Business Reforms in Greece

Positive=Doing Business reform making it easier to do business. Negative=Doing Business reform making it more difficult to do business.

DB2014:

Starting a Business:

Greece made starting a business easier by introducing a simpler form of limited liability company and abolishing the minimum capital requirement for such companies.


Protecting Investors:

Greece strengthened investor protections by introducing a requirement for director approval of related-party transactions.


Paying Taxes:

Greece made paying taxes more costly for companies by increasing the corporate income tax rate—though it also reduced the employers’ contribution rate to the social security fund.


Trading Across Borders:

Greece made trading across borders easier by implementing a system allowing electronic submission of customs declarations for exports.


DB2013:

Dealing with Construction Permits:

Greece reduced the time required to obtain a construction permit by introducing strict time limits for processing permit applications at the municipality.


Protecting Investors:

Greece strengthened investor protections by requiring greater immediate and annual disclosure of material related-party transactions.


Resolving Insolvency:

Greece enhanced its insolvency process by abolishing the conciliation procedure and introducing a new rehabilitation proceeding.


DB2012:

Starting a Business:

Greece made starting a business easier by implementing an electronic platform that interconnects several government agencies.


Employing Workers:

Greece decreased the severance pay applicable in case of redundancy dismissals.


Paying Taxes:

Greece reduced its corporate income tax rate.


DB2011:

Registering Property:

Greece made transferring property more costly by increasing the transfer tax from 1% of the property value to 10%.


DB2010:

Getting Credit:

Greece's private credit bureau, Tiresias, expanded the amount of information it distributes in its credit reports enhancing access to credit information


DB2009:

Starting a Business:

The minimum capital requirement was reduced by about 80%, the cost of capital tax was reduced and the publication requirement time was reduced substantially.


Protecting Investors:

Greece strengthened investor protections by reducing the threshold necessary to initiate a derivative suit against directors.


Paying Taxes:

Electronic systems introduced for social security tax.


Resolving Insolvency:

Greece passed a new bankruptcy law which aims at reorganizing financially distressed companies, preserving the business assets, treating creditors equally and preventing piecemeal sale. The law is expected to lead to more restructurings and allow more companies to continue as going concerns.


DB2008:

Paying Taxes:

Greece reduced the tax burden for companies by reducing the corporate income tax rate


Reform Summaries


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