1. In General 

 Development Law 2601/1998 (Official Gazette Issue No 81/A/15.04.1998) is the Greek legislation in effect on the matter of the provision of investment incentives in Greece, while under Article 4 para.2 thereof, certain investments implemented abroad may also receive aid by decision of the Minister of Economy.

By the authority of Article 4 para.2, Law 2601/98, Deci-sion No 169579/20.05.2002 (Official Gazette Issue No 670/B/29.05.2002) was issued, determining that aid will be given to production investments in the following Balkan coun-tries - Albania, Bulgaria, Federal Republic of Yugoslavia, FY-ROM, Romania and Bosnia-Herzegovina, which will be approved as eligible and financed under the Hellenic Plan for the Eco-nomic Reconstruction of the Balkans (Article 6, Law 2996/2002), and will be implemented pursuant to the provisions of Development Law 2601/98.
 
2. Investments Approved as Eligible

Under Article 3 para.2, Law 2601/1998, the following busi-ness activities exercised abroad, i.e. in Albania, Bulgaria, the Federal Republic of Yugoslavia, FYROM, Romania and Bosnia-Herzegovina, will receive grants:

'a. Manufacturing undertakings of all industries, solely for the establishment of productive units . By virtue of decisions of the Minister of Economy and Finance, certain manufacturing branches or sub-sectors may be excluded from the aid.

Aided expenditures:

(i) The construction, expansion, modernization of build-ing facilities, special or auxiliary, as well as expenditures for the landscaping of the surrounding grounds.
(ii) The purchase and installation of new modern machin-ery and other equipment. The payments under the lease of new modern machinery and other equipment.
(iii) The purchase and installation of new systems for the process automation and computerization, including the expendi-ture for the purchase of the necessary software.
(iv) The purchase of new means of transportation for the handling of materials and products within the greater plant area, as well as for the mass transportation of personnel, and the pur-chase and installation of modern equipment and the construction of facilities for the handling of materials'.

'b. Greenhouse type farming undertakings, livestock under-takings of sheltered or semi-sheltered type, and fishery un-dertakings using modern technology (aquaculture) .

Aided expenditures:

(i) The construction, expansion, modernization of build-ing facilities, special or auxiliary, as well as expenditures for the landscaping of the surrounding grounds.
(ii) The purchase and installation of new modern machin-ery and other equipment. The payments under the lease of new modern machinery and other equipment.
(iii) The purchase and installation of new systems for the process automation and computerization, including the expendi-ture for the purchase of the necessary software.
(iv) The purchase of new means of transportation for the handling of materials and products within the greater plant area, as well as for the mass transportation of personnel, and the pur-chase and installation of modern equipment and the construction of facilities for the handling of materials and products.
(v) The purchase of the reproductive and proliferating material necessary for the commencement of the unit's produc-tion operation'.

3. Conditions for the Submission of an Application

a. Minimum and Maximum amount of the aided cost of the proposed investment.

- Manufacturing Undertakings : Eight hundred thousand (€800,000) to five million (€5,000,000) Euros.
- Greenhouse type farming undertakings, livestock under-takings of sheltered or semi-sheltered type, and fishery un-dertakings using modern technology (aquaculture) : Three hundred thousand (€300,000) to one point five million (€1,500,000) Euros.

The total level of the production investment may exceed the above-determined amounts, however no grants will be offered for the amounts in excess of the above maximum investment lev-els.

b. The submission of the application must be accompanied by all the supporting documents set forth in Decision No 55734/19.05.1998 (Official Gazette Issue No 527/B/29.05.98) of the Minister of Economy and Finance, adapted of course to the legislation and characteristics of each individual State.

Otherwise, pursuant to Article 8 para.5, Law 2601/1998: 'Appli-cations not accompanied by all required supporting documents and data shall not be subject to the provisions of these presents nor reviewed, shall be filed in the records of the competent de-partment and the amount paid under para.4 hereinabove shall not be refunded. The same stands for applications which include the aforementioned required supporting documents, but upon re-view of the file major deficiencies have been identified in the fi-nancial and technical study, thus preventing evaluation of the submitted investment and/or equipment leasing program or busi-ness plan…'.

4. Eligibility Criteria

The investments implemented in Albania, Bulgaria, Federal Re-public of Yugoslavia, FYROM and Bosnia-Herzegovina will be approved as eligible for aid under the provisions of Law 2601/98, provided:

a) They qualify as viable pursuant to the provisions of Article 7 para.1(a), Law 2601/98 and the details of Article 1, Decision No 59541/31.07.1998 (Official Gazette Issue No 854/B/02.08.98) of the Minister of Economy and Finance (the relevant article is hereto attached).
b) They serve the objectives and priorities of the bilateral economic cooperation program signed by the Minister of Foreign Affairs of the Hellenic Republic and the representative of the Government of the State benefiting from the aid.

