Doing business in Greece: Greece trade and export guide
Updated 1 October 2015
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This publication is available at https://www.gov.uk/government/publications/exporting-to-greece/doing-business-in-greece-greece-trade-and-export-guide
Brexit
Learn about changes for UK exporters to Greece if the UK leaves the EU without a deal.
Managing risk
Find out how UK companies can control risks when doing business in Greece.
Export opportunities and advice
Find more export advice and explore opportunities overseas on great.gov.uk.
1. Greece export overview
Greece is a European Union (EU) member state with easy access to south east Europe, the Middle East and countries around the Black Sea.
Contact a Department for International Trade (DIT) Greece export adviser for a free consultation if you’re interested in exporting to Greece.
Contact UK Export Finance (UKEF) about trade finance and insurance cover for UK companies. You can also check the current UKEF cover position for Greece.
Greece’s ongoing sovereign debt crisis continues to affect growth in the Greek economy.
Read the latest advice on Greece from HM Treasury for UK citizens and businesses.
A major public sector privatisation programme and public sector restructuring is currently underway. UK consultants, law firms and auditors are already involved in the first phase of privatisations.
Many UK companies are active in Greece including Vodafone, Dixons, Marks & Spencer, Unilever, GlaxoSmithKline, British Airways and Astra Zeneca.
There are around 35,000 British citizens living in Greece.
Benefits for UK businesses exporting to Greece include:
- close educational and cultural links between the UK and Greece
- British products and services are well received provided prices are competitive
Strengths of the Greek market include:
- over 20 million tourists visit Greece every year with about 2 million from the UK
- rich in natural resources
- highly educated and skilled workforce
- strong entrepreneurial tradition
- low labour costs
2. Challenges
Challenges include:
- issues arising from the Greek sovereign debt crisis
- perception that although UK products considered to be of high quality they may be more expensive compared to products from third countries
- bureaucracy
- inconsistent and non business friendly taxation system
- reduced consumer purchasing power
- 60th in the World Bank’s Ease of Doing Business ranking
Read the Foreign and Commonwealth Office’s (FCO) Overseas Business Risk report for Greece.
3. Growth potential
3.1 Economic growth
Greece’s Gross Domestic Product (GDP) was EUR 179.0 billion in 2014. The latest forecast by Greek think tank Foundation for Economic and Industrial Research (IOBE) estimates GDP will contract by 2 to 2.5% in 2015.
The sovereign debt crisis, which started in early 2010, resulted in Greece being cut off from financial markets. As a result of bailout packages, Greece has been implementing an economic adjustment programme. Greece’s public debt burden is an on-going source of concern due to the deeper and longer than expected recession.
Serious liquidity pressures continue to affect Greece’s 4 main banks which were recently recapitalised. This is affecting cash-starved Small and Medium Enterprises (SMEs) who form the backbone of the Greek economy. The Greek banks depend on the European Central Bank’s (ECB) Emergency Liquidity Assistance (ELA) mechanism to provide liquidity.
Capital controls have been imposed to restrict removal of money from Greek banks.
3.2 EU funding
The European Regional Cohesion policy (2014 to 2020) provides funding for Greece. This will be directed mainly at:
- innovation and research
- the digital agenda
- support for SMEs
- the low carbon economy
Funding will also be targeted at:
- priority trans-European transport links
- environmental infrastructure
- education and employment support, eg through training and life-long learning
- social inclusion projects
These are all areas of opportunity for UK companies and a significant number of tenders and/or other procurement processes are expected to be announced over the coming months and years.
3.3 Trade agreements
Greece is a member of the EU, the World Trade Organization (WTO) and other international bodies. Goods manufactured in the UK are exempt from import duties.
Contact the SOLVIT team if you have market access issues relating to the operation of the Single Market.
4. UK and Greece trade
Greece remains an important market for British goods and services. This is despite a decline in UK exports over the last 4 years as a result of the debt crisis.
Greece is the UK’s 43rd largest export market for goods. In 2015 UK exports to Greece were worth £2.2 billion (£0.9 billion goods and £1.3 billion services).
Top 10 UK exports to Greece:
- medicinal and pharmaceutical products
- miscellaneous manufactured articles
- petroleum and petroleum products
- clothing and clothing accessories
- road vehicles
- beverages
- oils, resinoids and perfume materials
- telecommunications and sound recording equipment
- electrical machinery and appliances
- general industrial machinery and equipment
UK services exports to Greece are shared roughly equally between business, travel, transportation and financial services.
5. Opportunities for UK businesses in Greece
DIT provides free international export sales leads from its worldwide network. Search for export opportunities.
Access high value public procurement notices via Tenders Electronic Daily (TED). TED contains all procurement notices above a certain threshold from the EU and European Economic Area (EEA).
5.1 Privatisations
The Greek Privatisation Fund (TAIPED) was set up in order to carry out a broad privatisation programme including roads, ports, rail, public utilities and real estate. Such projects can present significant opportunities for UK businesses across a range of sectors.
