New Measures To Aid Company Start-ups And Boost Competition in Greece

the shops at monastiriki (Photo credit: saikofish)

A new legislative arrangement announced earlier this week by the Ministry of Development, Competitiveness, Infrastructure, Transports and Networks provides for a reduction in the amount of the minimum capital requirement for starting up an SA and limited liability companies to 24,000 euros, from the current 60,000 euros and to 2,400 euros from 4,500 euros, respectively.

It also stipulates the abolition of compulsory registration with chambers for business, as of January 1, 2015, while private school tuition fees are liberated as of January 1, 2013. The measures, according to the ministry, are envisaged to facilitate the establishing of new companies, cost reduction and boosting competition.

As shown in a World Bank study, Doing Business 2013, the cost of establishing new companies in Greece accounts for 20.5 percent of GDP per capita, compared with the average 4.5 percent in OECD nations. (AMNA)