5. Financial Grant

If an investment is approved as eligible under the provisions of Law 2601/98, the percentage of the financial grant will come to 30% of the overall investment cost, within the financial limits indicated hereinabove. The prospective investor must cover 40% of the investment cost by way of his equity, while the remaining 30% of the investment cost may be either in the form of bank loans (no aid is granted for the interest-rate of the loan ) or in the form of the investor's own participation.

The grant is paid '… in one installment, upon the publication of the summary of the decision, whereby the completion of the in-vestment and the commencement of the production operation thereof is verified…' (Article 2(c), Decision No 169579/2000).

6. Investors' Obligations

a. The investments must have been completed and the produc-tion operation commenced within three (3) years from the date of submission of the application for the approval of the eligibil-ity of the investment under the provisions of Law 2601/98 and, in any case, no later than July 31, 2006. The above three-year time limit may be extended only in the case of any suspension or delays in the works as a result of force majeure (Article 3(f), Decision No 169579/20.05.2002).
b. The control for the verification of the investment comple-tion and the commencement of the production operation takes place upon the submission of a request to that effect by the in-vestor. This request is submitted to the Central Service of the Ministry of Economy and Finance within the exclusive time limit of one year from the date of completion and commencement of the production operation set forth in the relevant Ministerial de-cision (Article 3(d), Decision No 169579.20.05.2002).
c. The obligations of the undertakings receiving aid are set forth in Article 11, Law 2601/98. Note is made that the invest-ment must remain in operation for a period of no less than five years after the date of issue of the decision, whereby the com-mencement of its production operation will be verified.

7. Clarifications

a. The application with the supporting documents, which must be drawn up in the Greek language, is submitted in triplicate to the Private Investment Approval and Control Direction of the Ministry of Economy and Finance, 5-7 Nikis Street, Syntagma Square, all during the year (for the current year, July 1, 2002 has been set as the date of commencement of submission of ap-plications).
The application is assessed within three months from the date of the submission of the application, followed by the issue of the decision of the Minister of Economy and Finance whereby it is approved as eligible. This decision is published in the Invest-ment Acts and Contracts Issue of the Official Gazette of the Hellenic Republic.
b. Expenditures will be recognized and aided only when made after the submission of the application .
c. The purchase of plots, land and fields and the purchase of existing building installations will not be aided.
d. Both newly-established and old (operating for a period of over five -5- years) companies may apply for and, of course, re-ceive the 30% financial grant. Note, however, is made that only investments pertaining to the establishment of production units may be approved as eligible for aid in the manufactur-ing industry .
e. The submission of applications, the investment project as-sessment and approval procedure, the implementation and con-trol of the investments, the obligations of the investors under-taking approved investment projects are regulated by the provi-sions of Development Law 2601/98 and the relevant regulatory decisions.
f. For more information please contact the Private Investment Approval and Control Direction of the Ministry of Economy and Finance, telephone: 010-3332252, 010-3332255, 010-3332254, 010-3332399. Furthermore, you may find Law 2601/98 and all the relevant regulatory decisions in the Ministry of Economy and Finance webpage: http://www.ypetho.gr/.

Technical and financial information and supporting documents which must accompany all applications for the approval of the eligibility of investments and equipment leasing programs un-der the provisions of Law 2601/98 on the offering of the in-centives of cash grants, interest-rate subsidies and leasing subsidies. ……………………………………………………………… 1
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MINISTERIAL DECISIONS AND APPROVALS

No 55734               (1)
Technical and financial information and supporting documents which must accompany all applications for the approval of the eligibility of investments and equipment leasing programs under the provisions of Law 2601/98 on the offering of the incentives of cash grants, interest-rate subsidies and leasing subsidies.

THE MINISTER OF NATIONAL ECONOMY

Taking into consideration:
1. The provisions of Law 2601/98 'on private investment aids for the country's Economic and Regional Development', and in particular Article 8 para.3(a) thereof.
2. The provisions of Law 1558/85 (Official Gazette Issue No 137/A/26.07.85 'Government and Government Instruments', as effective, we hereby decide the following:

Article 1 
 
 The required supporting documents and technical and fi-nancial information which should accompany all applications for the approval of the eligibility of investments under the provi-sions of Law 2601/98 on the offering of the incentives of cash grants, interest-rate subsidies and leasing subsidies, pursuant to Article 8 para.3(a) of the same law, are the following, per cate-gory:

A) GENERAL SUPPORTING DOCUMENTS referring to all submitted investment proposals.

