A Greek company that wants to enter the U.S. market must have prior knowledge of the legal framework, the U.S. market and its competitiveness, along with knowledge of tax laws, said Atlantic Bank President Nancy Papaioannou.
Speaking at the Capital Link conference on Thursday, Papaioannou spoke extensively about requirements of a Greek business to enter the U.S. market.
Knowledge of tax and labor laws are essential for any foreigner who wants to be in the American market, the banker said. After that, general knowledge of the American market is required along with awareness of the competitiveness a new company will encounter.
Along with the obligations, Greek businesses that want to make it in the United States must be aware of the benefits and incentives they can be given, such as starting a company in areas that are less populated or areas where there is high unemployment and the new company can offer jobs to the locals.
However, Papaioannou said, in order for a Greek company to become profitable in the U.S. a lot of work is needed. Also, it must be reliable in its operation and have a very specific business plan, mainly because no company can rely only on bank loans. She said that an average three years of profitable performance is needed before an American bank can issue a business loan. Α correlation of venture capital, private equity, and bank support is essential for any company in order to enter the U.S. market, the banker said.