offering a full range of services for corporate and consumers business, including venture capital, finance and advice for newly formed companies.
The Greek Banking System operates in a regulated environment through the control that is still exercised through the Bank of Greece. The Bank of Greece is the central bank and the monetary authority in Greece. It is responsible for the authorisation and supervision of credit institutions, including subsidiaries of EU and non-EU banks and financial institutions operating in Greece in accordance with the criteria set down by relevant EU directives.
The taxation system is non-friendly to developing businesses which can make it difficult to start up a highly profitable business. Greece Income Tax Code (ITC) 29% on profit of the total business.
Greece, the country in South-east Europe, is well known for its democracy, western-civilization, and magnificent heritage sites. Establishing and evolving business in Greece has its own benefits and advantages. The main industries owning the stage in Greece are tourism, shipping, fisheries.
The most common way to establish a business in Greece is to either register a Corporation (AE), a Limited liability company (EPE) or a Branch. Foreign shipping companies can also establish an offshore office under Law 89/67. Under the provisions of this Law, income from activities outside Greece is tax free.
In accordance with the domestic Greek legislation, an entity (legal person) acquires permanent establishment if:
a) It is established or incorporated under Greek legislation;
b) It has registered office in Greece;
c) It has its place of effective management in Greece at any time during the tax year.
Non-resident legal entities or physical persons are generally subject to tax on their Greek source income, subject to the terms of any applicable tax treaty.
The applicable legislation on copyright and related rights in Greece is based on Law 2121/1993. The aim of the Greek Law 2121/1993 is the full and effective protection of authors, a principle manifested in many provisions, such as the broad protection of moral rights, the rule that only individuals may be considered as authors, the establishment of the percentage fee for authors, the written form of legal acts, the non-entitlement to conclude contracts which cover the whole of the future works or concerning future method of exploitation, the equitable remuneration for reproduction of works for private use, the interpretative rules concerning the term, purpose, extent and means of exploitation, the provisions concerning the enforcement of rights and in particular the civil sanctions.
The Judiciary is independent of the executive and the legislature and comprises three Supreme Courts: the Court of Cassation, the Council of State and the Court of Auditors. The Judiciary system is also composed of civil courts, which judge civil and penal cases and administrative courts, which judge disputes between the citizens and the Greek administrative authorities.
Our law firm VLO provides legal services for corporate and private clients in Greece. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
