Learn about everything you need to register as a sole trader in Greece.
Home of iconic Cycladic Islands and often considered the birthplace of Western civilization, Greece continues to be a global power player and valuable economic base for thousands of companies. If you’re ready to start your own business, we’ll explain everything you need to become a sole trader and start freelancing.
One quick note before we dive in: nothing in this article should take the place of legal counsel.
What is a sole trader/freelance professional in Greece?
A sole trader in Greece often called a “freelance professional”, is a self-employed individual who is personally liable for any activities they perform in the course of their business.
The process to register yourself as a freelance professional is streamlined and easy, making it one of the most popular forms of small business in Greece. However, it’s important to note you should not engage in any freelance activities until your registration is complete.
How do I become a sole trader in Greece?
First, you must contact the local Chamber of Commerce to reserve the company name you intend to use. You will also need to contact the United Social Security Fund (EFKA) to arrange payments for your public health insurance.
Once your company name is reserved, then you must declare to the local tax office where your company is registered that you’ve commenced business. There, you’ll be assigned an AFM tax ID number if you do not have one already.
What kind of taxes will I pay as a sole trader in Greece?
As a self-employed freelancer, you’ll be responsible for paying a single income tax that represents your net profits from your business. This is a monthly payment based on your projected yearly business income, which will be calculated and balanced at the end of each year. Your taxes can range from 22% to 45%, based on your tax base.
Additionally, you’ll be responsible for making your own social security payments, which include health care, unemployment, and pension. Finally, you’ll generally be required to pay a VAT of 24% (or lower, based on your profession or the island where you do business).
Receiving payments in Greece via Liquid.
Liquid supports payments to Greece and 175+ countries worldwide in USD and select foreign currencies, including EUR. Payments arrive in 2-5 business days via wire transfer, whether the invoice was sent to an existing client using Liquid or a client who is new to Liquid.
Invoices in Liquid are in USD by default but can also be sent in Euros and other select foreign currencies, allowing vendors to receive payment in their local currencies instead of USD. In addition, Work Orders / Project Proposals can also be agreed to in Euros and other select foreign currencies in Liquid.
Liquid charges clients who initiate payments $3 per US invoice paid and $8 per international invoice paid.
Liquid never charges Vendors to receive payments, even when Vendors are requesting
Now you’re ready to start making money in Greece!
That’s everything you need to know to prepare yourself for the freelance lifestyle, and in a country, as storied as Greece, you’ll have ample time to explore it to your heart’s content.
Enjoy the benefits that come from setting your own hours and working at your own pace, and good luck!
Ready to invoice your United States-based clients? Try Liquid today.