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flag Greece Greece: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labor | Social Partners

 

Setting Up a Company

Eteria Periorismenis Efthynis (EPE) is a Private Limited Company
Number of partners: Minimum 1 partner.
Capital (max/min): Minimum 4,500 EUR totally released up to this amount.
Shareholders and liability: Liability is limited to the amount contributed.
Anonymos Eteria (AE) is a Limited Company.
Number of partners: One or more
Capital (max/min): Minimum 60.000 EUR totally released up to this amount.
Shareholders and liability: Liability is limited to the amount contributed.
Omorithmos Eteria (OE) is a general partnership.
Number of partners: Minimum 2 partners
Capital (max/min): No minimum capital.
Shareholders and liability: Partners' liability is joint and illimited.
Eterorithmos Eteria (EE) is a limited partnership
Number of partners: Minimum 2 partners
Capital (max/min): No minimum capital.
Shareholders and liability: Liability is unlimited for at least one active partner.
Liability of sleeping partners is limited to the amount contributed.
The Competent Organization
Upon establishment, the company is required to register with the Tax Office and procure accounting and company books stamped by the Tax Authorities and also to register with the Local Chamber of Commerce. Consult The Athens Chamber of Commerce and Industry.
Among the initial demands of the Troika was the abolishment of mandatory membership of businesses in chambers of commerce. The Chamber resisted and the Troika has not pressed on this issue but this requirement may change in the future.
Search a Company or a Financial Report
Athens Chamber of Commerce & Industry
 
Setting Up a Company Greece OECD
Procedures (number) 11.0 5.0
Time (days) 11.0 12.0

Source: Doing Business.

 
Business Setup Procedures
Consult Doing Business Website, to know about procedures to start a Business in Greece.
Athens Chamber of Commerce and Industry

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The Active Population in Figures

201120122013
Labor force 4,948,0004,951,0004,918,000

Source: CIA - The world factbook

 
200920102011
Total activity rate -53.70%54.80%
Men activity rate 65.00%64.90%65.00%
Women activity rate 42.90%44.50%44.80%

Source: UN - United Nations

 
Employed Persons, by Occupation (% of Total Labor Force) 2008
Manufacturing 11.8%
Agriculture, forestry and fishing 11.3%
Construction 8.7%
Accommodation and food service activities 7.1%
Education 7.1%
Professional, scientific and technical activities 4.8%
Financial and insurance activities 2.6%
Administrative and support service activities 1.7%
Information and communication 1.6%
Arts, entertainment and recreation 1.3%
Mining and Quarrying 0.4%

Source: International Labor Organization (ILO)

 
For Further Statistics
Invest in Greece

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Working Conditions

Legal Weekly Duration
8-hour day and 48-hour week.
Retirement Age
65
Working Contracts
Fixed-term contract, part-time contracts Visit the website of the European foundation for the improvement of living and working conditions.
Labor Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Cost of Labor

Minimum Wage
EUR 876 per month (source: ILO, 2011).
Average Wage
EUR 750. For more information, visit the "Invest in Greece" website.
Social contributions
Social Security Contributions Paid By Employers: Public social security as % of monthly salary: 44.06%.
By the employer: 28.06%
By the employee: 16.00%
Social Security Contributions Paid By Employees: For institutions which insure employees, the cost of contributions is borne by both employees and employers; there are no standard rules on how this is shared between them, but with IKA the employer usually pays two thirds and the employee one third. In 2013,  regulations have change in order to make the labor market more flexible. Since then, a 2.9% reduction in the contributions paid by employers and a 1% reduction in contributions paid by employees have been decided.

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Social Partners

Social Dialogue and Involvement of Social Partners
Visit the website of the European foundation for the improvement of living and working conditions. Legislation passed between December 2010 and 2013 liberalized national collective bargaining agreements, allowing private companies to negotiate in-house labor agreements with employees.
Unions
GSEE
Unionization Rate
In Greece, it is calculated that around one in three workers is a union member, i.e. overall union density is approximately 30 percent. Unionization is very high in public sector enterprises and public utilities and services (see public enterprise) it ranges from 80 to 98 percent. In the private sector it is very low, especially in small and medium-sized enterprises.
Labor Regulation Bodies

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Last Updates: January 2015