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Part One: New Development Law 4399/2016
January 11 2017

Part One: New Development Law 4399/2016

The New Development Law aims to promote a balanced development of the country, respecting environmental conditions and supporting less-favored regions in the country by creating investment aid schemes that help increase employment, improve cooperation and increase the average size of business, technological upgrading, shaping a new extrovert national branding, improving competitiveness in areas of high added value and intensity the shift in value chain to produce more complex products, the saving of natural resources in the perspective of a cyclical economy, the provision of better services, the attraction of foreign direct investment and, ultimately, the achievement of a better position in the international division of labor .

The most important points of Law 4399/2016 are as follows:

Enhanced businesses

  • They are established or have a branch in the Greek territory at the time the investment plan starts.
  • They have the form of Individual Business, Commercial Company (OE, EU, EPE, SA) or Cooperative.
  • Social Cooperative businesses, Agricultural Cooperatives (AS), Producer Groups (POs) and Agricultural Partnership Agreements.
  • Under establishment or under merging companies with the obligation to complete the disclosure procedures prior to the start of the investment plan.
  • Businesses operating in the form of a consortium, if registered in GEMI.
  • Public and municipal enterprises and their subsidiaries (subject to the restrictions of Article 6).
  • If the investment plan is above € 500,000.00, the firm must take the form of a commercial company or cooperative (not a sole proprietor) or acquire it before the start of the investment project.
  • They do not fall under the exceptions to the development law.

The assisted enterprises are to implement investment projects in the following sectors of economic activity as shown below:

 Κ.Α.Δ 2008 DESCRIPTION OF ACTIVITY
 01 Plant and animal production, hunting and related activities (with a relevant ministerial decision, the types of investment projects of the particular sector are specified)
 02 Forestry and logging (with a ministerial decision specifying the types of investment projects in this sector)
 03 Fisheries and aquaculture (a specific ministerial decision specifies the types of investment plans in this sector)
 10 έως 32 Processing (excluding the steel, synthetic fibers and coal sectors)
 33 Repair and installation of machinery and equipment
 35 Electricity, gas, steam and air conditioning supply
 37 έως 39 Wastewater treatment, waste management and remediation activities
 42 This is only the construction of coastal and port works and the construction of coastal and port constructions. It also includes civil engineering projects supporting the construction of energy facilities and infrastructures as well as the cost of constructing connection projects with the Network or the System in order to invest in electricity production or cogeneration from Renewable Energy Sources (RES), which may be included and intangible assets, as a right to use.
 49 έως 51 Transportation
 52  Storage
 - 52.22.11.05 Tourist services of ports
 - 52.22.11.06 Operation of water-way systems
 - 52.29.19.03 Transport services with a supply chain management (logistics)
 55  - Establishment or expansion of hotel units of at least three stars.
 - Modernization of an integrated hotel unit belonging or upgraded to a category of at least three stars after five years from the start of the unit or from the date of completion of the previous investment of the modernization of the integrated form of the unit.
 - Expansion and modernization of integrated hotel units that have ceased their operation, provided that during the interruption period the building has not been changed and that through expansion or modernization of an integrated form, they are upgraded to a category of at least three stars.
 - Establishment, expansion and modernization of an integrated form of Tourist Camping (camping), belonging or upgraded to a category of at least three stars.
 - Establishment and modernization of integrated hotel units within designated traditional or listed buildings that belong to or are upgraded to a category of at least two stars.
 - Composite tourist accommodation, as defined in Law 4276/2014 (A 155), except for those relating to the transfer or long-term lease of buildings and facilities and provided that they are submitted as single investment projects as major investments.
 - Special Tourism Infrastructure Facilities (conference centers, golf courses, tourist ports, ski resorts, thematic parks, spa resorts such as healing spa centers, healing spa centers, thalassotherapy centers, spa centers, sports training centers, mountaineering shelters, motorways].
 - Agrotourism or wine tourism facilities when a cluster business project is submitted.
 - Establishment of youth hostels, where the beneficiaries are a cooperative, a social cooperative society, a rural cooperative, a producer group, a rural partnership.
 58 Publishing activities
 59 Motion picture, video and television program production, sound recording and music publishing
 61 Telecommunications
 62 Computer programming, consultancy and related activities
 63 Information service activities
 74 Other professional, scientific and technical activities
 91  - 91.01.11 Library services
 - 91.02 Museum activities

Read more Part Two: New Development Law 4399/2016