2025 Guide for Indian (and other) businesses expanding into Greece

Opportunities for Indian Business in Greece

For Indian businesses eyeing a European or Greece expansion, Greece presents a compelling proposition. Rich in history and culture, strategically located, and increasingly business-friendly, Greece offers a gateway to the European Union and beyond. There is a strong diplomatic and government-to-government relationship between Greece and India that is growing as we are friends and allies. This article will guide Indian enterprises through the key aspects of establishing a presence in Greece and navigating the Greek regulatory environment. Our team here at Tsaks Consulting can assist you with all your business, accounting, legal and regulatory needs here in Greece.
Options for businesses from India to choose your corporate structure in Greece

Options for Indian businesses to open a company in Greece

When establishing a company in Greece, Indian businesses have several legal structures to consider. The most common include:

Private Capital Company (IKE): This is a flexible and popular option, especially for small and medium-sized enterprises. It requires no minimum share capital, offering considerable flexibility in its formation and operation. One of the benefits is legal protection and limited legal liability. However, it is also expensive to administer with substantial compliance on a monthly basis.
Société Anonyme (AE) or Public Limited Company: Suitable for larger businesses, an AE demands a minimum share capital of €60,000. It requires a board of directors and auditors, making it a more formal structure. This is a suitable structure for large corporations looking to raise funds or operate on a large scale in the future.
General Partnership (OE) and Limited Partnership (EE): These structures involve two or more partners. In an OE, all partners have unlimited liability, while in an EE, some partners have limited liability. Foreign investors often prefer the EE for its flexibility and limited liability for some members. It’s also got some distinct advantages. Firstly, it is generally cheaper to establish and therefore creates a cost-effective option for smaller businesses from India expanding into Greece. Secondly, it is a lot more inexpensive to administer on a monthly basis and there are less regulatory requirements.
Branch of a Foreign Company: An Indian company can also establish a branch in Greece. This requires at least one director and a legal representative residing in Greece. There are some requirements around yearly translations of documents which can be expensive and not practical in the long run although for some clients expanding to Greece a branch structure is the best option.

Tsaks Consulting can help you navigate these options, understanding your business needs and recommending the most suitable legal structure for your expansion into Greece.

The Advantage of the Greece-India Double Tax Treaty

A significant benefit for Indian businesses operating in Greece is the existence of a Double Taxation Avoidance Agreement (DTAA) between the two nations. This treaty, which came into force in 1967, prevents income and capital from being taxed twice by both countries. This is excellent as there are not surprises and there is no uncertainty when it comes to tax matters for Indian businesses who are looking to operate in Greece.

The DTAA specifies how different types of income, such as business profits, dividends, interest, and royalties, are to be taxed. Generally, the treaty ensures that income is taxed in the country where it arises. For instance, profits generated by a permanent establishment in Greece would be taxed in Greece. The treaty also sets withholding tax rates on dividends, interest, and royalties. Both countries use the credit method to eliminate double taxation, allowing taxes paid in one country to be credited against tax liability in the other.

This treaty simplifies tax obligations for Indian companies in Greece and vice versa, fostering a more conducive environment for bilateral trade and investment. Tsaks Consulting partner accountants possesses the expertise to help your business understand and leverage the benefits of this DTAA, ensuring tax efficiency and compliance.

Promising sectors in the Greek economy that Indian businesses may invest in

Greece offers exciting opportunities across various sectors that may be appealing to Indian business and investors. Our team has strong experience undertaking due diligence and market assessments on a number of different sectors. Industries and sectors which may be of interest to business from India for their market entry into Greece include:

Tourism: A cornerstone of the Greek economy, the tourism sector continues to grow, presenting opportunities in hospitality, travel services, and related infrastructure. From hotel investments to operations and travel agencies, there are substantial investment and business opportunities for Indian property and hospitality businesses.
Artificial Intelligence (AI) and Technology/IT: Greece is increasingly focusing on developing its tech sector, with government initiatives and a growing pool of talent creating opportunities in software development, AI applications, and digital services. There is strong scope for Indian businesses to expand to Greece and use Greece’s leadership position in this sector in Europe to tap into the European market.
Renewable Energy: With a commitment to sustainability, Greece is investing heavily in renewable energy sources, offering potential for businesses in solar, wind, and other green technologies.
Logistics and Shipping: Greece’s strategic location makes it a key player in logistics and shipping, with major ports like Piraeus serving as crucial hubs. There has been increased political focus on Greece’s Ports and it’s quite sensitive. There are substantial investment opportunities for smaller ports and Indian businesses may find lucrative investment opportunities in smaller ports.
Food and Agriculture: Greece’s rich agricultural heritage and Mediterranean diet create opportunities in food processing, exports, and organic farming.

Tsaks Consulting can provide market insights and help you identify the sectors that best align with your business strengths and growth objectives in Greece.

Navigating Regulations and Ensuring Compliance

Operating successfully in Greece requires a thorough understanding of and adherence to local regulations. This includes company registration, tax laws, labor laws, and sector-specific requirements. Greece has been working towards streamlining its bureaucratic processes, including the digitalization of some company formation procedures.

It is crucial to stay updated with the regulatory landscape to avoid penalties and ensure smooth operations. Sometimes the penalties can be quite substantial, particularly related to labour laws and property. We generally recommend creating an initial checklist of your regulatory obligations through an audit of your proposed operations.

Our team offers comprehensive support in navigating Greek regulations, ensuring your business remains compliant and focused on growth.