1. A receipt for the payment of a deposit, pursuant to the relevant decision of the Minister of National Economy.
2. The Special Questionnaire distributed by the Services in charge of the receipt of the applications, filled-in and signed by the organization proposing to undertake the investment or leasing program or by all persons who will participate in the in-vestment organization under establishment.
3. Α technical-economic study of the investment, which should include:
(a) General information on the investment organization or on those who will participate in the organization under estab-lishment,
(b) Information on the activity of the currently operating business,
(c) A detailed description of the investment project,
(d) An analytical description of the production process,
(e) Technical data and plans of buildings and production lines (both existing and planned), accompanied by original quo-tations, proforma invoices and prospectuses from one or more suppliers or manufacturing firms for the entirety of the invest-ment expenditure, broken down per category in accordance with Article 3, Law 2601/98.
(f) Financial data (Analysis of estimated financial re-sults),
(g) Market information,
(h) A documented analysis regarding the new jobs to be created in the business, according to the requested investment eligibility approval,
(i) Information regarding the economist signing the tech-nical-economic study, with his taxpayer's registration number and his registration number with the Economic Chamber of Greece or a corresponding Organization of another EU Member State, provided the investment cost exceeds the amount of GRD 80 million.
  Furthermore, the technical-economic study must also in-clude, where appropriate, the following:
(a) An analytical description of the production of prod-ucts and the provision of services of state-of-the-art technology plus documentation with information in accordance with the pro-visions of the decision setting forth the criteria for the charac-terization of the products and services as statee-of-the-art tech-nology.
(b) An analytical description of the production of new products, in accordance with the criteria set for the characteri-zation of said products.
(c) An analytical individual description of the software to be developed, in accordance with the provisions of the Joint Ministerial Decision of the Ministers of National Economy and Development on the determination of the specifications for software development companies,
(d) An analytical individual description of the environ-mental investments (Article 5 para.3(e)(i)(v), Law 2601/98), pursuant to the model provided by the Ministry of National Economy,
(e) An analytical individual description of the energy in-vestments (Article 5 para.3(e)(i)(vi), Law 2601/98),
(f) An analytical individual description of the invest-ments aiming at the development of technologies, industrial plans and applied bioengineering laboratories, energy, mining, agricultural, livestock farming and fish farming research.
4. A special appendix, containing an analytical descrip-tion, information and supporting documents documenting the rat-ing of the investment proposal pursuant to the priority of ap-proval criteria.
5. Information verifying each investor's time of estab-lishment until the date of submission of the application for ap-proval of eligibility under Law 2601/98:
   (a) In the case of a capital company:
- The original articles of association and any amendments thereof (Official Gazette Issues),
- The original articles of association of the compa-nies participating in the share capital and any amendments thereof (Official Gazette Issues),
- The articles of association of the companies (Offi-cial Gazette Issues) or certifications of commence-ment of trade for the personal companies par-ticipating as a result of their conversion, merger or absorption.
 (b) In the case of a personal company:
- The statement of commencement of trade submitted with the public revenue department.
6. A bank approval for the granting of an investment funding loan, including the basic terms under which the loan is granted, such as:
   (a) The amount of the loan and the total investment cost,
(b) The period of the loan,
(c) The interest rate,
(d) The grace period,
(e) The security of the loan.
7. An approval by the Leasing Company with a leasing agreement draft, if the requested approval of eligibility under the law concerns leasing programs,
8. Information documenting the investor's capacity to cover his own participation in the investment as well as its working capital.
  The following are listed indicatively:
