According to ECB report “Doing Business 2013,” and how easy is it is for a business to invest in the EU, Asmussen underlined the progress that Greece has made on this sector. “Greece still ranks low as a country that could draw attention from private investors, but has still made a lot of progress towards to this direction.”
In ECB exhibition “Doing Business 2013,” we can see that Greece has moved up 22 places in the general standing, now being 78th (as opposed to 100th in 2012) among 185 countries.
However, there is still work to be done and problems to be solved in order for a private investor to prefer Greece as a place to “cash” his money. Indicative of this, is that if someone wants to set up a business in Greece there is an 11 day waiting period, as 11 procedures must be completed to get the “green light”. Additionally, if someone wants to acquire a building permit, it is obligatory to wait for 89 days and undergo 15 procedures.
Furthermore, according to the ECB report, the tax rate is a factor that discourages new investments in Greece, with a tax rate reaching 44.6 per cent. As far as companies that go bankrupt are concerned, the liquidation procedure takes two years to be completed.