A Stable Regulatory and Political Environment

In recent years, Greece has made significant strides in establishing a more stable regulatory and political environment. While economic challenges persist, the government has been focused on reforms aimed at attracting foreign investment and fostering business growth. This stability provides a more predictable and reliable foundation for international businesses looking to invest and operate in the country.

Using Greece as a launchpad into European Union

One of the most significant advantages of establishing a base in Greece is its membership in the European Union. This provides seamless access to the vast EU market, with its millions of consumers and established trade frameworks. Being based in Greece allows Indian businesses to expand their reach across Europe with greater ease, benefiting from the free movement of goods, services, capital, and people within the EU.

Our team of regulatory consultants here at Tsaks Consulting can guide you on expanding into the EU. It’s important to understand the benefits of gaining approvals in Greece and having them recognised across the EU. There are also TAX and VAT benefits of owning an EU company as well as speed benefits when it comes to arranging licensing and approvals for products or services. Setting up your business in Greece is certainly useful and can be leveraged for a complete EU market penetration.

Why Greece is an Attractive Market in Itself

Beyond its role as a gateway to the EU, Greece itself is an increasingly attractive market. The Greek economy is showing signs of recovery, with growing consumer confidence and new investment opportunities. The country boasts a skilled workforce, a good quality of life, and a strategic location that facilitates trade with Europe, the Middle East, and North Africa.

The quality of life in Greece, with its Mediterranean climate, rich culture, and natural beauty, also makes it an appealing location for expatriate staff. We’re biased here at Tsaks Consulting, but we certainly believe that coming to Greece to do business offer an attractive lifestyle benefit for Indian businesspeople.

Opportunities for Defence Contractors in Greece

Greece is currently undertaking significant investments in its defence capabilities, creating a burgeoning market for defence contractors. Geopolitical factors and a commitment to national security are driving this expenditure, opening doors for international companies with expertise in areas such as military technology, equipment supply, maintenance, and cybersecurity for defence systems.

Opportunities exist across various domains, including naval modernization, air force upgrades, land systems procurement, and advanced technology integration. Indian defence contractors with relevant expertise and competitive offerings can find Greece to be a receptive market. Collaboration with local Greek defence companies may also present strategic advantages, fostering knowledge transfer and potentially easing entry into specific projects. The government has essentially mandated a 25% local content requirement in for selling defence materials to Greece. Our recommendation is that you partner with or create a local entity in order to secure defence contacts. From a geopolitical perspective, there are strong opportunities and backing for Indian businesses and defence contractors to expand into Greece both at a high, medium and low level.

Our team are experienced bid and tender writers with experience helping clients win government tenders. We can help Indian businesses:

Providing market intelligence on upcoming defence procurement programs and priorities.
Identifying potential local partners for joint ventures or collaborations.
Assisting with understanding Greek defence procurement regulations and compliance requirements.
Facilitating introductions to key stakeholders within the Greek Ministry of Defence and related agencies.

Opportunities in Greek Property Development

The Greek property market has shown signs of recovery and growth in recent years, presenting attractive opportunities for property developers. Factors such as increasing tourism, government initiatives to attract foreign investment, and a relatively lower cost of land compared to other Western European countries contribute to this potential.

Opportunities span various segments, including residential developments (especially in popular tourist areas and urban centers), hospitality infrastructure (hotels, resorts, and vacation rentals), and commercial properties. Sustainable development and renovation projects are also gaining traction.

Indian property developers with experience in these areas can capitalize on the evolving Greek market. Understanding local zoning laws, construction regulations, and market demand is crucial for success. Our team can support Indian property developers and investors by:

Conducting market research to identify promising locations and property types.
Assisting with navigating local planning and building regulations.
Identifying potential land acquisition opportunities.
Connecting developers with local architects, construction companies, and real estate agents.
Advising on investment incentives and legal frameworks related to property development.

Securing Public Projects: Bidding for Greek Government Contracts

The Greek government regularly issues tenders for a wide range of public projects, including infrastructure development (roads, ports, airports), technology upgrades, environmental projects, and public services. These contracts can offer significant business opportunities for international companies.

However, the process of bidding for Greek government contracts can be complex, requiring a thorough understanding of the tender documentation, eligibility criteria, and submission procedures. A well-prepared and compliant bid is essential for success.

Tsaks Consulting is a member of the Tsaks Group – a global bid and tender writing consultancy. We started as a specialist bid writing consultancy in Greece before expanding into accounting and taxation services as well as a generalist consultancy focused on regulatory compliance. We have a team of experienced bid and tender writing consultants who can help you with:

Identifying relevant tender opportunities aligned with your business capabilities.
Analyzing tender documents and providing clear guidance on requirements.
Developing compelling and compliant bid proposals, tailored to Greek government standards.
Ensuring all administrative and legal requirements are met.
Providing translation and localization services for bid documents.

Our expertise in the Greek public procurement landscape can save you time and resources while maximizing your competitiveness.

Partner with Tsaks Consulting for Your Greek Expansion from India

Expanding your business to a new country such as Greece can be complex – particularly for organisations from non-EU countries such as India. Tsaks Consulting is here to simplify this journey for Indian businesses venturing into Greece. Our expertise encompasses:

Company registration and legal structure advisory
Navigating the Greece-India Double Tax Treaty
Market research and opportunity identification
Ensuring regulatory compliance
Strategies for EU market access

Let us be your trusted partner in making your Greek expansion a success. We understand the intricacies of both Indian and Greek business environments and are dedicated to providing tailored solutions that meet your specific needs. We also understand Indian and Greek Culture and are passionate about helping Indian businesses expand to Greece.