 - Copies of tax returns and E9 forms, copies of semes-terial statements of bank accounts, certifications of ownership of bonds etc. in the case of physical persons who are sharehold-ers or partners in the existing companies or in the companies under establishment, which will be the investors.
 - Balance sheets or accounting statements for the last five years as well as last month's balance of payments of the ex-isting companies, which will be the investors.
9. A solemn declaration as per Article 8, Law 1599/86 signed by the investor all by all those who will participate in the investor under establishment, stating:
(a) The number of permanent employees during the last two years, both in total as well as per shift or on a seasonal ba-sis, accompanied by the personnel lists which have been certi-fied by the Labour Inspectorate and the Social Security Insti-tute.
The submission of this statement applies only to existing companies.
 (b) The number of the anticipated new permanent jobs, both in total as well as per shift or on a seasonal basis.
 (c) The non-undertaking of the investment project prior to the submission of the application for the approval of the eli-gibility of the investment under the provisions of Law 2601/98.
 This statement is not required when the application is sub-mitted by companies with regard to investments in units hit by physical phenomena, or by companies which will submit applica-tions during the first quarter of implementation of Law 2601/98.
 (d) That the proposed investment or leasing program or part thereof has not been approved as eligible under Law 2601/98 or has not been proposed for aid under the same law or by any other source.
 (e) That the proposed investment or equipment leasing program cannot refer to the production of products identical with those of a business plan approved under the provisions of Laws 1892/90 and 2601/98, which is now in the process of im-plementation.
 (f) The number of investment projects or/and equipment leasing programs or business plans which have been approved as eligible for the account of the same investor under the grant, in-terest-rate subsidy and equipment leasing subsidy incentives of Laws 1892/90 and 2601/98, attaching the photocopies of all the decisions of approval of eligibility, completion and operation with any amendments thereof.
 (g) The manner in which the investor's own participation in the investment is going to be covered and the working capital is going to be funded.
 (h) If the company does not yet exist and the Law re-quires its establishment, a statement must be submitted with re-gard to its legal form and the composition of its capital.
10. A certification of registration with the Small Industry Chamber with regard to the applications submitted by craft in-dustries.
11. The balance sheets of the last five years or account-ing statements for the last three years, in those cases where the publication of balance sheets is not required by the Code of Ac-counting Books and Records (to be submitted to existing inves-tors).
12. A certification issued by the Prefectural Technical Services certifying that the location selected for the establish-ment of the business lies within the twenty (20) kilometer zone from the borders or within the administrative boundaries of the Municipalities and Communities intersected by this zone.
13. A certification issued by the relevant Prefecture stat-ing that the population of the island where the investment is go-ing to be established is no more than 3,100 residents according to the last census.
14. A statement that the industrial unit is going to be es-tablished within an ETBA Industrial Estate (VIPE-ETVA) or In-dustrial and Business Estate (VEPE) (Industrial Estate - VIPE, Craft Industry Park VIOPA, Industrial and Business Estate VIPA, Industrial Park), accompanied by the submission of the contract whereby the necessary land for the investment was bought or the application to the competent Industrial Estate or Industrial and Business Estate administration or management in-strument for the acquisition of a plot of land and a certification issued by that instrument stating that the necessary land is available.
This statement is not required when there is no Industrial Estate or Industrial and Business Estate within the Prefecture where the unit is going to be established.
Furthermore, if the unit is going to be established outside the limits of an Industrial Estate or Industrial and Business Es-tate, the choice of the location must be fully reasoned with the provision of the relevant documentation.
15. Information documenting that the relocation takes place for environmental reasons.
16. Technology, know-how transfer contracts, indicating the licensing details, the kind of technology, the payments, the period of the contract etc.