Contact Head of Trade and Investment sotiris.leontaris@fco.gsi.gov.uk for more information on privatisation opportunities.
5.2 Energy
Regional developments in the energy sector include:
- positive carbohydrate exploration indications
- selection of the Trans Adriatic Pipeline (TAP) for the transportation of Azeri gas into Europe
This is expected to generate opportunities for UK supply chain companies and for project management consultancy.
Contact caterina.drossopoulou@fco.gov.uk for more information on opportunities in the energy sector.
5.3 Education
English is widely spoken and taught at all education levels in Greece. Large numbers of Greeks study at UK universities.
There are opportunities in:
- vocational training
- accreditation
- lifelong learning
Contact caterina.drossopoulou@fco.gov.uk for more information on opportunities in the education sector.
5.4 Food and drink
UK food and drink exports to Greece in 2014 were worth almost £90 million. There are particular opportunities for:
- beverages, including ales
- cereals
- health foods
- ready-to-drink cocktails
Contact caterina.drossopoulou@fco.gov.uk for more information on opportunities in the food and drink sector.
5.5 Tourism, leisure, heritage and culture
Tourism is high on the agenda for the Greek economy with the country attempting to upgrade and enhance its tourism product.
Opportunities for UK companies include:
- tourism real estate development
- development of marinas and luxury resorts
- alternative and thematic tourism choices (thermal, medical, agro-tourism)
- museum and heritage upgrading and modernisation
Contact marina.arvanitakis@fco.gov.uk for more information on opportunities in the tourism sector.
5.6 Shipping related services
Shipping is one of the healthiest and most dynamic sectors of the Greek economy, representing almost 8% of GDP. Greek ship owners control over 17% of the world carrying capacity and are involved internationally in the cargo and passenger trades.
City of London financial services enjoy a predominant position in all shipping related services and have strong links with the Greek shipping community. Opportunities for UK companies exist in
- marine insurance
- chartering and brokerage
- ship classification
- legal services
- accounting
- shipping finance and banking
Contact marina.arvanitakis@fco.gov.uk for more information on opportunities in the maritime and shipping sector.
6. Start-up considerations
A business enterprise in Greece can be operated as a company, a foreign branch, a trust, a joint venture, an individual or a partnership.
The most common forms of operation are:
- establishing a Greek subsidiary by registering as a Greek company
- registering as a foreign company
Find more information on setting up a company in Start-up Greece and in the Invest in Greece guide.
Choice of business structure can affect taxation and legal obligations. DIT Greece can put you in touch with legal and business advisors who can offer guidance.
In most cases doing business in Greece requires local representation in the form of an agent or distributor. Regular market visits, especially during the early phase are an important part of a successful interaction with the agent or distributor. If using an agent or distributor it is also essential to provide:
- product training for the agent’s workforce
- regular updates on developments, modifications, competitor activity
You should translate your sales literature into Greek.
7. Legal considerations
Greece has been a member of the EU since 1981 so European business practices and standards generally apply.
Contact the DIT team in Greece to help find tax and legal advisers before entering into agreements.
7.1 Standards and technical regulations
Products and packaging should meet EU standards as Greece has implemented all EU standards on packaging.
ELOT is responsible for Greek standards and technical regulations.
Instruction manuals and food product labels must be translated into Greek.
7.2 Intellectual property
Trademarks, designs, patents and copyright are the principal forms of Intellectual Property (IP) protection available to companies and individuals.
IP law, especially for patent protection, is not totally harmonised within the EU.
You can obtain more information on IP requirements in Greece from the Hellenic Copyright Organisation and the Hellenic Industrial Property Organisation.
8. Tax and customs considerations
The UK and Greece have a double taxation agreement. There is no bilateral Investment Promotion and Protection Agreement.
8.1 Value Added Tax (VAT)
Greek VAT is levied at 13% and 23%.
Find information on the operation of the EU destination based VAT system at HM Revenue and Customs (HMRC). There are exceptions to the destination rule, notably for mail order sales above a certain value.
Check with HM Revenue and Customs (HMRC) regarding VAT refund of business expenses incurred in Greece.
8.2 Corporate taxation
Capital and earnings can be freely repatriated.
Read the Invest in Greece guide for more information on business taxation.
8.3 Income tax
Read the Invest in Greece guide for more information on personal taxation.
8.4 Customs
The internal market of the EU is a single market which allows the free movement of goods and services. Therefore, no import duties apply.
8.5 Documentation
Goods which are in free circulation within the EU can move between member states without any documentation. This does not apply to excise or controlled goods which still require documentation.
You should always send normal commercial documentation with the export such as invoices and packaging lists.
9. Entry requirements
British nationals do not need a visa to visit Greece.
9.1 Travel advice
If you are travelling to Greece for business, check the FCO’s travel advice beforehand.
10. Contacts
Contact the DIT team in Greece for more information and advice on your opportunities for doing business in Greece.