Page 38 - COMPASS - COMPETITIVENESS REPORT 2021 | COUNCIL OF COMPETITIVENESS IN GREECE

“COMPASS” REPORT 2021 – COUNCIL ON COMPETITIVENESS OF GREECE 37

COMPETITIVE ADVANTAGES
• Ease of starting a business (cost and procedure), and revised bankruptcy legislation that facilitates easier
dissolution
• Legislation for the promotion of corporate governance
• Platform for all start-up companies at the Ministry of Development

POLICY PRIORITIES
• Revision of the traditional role of competent local authorities (municipalities, communities, regions) so they can
actively contribute to strengthening entrepreneurship locally (highlight and promote business opportunities,
financial support, etc.)
• Simplifying the legislative framework and reducing red tape (e.g. for company dissolution)
• Developing financing systems based on alternative means of sourcing funds (microfinancing, crowdfunding,
venture philanthropy, etc.) as well as modernising and diversifying the products/services of the bank/financing
sector, in order to facilitate SME financing, increase their size (scale up first, not small), and raise capital through
alternative means (bonds, etc.)
• Decreasing labour costs through measures such as reducing (and phasing out) the solidarity levy, widening the
tax base (through increasing employment and stopping the underground economy), while lightening the tax
burden

PROPOSED ACTIONS
• Creation of trade clusters in collaboration with administrative, educational and entrepreneurial bodies
• Establishment of a service to inform and educate entrepreneurs in matters of corporate governance, financing
tools, sustainability and models for collaboration, also promoting lifelong learning
• Updating, disseminating and providing training on best-practice guidance for local authorities, so they are able
to identify, promote and develop sustainable business opportunities
• Digitising financing exchanges for transparency and objectivity in bank-customer relations, to strengthen SME
financing and impartiality in these exchanges