Transcript Exporting to Greece

www.jbrhellas.com
Exporting to Greece
Dr. Aris Ikkos
JBR Hellas
February 2004
www.jbrhellas.com
Content
• JBR Hellas - an introduction
• Entering the Greek market
• Exporting – Agents & Distributors
• Business Entities
• Practical Examples of Assisting Foreign Co.’s
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JBR Hellas - Introduction
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Core activities
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Strategic and business development
Market research and analysis
Valuations and Financial analysis
Feasibility studies
Franchise studies
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Partners
• JBR bv
– Located in Zeist, The Netherlands
– Management Consulting & Corporate Finance
• Horwath
– Since Sep 2000
– Specialists in Tourism, Franchising and FOMB’s
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Entering the Greek Market
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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
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Entering the Greek Market
• Determining the goals
• Market scan
• Partner search
• Meeting program
• Establishing the relationship
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Market Scan
• General information
• Attractiveness of the market
• Growth potential
• Distribution structure
• Key competitors
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Exporting
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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
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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
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Agents - continued
• Under Greek law the agent is obliged to adhere
to a number of conditions including:
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Adherence to principals instructions
systematic activity
protection of principal’s interest
obligation to secrecy
obligation to render accounts
etc.
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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
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Business Entities
An Overview
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Business Entities
Entity
Short
Societe Anonyme
AE (SA)
Limited Liability Company
EPE (Ltd)
Unlimited Liability Company OE
Limited Liability Partnership EE
Branch
Ypok/ma
Law 89
N. 89 (L.89)
February 2004
Dutch eqv
NV
BV
VOF
CV
Branch
Off shore
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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
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Documents necessary for establishment
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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
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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
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Practical Examples
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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
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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
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Cirsa Casinos (Spain)
• Corfu Casino
• Made match-making with Greek construction
company
• Prepared documentation for bidding
• Currently one of 3 groups bidding for license
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Contact
• Dr. Aris Ikkos
JBR Hellas
Voukourestiou 31
Athens 106 73
Greece
• [email protected]
• T: +30-210 3605002
F: +30-210 3606935
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