Greece on Top 20 List of Best Countries for Entrepreneurs and Startups
Greece is among the top 20 countries for entrepreneurs and startups, according to a recent study conducted by Compare the Market, a UK-based insurance comparison website.
The study examined several metrics across 34 countries in the Organization for Economic Co-operation and Development (OECD), including the percentage of small and medium-sized businesses (SMEs) of all enterprises, the number of active businesses, GDP per hour worked in USD, and the self-employment rate.
Greece scored an index score of 5.55 out of 10, tying with Sweden at number 13 on the list.
The country’s score was driven by its high percentage of SMEs, which make up 99.75 percent of all businesses in the country.
In addition, Greece boasted a self-employment rate of 31.83 percent, among the highest of the 34 researched countries, indicating that it has a strong entrepreneurship culture.
However, Greece’s score was brought down by its low GDP per hour worked, which was $33.18 dollars, the third lowest on the list.
Italy, the Netherlands, and Türkiye were ranked as the top three countries for entrepreneurs, with index scores of 7.77, 7.57, and 7.02 out of 10, respectively, with France and Spain rounding up the top 5.
Estonia, Costa Rica and Latvia, didn’t rank well for entrepreneurs finishing last on the list with index scores under 3 out of 10.
The study noted that while these metrics can indicate good opportunities for entrepreneurs, they are not the only factors that contribute to a country’s entrepreneurial ecosystem.
Other factors, such as government policies, access to funding, and cultural attitudes towards entrepreneurship, can also play a significant role.
Totally agree with the other comments. Although it is now significantly easier and quite straightforward to set up a new business in Greece (dependent on which field / trade your business is in – as a sole trader it is very straight forward now with the assistance of an accountant) the Taxation / VAT system is incredibly unfair and out of date. There is no support for those whose businesses are seasonal and therefore have no income during the off season months – yet you still have to pay into the Government Healthcare system for example (€130.00 per month!!) even the months you are not operating – yet there is no ‘unemployment’ benefit or subsudies given during off-season months, so overall what you earn in 5 – 6 months has to in fact cover 12 months of overheads / operating costs, thats’ before you pay your VAT and Tax AND have money to live on. It’s totally understandable why the Greek economy had such a huge ‘Black Money’ market and still does in many areas. Once you get to understand the workings of having a business in Greece you can understand why the black economy thrived so much – nothing to do with people not paying their taxes because they just didn’t want to (well not all!) , but more out of not being able to survive if they did. The country has one of the lowest minimum wages – (as of 1st April it will be €780.00 Gross) yet the cost of living like everywhere has rocketed – actually over and above the normal average on many items and the country has the highest electricity costs in the EU – odd for a country that has access to two of natures greatest energy producers – wind and sunshine!
I find those statistics incredibly hard to believe, when it is so difficult to start up and operate a business here and so onerous from the bureaucracy and tax point of ciew.
I would have to agree with you Greece doesn’t help anyone trying to start a business especially the self employed.