Business Environment in Greece and Commercial Links with Turkey
Greece offers a significant business environment for foreign investors thanks to its European Union membership, strategic location in the Mediterranean, and developed tourism, logistics, and trade infrastructure. Its location, which provides access to European, Middle Eastern, and North African markets, makes Greece attractive for regional trade activities.
Due to its geographical proximity to Turkey, strong commercial relations, and similar business culture, Greece is among the countries considered by Turkey-based companies for their overseas structures and European Union market access strategies.
For Turkey-based companies, Greece can be considered a strategic location in terms of trade, logistics, tourism, real estate investments, and access to the European Union internal market.
Country Overview
- Official Name: Hellenic Republic
- Capital: Athens
- Population: Approximately 10.3 million (2026 estimate)
- Official Language: Greek
- Religion: Predominantly Orthodox Christianity
- Climate: Mediterranean climate
- Time Zone: UTC+02:00
- Country Code: +30
- Currency: Euro (EUR)
How to Set Up a Company in Greece?
Main Types of Companies
- Limited Liability Company
- Public Limited Company
- Branch
- Representative Office
The limited liability company model, which has similar characteristics to the limited company structure in Turkey, is the most frequently preferred company type by foreign investors.
Establishment Process
The company establishment process in Greece generally consists of the following steps:
- Determining and reserving the company name
- Preparing the articles of association
- Appointing managers and partners
- Submission of the application to the Commercial Registry
- Obtaining a tax number
- Opening a bank account
Company formation procedures in Greece can largely be carried out via digital platforms. However, bank compliance processes and the preparation of documents can be decisive in time planning.
Documents Required for Company Formation
For natural person partners
- Passport copies
- Address verification documents
- Company incorporation documents
- Manager appointment information
For corporate partners
- Company incorporation document
- Trade registry sample
- Articles of association
- Board of directors’ decision
- Apostilled company documents
In structures where Turkey-based companies are partners, apostille and translation processes may affect the incorporation time schedule.
Is a Local Partner or Local Manager Required?
Foreign investors in Greece can own all of the company’s shares. There is no requirement for a local partner.
Although a local resident manager is not required, having a local representative can provide practical advantages in terms of banking transactions and operational processes.
Greek Tax System and Tax Comparison with Turkey
Corporate Tax
- The standard corporate tax rate in Greece is 22%.
- In Turkey, the corporate tax rate may vary depending on current legislation.
Value Added Tax
- The standard VAT rate is 24%.
- Reduced VAT rates may apply in certain sectors and for certain products.
Withholding Taxes
- Approximately 5% withholding tax may be applied to dividend payments.
- As there is a Double Taxation Avoidance Agreement between Turkey and Greece, tax advantages may be available for certain payments.
- For Turkey-based companies, dividend flows, financing transactions, and transfer pricing planning should be evaluated at the establishment stage.
Accounting System and Operational Compliance with Turkey
The accounting system in Greece is compliant with European Union accounting standards. Tax returns and financial reporting are carried out via electronic platforms.
Legal Compliance Processes
- Preparation of annual financial statements
- Corporate tax return
- VAT reporting
- Payroll reporting
System compliance is possible for investors familiar with accounting processes in Turkey, but local regulations must be monitored regularly.
Opening a Bank Account and Companies Linked to Turkey
Turkey-based groups must pay attention to the following issues when opening a bank account in Greece:
- Transparency of the ultimate beneficial ownership structure
- Clear presentation of the business plan
- European Union financial compliance obligations
Banks may conduct comprehensive compliance reviews, particularly for international companies.
Greece Tax Residency Assessment
If the actual management of a company established in Greece is conducted from Turkey, this may require assessment for tax residency purposes.
Therefore, it is important to plan the following elements during the establishment phase:
- Where management decisions are made
- The actual place of business of the manager
- Intra-group contracts
Checklist for Starting a Company in Greece
- Determining the legal address
- Completing the appointment of managers
- Tax registration
- Activating the bank account
- Establishing the accounting system
- Payroll and social security records
- Access to the digital tax portal
- Planning financial flows with Turkey
Social Security and Labor Legislation
Employers in Greece are required to register their employees in the social security system. Employer and employee contribution rates are calculated based on salary.
Employment contracts, employee rights, and social security obligations are regulated in accordance with European Union legislation.
Company Formation Timeframe in Greece and Planning Perspective with Turkey
Average Durations
- Documentation preparation: 3–7 business days
- Company registration: 5–10 business days
- Bank compliance process: 7–20 business days
- Operational activation: 3–5 business days
Average total process: 3–5 weeks
Common Timing Mistakes Made by Investors
- Assuming that company incorporation and operational commencement are the same
- Not including bank processes in the time plan
- Evaluating tax planning after incorporation
- Ignoring European Union regulatory compliance requirements
As the OzbekCPA team, we provide support in company incorporation, tax compliance, accounting organization, and corporate governance processes for investments to be structured between Turkey and Greece. Contact us.
