World Bank Report: Greece Improves In Starting A Business

World Bank’s Doing Business 2014 report finds that between June 2012 and June 2013, Greece has made great improvement in the ease of doing business and best practices in starting a business. Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises ranks 189 economies on the ease of doing business.
Greece jumped 110 ranks on the report’s table (see below) by introducing a new type of limited liability company with a streamlined registration process and no minimum capital requirement. Greece is ranked 72nd while Singapore tops the list.

“Globally, Greek entrepreneurs experienced the biggest improvement in the ease of starting a business in the past year. In 2012 the Greek government introduced a simpler type of limited liability company, called a private company, that is cheaper to incorporate (see graph below). A year later Greece abolished the minimum capital requirement,” says the report.

The main findings of the report are:
Starting a Business: Greece made starting a business easier by introducing a simpler form of limited liability company and abolishing the minimum capital requirement for such companies.
Protecting Investors:  Greece strengthened investor protections by introducing a requirement for director approval of related-party transactions.
Paying Taxes: Greece made paying taxes more costly for companies by increasing the corporate income tax rate—though it also reduced the employers’ contribution rate to the social security fund.
Trading Across Borders: Greece made trading across borders easier by implementing a system allowing electronic submission of customs declarations for exports.
See the complete report here.