Doing business in Greece offers an excellent opportunity, as the country boasts access to the EU and global markets, as well as low operating costs. Still, the economic environment in Greece is challenging. A complicated and inefficient bureaucracy and a lack of access to regulatory information make it difficult for expats and locals to start a business in Greece.
While much of Greece’s economic activity is focused around Athens, the rest of the country offers opportunities as well. Some of the most prominent industries in Greece include tourism, shipping, agriculture, textiles, and mining.
Fast facts
Business hours
Business hours in Greece are from Monday to Friday, either from 8am or 9am to 4pm or 5pm.
Business language
While many Greeks speak English, grasping the Greek language or going into business with a first-language speaker is often paramount to running a successful business.
Dress
Appearances are important in Greece. If you’re doing business in the country, you should dress neatly and conservatively.
Gifts
Gifts are generally not part of business relationships and may be construed as bribery, given the country’s reputation for corruption. That said, if you receive a gift, you should reciprocate with a gift of similar value.
Gender equality
While women are equal under the law, many Greeks retain a somewhat traditional view of gender roles. Men still outnumber women in the general workforce and executive positions.
Greeting
Shaking hands is the most common business greeting in Greece. Eye contact is critical.
Business culture in Greece
Greek culture shapes acceptable business practices. You will find that understanding local customs and values goes a long way toward understanding business culture, too.
Relationships
An emphasis on family and personal relations means that many Greeks like dealing with people they know and trust. This contributes to widespread nepotism in Greek business culture. They also prefer face-to-face meetings to emails and telephone calls.
Hierarchy
Greeks maintain traditional views of democracy and honour. Meetings often entail vigorous exchanges of ideas, but you should take care when disagreeing with a colleague – this should be done respectfully. Additionally, a lot of importance is placed on experience, and employees are expected to respect more senior colleagues.
Philoxenia
The Greek concept of philoxenia means ‘friend to a stranger’ and fosters a culture of personal connection, trust, and generosity. Companies frequently prioritise hospitality towards their customers, typically offering complimentary items and services. As an expat doing business in Greece, you’ll find that a customer-centric mindset is common in local businesses.
Dos and don’ts of business in Greece
- Do greet by shaking hands, smiling and maintaining eye contact
- Don’t be put off by personal questions – Greeks are warm and often curious people
- Do be prepared to network and spend a lot of time getting to know associates
- Do make sure that official documents and business cards are in both English and Greek
- Don’t be late, even if Greek associates are