Newsletter View

Newsletter April 2011


Business Creation in One Day

Minister of Regional Development and Competitiveness, Michalis Chrisochoidis has introduced a new one-day, one-stop shop service to start a business in Greece.

The new service was unveiled by Prime Minister George Papandreou, accompanied by Minister Chryssohoidis. The Prime Minister said that the change was important to the national economy and demonstrates that Greece can achieve major change as it strives to deal with a variety of issues.

Key to the new programme is that the time needed to start a business is reduced from 19 days to one, costs are reduced by from 50-62 percent, and the government hopes Greece’s ranking on the World Bank’s Starting a Business list will improve dramatically. In addition, the Prime Minister said the move would improve transparency, reduce bureaucracy, and unleash the pent up potential to create new businesses in Greece, to the benefit of the national economy and employment.
Minister Michalis Chrisochoidis  said the ministry's next goal was to license enterprises operating through the one-stop-shop program and said his ministry will soon table a draft bill license of manufacturing enterprises within business regions and to certify technical professions.

The Prime Minister said the programme will make Greece more attractive to investment, and emphasized that much more responsibility to operate enterprises will be transferred to the business community, with chambers playing a much larger role in facilitating entrepreneurship.

Setting up a business in 1 day at 1 point





 Steps required to set up a business  

 11 eleven steps 

 1 one step 

 With one visit to a chamber, public notary or Citizen Information Centers (KEP).The procedures required now are drastically reduced

 Days required to set up a business 

 From 5 to 38, average 19 days 

 1 one day 

 Given there are no pending issues with public services and all necessary documentation is ready

 Cost required to set up a business 

 Depending on the legal entity, the relevant chamber and the capital required 

 Fees for name pre-approval and publication in Government Gazette are abolished and administrative costs drastically cut  

 Example: for a LTD company the cost is reduced by 61,7%

 General Commercial Records

 Legislated in 2005 without being implemented before 2011 


  Operation for the first time of unified records for all Greek businesses

  Information systems and one-stop service 

 Systems and records without interoperability 

 Achievement of interoperability between 5 Ministries and 60 record archives 

 For the first time the TAXIS services of taxation offices, information systems of insurance funds (IKA, OAEE) Chambers, Government Gazette achieve interface 

1 day instead of 38 for setting up a business
1 contact point for citizens instead of 8
1 procedure instead of 11
1 hour for the entire process
1 General Commercial Record that unifies 59 chamber records, the records of SAs to 54 Prefectures and the books of companies in Greece’s 62 courts of first instance
5 information systems of ministries interoperate
71 bodies cooperate for its operation
59 offices of commercial chambers operate as One-Stop Shop
3200 notary offices operate as One-Stop Stop (500 IN PHASE ONE)
52 Selected Citizen Information Centers (KEP) are gradually placed in the system
61.7%—the reduction of the cost for setting up a LTD company
100 places Greece expects to gain in the World Bank Doing Business index