Greek businesses are set to save under new legislation changes

Greece is streamlining red tape, and businesses in the country are set to save big.

Businesses in Greece are set to save up to €10,000 per annum after recent changes to the publication of financial statements and documents of S.A., LTD and IKE companies was announced.

The changes, which come in to effect on 1 January 2015, will streamline the bureaucratic process with the publication of documents and financial statements.
Until now S.A., LTD and IKE companies were obliged to publish any company changes and financial statements in the National Gazette, costing around €300 per notice, with companies publishing upwards of 15 to 20 announcements per year.

From 1 January 2015, S.A., LTD and IKE companies will only need to submit the changes electronically to the General Commercial Register.

Yannis Goussiakis, incoming Managing Director of TMF Group Greece, believes the legislation changes will have a positive effect on businesses.

“The new legislation changes will mean it is a lot less expensive for companies to operate in Greece,” he says.

“It will also make the process easier for a newcomer wanting to establish a company in Greece.”

This announcement is the latest in a line of bureaucratic changes announced by the Greek government in recent months.

Mr Goussiakis also believes the Greek economy is bouncing back after the Troika bailout was announced in February 2012.

“I know previously there were companies considering moving to other European nations, but now the government is cutting back on bureaucracy they want to stay in Greece.”

Mr Goussiakis is also thrilled to announce TMF Group will be opening an office in Greece in the new year.

“We are aiming to open in early January and I am excited about the positive contribution TMF Group can make to Greece.”

TMF Group Greece will primarily focus on accounting and corporate secretarial services and will initially have a staff of six or seven employees.

Stephanie  Bauer
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