Greece

Ease of Doing Business in

Greece

This page summarizes Doing Business 2013 data for Greece. The first table lists the overall "Ease of Doing Business" rank (out of 185 economies) and the rankings by each topic. It also lists the economy's distance to frontier (DTF)** measure. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

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Economy Summary
Starting a Business
Dealing with Construction Permits
Getting Electricity
Registering Property
Getting Credit
Protecting Investors
Paying Taxes
Trading Across Borders
Enforcing Contracts
Resolving Insolvency
Region OECD high income
Income Category High income
Population 11,304,000
GNI Per Capita (US$) 25,030
Doing Business 2013 Rank Doing Business 2012 Rank Change in Rank
78 89 down 11

Doing Business 2013 DTF** (% points) Doing Business 2012 DTF** (% points) Improvement in DTF** (% points)
62.0 59.4 down 2.6
Topic Rankings DB 2013 Rank DB 2012 Rank Change in Rank
Starting a Business 146 140 up -6
Dealing with Construction Permits 31 32 up 1
Getting Electricity 59 56 up -3
Registering Property 150 150 No change
Getting Credit 83 80 up -3
Protecting Investors 117 155 up 38
Paying Taxes 56 69 up 13
Trading Across Borders 62 79 up 17
Enforcing Contracts 87 85 up -2
Resolving Insolvency 50 58 up 8

Economy Profile

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Starting a Business

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The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

DB 2013 Rank 146 DB 2012 Rank 140 Change in Rank down-6
DB 2013 DTF** (% points) 76.5 DB 2012 DTF** (% points) 76.6 Improvement in DTF** (% points) down-0.1
YearNew business densityNumber of new limited liability companies
2008 0.856,416
Indicator Greece OECD high income OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

View methodology Procedures (number)
11 -- 5

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

View methodology Time (days)
11 -- 12

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

View methodology Cost (% of income per capita)
20.5 -- 4.5

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

View methodology Paid-in Min. Capital (% of income per capita)
24.4 -- 13.3
No. Procedure Time to Complete Associated Costs
1 File company documents with the Athens Bar Association 1 day EUR 1151
2 Precheck with GEMINET the name of the company, the tax identification number of the founders, the compliance with the social security fund and the tax compliance certificate 1 day no charge
* 3 Sign the articles of Association before the notary 1 day, simultaneous with previous procedure Included in procedure 4
* 4 Once the signed articles of association are scanned and uploaded, pay for all the fees and obtain certification by the Lawyers Welfare Fund, the GEMI number and the tax registration number of the company 1 day, simultaneous with previous procedure EUR 2325
* 5 Submit summary of the Articles of Incorporation to the Printing Office for publication in the Official Gazette (Fyllo Efhmeridas ths Kyvernhsews) 3 days, simultaneous with previous procedure no charge
* 6 Register at the Chamber of Commerce and Industry 1 day, simultaneous with previous procedure EUR 146,48 + 2.4 % stamp duty
7 Deposit capital in a bank 1 day no charge
* 8 Make a seal 1 day, simultaneous with previous procedure EUR 40
* 9 Have the Tax Authority hole-stamp the company’s invoice and account books 1 day, simultaneous with previous procedure no charge
* 10 Register the employees with IKA 1 day, simultaneous with previous procedure no charge
* 11 Register with OAEE 1 day, simultaneous with previous procedure EUR 111 per company founder
* Takes place simultaneously with another procedure.

** The distance to frontier (DTF) measure shows the distance of each economy to the "frontier," which represents the highest performance observed on each of the indicators across all economies included in Doing Business since each indicator was included in Doing Business. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier. Read more...

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