Success Story: Grigorios VALAVANIS and Loukas DIMITRIOU
Dates of the exchange: 08/09/2016 – 07/02/2017
Duration of exchange: 5 months
New entrepreneur:
Grigorios Valavanis (Greece), Start-up
Sector: Financial and insurance services
“My participation at the Programme “Erasmus for Young Entrepreneurs” helped me to gain significant benefits and comparative advantage in relation with other New Entrepreneurs who want to start their own business in financial services in Greece”
Host entrepreneur:
Loukas Dimitriou (Cyprus), Totalpro Services Ltd
Sector: Financial and insurance services
“After five months of collaboration and work on different projects with Grigoris, the objectives of a continues relationship achieved and will be enhanced in a cross border relation between Cyprus and Greece”
Brief introduction
The NE Mr Grigoris Valavanis discovered the Programme from an Economist Website and he found it interesting. He decided to participate because he wanted to explore new markets, new working methods, new collaborations out of the borders of Greece. Also, the tasks with marketing and the creation of a database with associates in Greece will enhance a further collaboration with the HE in the future and the NE will gain significant benefit and comparative advantage in relation with other NEs who want to start their own business in Greece. Finally, because he wanted to collaborate with a Host Entrepreneur with common objectives, common working field etc.
The HE Mr Loukas Dimitriou discovered the Programme after a proposition by the Intermediary Organization “First Elements Euroconsultants” in Cyprus. He decided to participate because he wanted a collaboration with a New Entrepreneur from another country in order to increase his market, his client database and exchange innovative ideas.
Activities undertaken
Initial Training in the basic concepts related to Company Operations. Introduction to Corporate Administration: Pre-set up-Set up-First steps-Range of services required-Compliance requirements and risk assessment. Introduction to Compliance obligations: Basic Information of the Cyprus Legal Framework Getting familiar with HE business environment, organizational structure and activities Introduction to Cyprus taxation system and to international tax planning.
Trained in process of what are the requirements for opening bank accounts and preparing banking forms and documentation to the Bank Searching possible clients for our company services and preparing the offers and proposals. Company administrator Reviewing all necessary documents according to compliance policies and assisting in the registration and administration the company Banking Services opening individual and corporate banking accounts gathering all necessary documents from our clients according to KYC and anti-money laundering procedures of each banking institution Responsible for Business development (Greece, N.E. Europe) expanding customer network database preparing presentations of our products and services and sending offers to perspective clients organizing business trips Responsible for Business development (Europe, U.S.A, Asia) creating business relations with new banks expanding our banking network.
Knowing the law of AIFs and gathering all necessary documents for Knowing the law of AIFs and gathering all necessary documents for registration AIFs. Be familiar for AIF s law and procedures for registration AIFs especially with the directive DI131-2014-02 Be familiar for KYC and anti-money laundering procedures and Cyprus banking law for investments and opening accounts. Preparation of all necessary documentation for the registration and licensing of alternative investment funds with a limited number of investors (AIFLNI) through the Cyprus Securities and Exchange Commission (CySec).
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Creating Application in accordance with the institutional framework of the CySec.
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Organizing Incorporation.
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Creating Prospectus for public investment.
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Creating questionnaire for investors.
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Creation of General Rules on Manual Object.
Benefits achieved
The NE Mr Valavanis, after his collaboration with the HE Mr Dimitriou gained experience on Tax Planning and Corporate Administration, created a future prospect of having his own portfolio of clients in Greece while acting at the same time as an agent of Mr Dimitriou.
The HE Mr Dimitriou, after his collaboration with Mr Valavanis managed to expand his marketing Database by the creation of a Greek market database. Also, he increased his banking products. Finally, Mr Valavanis helped him to organize a business trip to Greece and to have meetings together with new clients.
For more information, please contact:
New entrepreneur’s contact point:
Asset Technology (Athens)
Stylianos-Manos Andreadis
This article was funded by the European Union’s COSME Programme (2014-2020).
The content of this article represents the views of the author only and it is her sole responsibility; it cannot be considered to reflect the views of the European Commission and/or the Executive Agency of Small and Medium-sized Enterprises (EASME) or any other body of the European Union. The European Commission and the Agency do not accept any responsibility for use that may be made of the information it contains.
