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Exporting to Greece Dr. Aris Ikkos JBR Hellas February 2004

Exporting to Greece Dr. Aris Ikkos JBR Hellas February 2004. Content. JBR Hellas - an introduction Entering the Greek market Exporting – Agents & Distributors Business Entities Practical E xamples of Assisting Foreign Co.’s. JBR Hellas - Introduction. Core activities.

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Exporting to Greece Dr. Aris Ikkos JBR Hellas February 2004

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  1. Exporting to GreeceDr. Aris IkkosJBR HellasFebruary 2004

  2. Content • JBR Hellas - an introduction • Entering the Greek market • Exporting – Agents & Distributors • Business Entities • Practical Examples of Assisting Foreign Co.’s

  3. JBR Hellas - Introduction

  4. Core activities • Strategic and business development • Market research and analysis • Valuations and Financial analysis • Feasibility studies • Franchise studies

  5. Partners • JBR bv • Located in Zeist, The Netherlands • Management Consulting & Corporate Finance • Horwath • Since Sep 2000 • Specialists in Tourism, Franchising and FOMB’s

  6. Entering the Greek Market

  7. A snapshot on the Greek economy • € economy • Growth: 5% in 2003 - double EU for 5 years now • Inflation: 3% • GDP: ~70% of EU average • Main Sectors and Changing Markets: tourism, construction, telecom, food, energy, education insurance, financial sector, public sector • “Port” to the Balkans & and the Middle East • English-speaking, University graduates

  8. Entering the Greek Market • Determining the goals • Market scan • Partner search • Meeting program • Establishing the relationship

  9. Market Scan • General information • Attractiveness of the market • Growth potential • Distribution structure • Key competitors

  10. Exporting

  11. Agents and distributors • Approx. 80% of Greece’s imports are handled through agents or distributors • Agents operate on a purchase basis without affecting imports for their own account • Distributors usually operate on a wholesale basis and obtain exclusive sales rights for certain districts or for the entire country

  12. Agents • A commercial agent mediates and negotiates contracts in the name of the principal or his own name • Choice of law and choice of forum clauses are allowed. If not stipulated, Greek law prevails • Agents of foreign nationality are required to obtain a licence from the Greek Chamber of Commerce

  13. Agents - continued • Under Greek law the agent is obliged to adhere to a number of conditions including: • Adherence to principals instructions • systematic activity • protection of principal’s interest • obligation to secrecy • obligation to render accounts • etc.

  14. Import restrictions and Documentation • In general no restrictions towards quality, quantity or foreign exchange because of EU • In some cases licences are needed for pharmaceuticals, cosmetics or diet food • Documentation: an original invoice, a certificate of origin (if requested by the Greek importer) and a Bill of Lading. • Other documentation depends on type of commodity

  15. Business Entities An Overview

  16. Business Entities EntityShortDutch eqv Societe Anonyme AE (SA) NV Limited Liability Company EPE (Ltd) BV Unlimited Liability Company OE VOF Limited Liability Partnership EE CV Branch Ypok/ma Branch Law 89 N. 89 (L.89) Off shore

  17. Establishing a branch in Greece • Written permission from the Ministry of Commerce • Appointment of corporation’s legal representative in Greece • A Greek consular officer must authenticate the power of attorney • A good lawyer and accountant

  18. Documents necessary for establishment • Articles of Association • Records of the decision to establish a Branch • Certificate of the amount of Share Capital • Certificate of good commercial standing • Certificate stating the lawful representatives • A Power of Attorney appointing the legal representative • All above documents authenticated with Apostil

  19. Joint Ventures • “Formal” JV’s are Tax-, not Legal-Entities i.e. no approval or other formality is required, except filing a written agreement at the tax authorities and getting a VAT number • Accounting books must be kept by the JV and tax returns should be filed annually together with balance sheet of JV Important: JV partners are jointly and severally liable for tax obligations if you enter a formal JV, make sure you have a good accountant to protect you

  20. Practical Examples

  21. KvK Market Orientation Trip • 15 participants from the North of The Netherlands • Their operating fields included industrial equipment, food, consumer goods, environmental products etc. • 13 companies made promising commercial contacts Same for Georgia Export Promotion Agency with 10 companies

  22. Nedwind bv • Explored market opportunities • Identified suitable investors • Financial analysis • Project management for development of wind park • 2.2 mln Euro grant • Delivered developed project to energy company

  23. Cirsa Casinos (Spain) • Corfu Casino • Made match-making with Greek construction company • Prepared documentation for bidding • Currently one of 3 groups bidding for license

  24. Contact • Dr. Aris IkkosJBR HellasVoukourestiou 31Athens 106 73Greece • a.ikkos@jbrhellas.gr • T: +30-210 3605002F: +30-210 3606935

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