B) SPECIAL SUPPORTING DOCUMENTS (In addition to the general supporting documents).

1. Investments concerning processing units (industries or craft industries) (Article 3 para.1(a), Law 2601/98).
(a) With regard to investments of a particularly pollu-tion-generating nature (chemicals, oil and oil by-product proc-essing units, iron-steel metallurgies, toxic waste disposal units and, in general, works and activities classified under category A' according to Joint Ministerial Decision No 69269/5387/24.10.90 of the Ministers for the Environment, Physical Planning and Public Works and Development):
- An environmental terms approval, in accordance with the above Joint Ministerial Decision
- An establishment or/and expansion license issued by the Ministry of Development,
- A liquid waste disposal approval.
(b) Investments concerning water-bottling units:
- Certification of suitability (microbiological analysis) and quality of the water (chemical analysis) issued by the Health Direction of the local Prefecture,
- A recognition that the water is natural mineral water issued by the Ministry of Health and Welfare, under the provisions of Presidential Decree 433/83.
- A license for the use of the water, issued by the In-dustry Department of the local Prefecture.
2. Investments concerning power and electricity produc-ing units-stations (Article 3 para.1(b), Law 2610/98):
(a) Wind Generator Parks:
- A preliminary approval of the land and approval of the environmental consequences.
- An establishment or/and expansion license issued by the Ministry of Development under Law 2244/95.
(b) Hydroelectric Stations:
- A license for the use of water for commercial pur-poses and an establishment license (single license) by the Ministry of Development.
- A certification from the Public Power Corporation, when the power falls within the range of 2MW up to, and including 5KW, that the project has not been in-corporated in the PPC's ten-year development plan.
(c) Electricity and Heat Co-Production Stations:
- A preliminary approval of the land and approval of the environmental consequences.
- An establishment or/and expansion license issued by the Ministry of Development.
- A waste disposal approval, under Health Decrees E1 B221/1965 and Γ1/17831/1971.
(d) Geothermal Energy Production Stations:
- A license granting the right of commercial use of geo-thermal potential by the Minister of Development to special undertakings (Article 46, Law 1416/84) and body corporates of the public sector and farmers' and crafters' cooperatives for the exploitation of the Geo-thermal Potential (hot underground and surface waters and geological formation heat) with regard to the con-cession of only the State's rights, by decision of the Ministry of Development.
- An establishment or/and expansion license issued by the Ministry of Development under Law 2244/95.
- A waste disposal approval, under Health Decrees E1 B221/1965 and Γ1/17831/1971.
3. Investments concerning laboratories of applied indus-trial, energy, mining, agricultural, livestock, forestry and fish farming research. Also, investments concerning technology de-veloping and industrial design undertakings (Article 3 para.1(c), Law 2601/98).
- A detailed description of the laboratory specifications and the scope of research.
4. Investments concerning the provision of state-of-the-art technological services (Article 3 para.1(d), Law 2601/98).
Only the general supporting documents are required in this case.
5. Investments concerning software development under-takings (Article 3, para.1(e), Law 2601/98).
Only the general supporting documents are required in this case.
6. Investments concerning mining undertakings (Article 3 para.1(g), Law 2601/98).
- An environmental terms approval by the Ministry for the Environment, Physical Planning and Public Works,
- A mining survey license of the local Prefecture (open-ing of a mine).
- A concession licence by virtue of a Decree of the Ministry of Development.
- An establishment or expansion license issued by the Ministry of Development in the case of ore benefica-tion equipment.
- An operation license for the existing ore processing installations, whenever required by the legislation in effect.
7. Investments concerning undertakings involved with the quarrying, treating and in general the commercial use of in-dustrial minerals and marble quarrying undertakings (Article 3 para.1(h), Law 2601/98).
- An environmental terms approval issued by the Minis-try for the Environment, Physical Planning and Public Works on the basis of Joint Ministerial Decision No 69269/5387/24.10.90,
- A commercial operation license issued by the Ministry of Development.
8. Investments concerning primary sector undertakings (greenhouses, livestock farming, new cultures, organic farming, aquacultures) (Article 3 para.1(i), Law 2601/98).
(i) Agricultural undertakings
(a) Greenhouses:
- A license from the Physical Planning and Health Serv-ices of the local Prefecture for greenhouse invest-ments, when the greenhouses are to be established within the limits of residential areas.
(b) Seed production units:
- A license from the Ministry of Agriculture as to the unit's compliance with the modern mechanical produc-tion-processing and standardization equipment speci-fications for plant propagation material with regard to seed production investments.
(c) Organic farming units:
- A certification from the Control and Certification Or-ganization for organic products as to the unit's com-pliance with the specifications of EU Regulation 2092/91 on the organic production of agricultural products.
(ii) Livestock undertakings (dairy-farms, piggeries, range livestock farms, stud-farms) and poultry farming undertakings:
- A license for the retrieval-processing and disposal of liquid waste and solid manure.
- A license for the establishment or expansion of the unit issued by the relevant local government organiza-tion, upon the opinion of the relevant primary Com-mittee.
- A new establishment license, in the case of the in-creased capacity of an already existing unit (expan-sion).
(iii) Game animal farming undertakings:
- A license for the establishment of the unit issued by the relevant local government organization, upon the opinion of the relevant primary Committee.
- A license of the forest inspection in the case of estab-lishment on grounds characterized as forestland.
   (iv) Fish-farming undertakings:
- A license for the establishment of the unit issued by the Fisheries Inspectorate of the local Prefecture.
- A certification of compliance with the technical pre-requisites for the establishment, expansion of aquaculture units, pursuant to decision No 213085/88 of the Ministry of Agriculture.
9. Investments concerning agricultural or agri-cultural co-operative undertakings (Article 3 para.1(j), Law 2601/98).
Only the general supporting documents are required.
10. Investments concerning agricultural or livestock product or fishery and fish-farming product standardization, packaging and/or preservation undertakings (Article 3 para.1(k), Law 2601/98).
Only the general supporting documents are required.
11. Investments concerning the undertakings of local authorities or prefectural authorities and co-operatives for the construction and operation of craft industry centers and build-ings in Industrial Estates, Industrial and Business Estates and Craft Industry Parks and the conversion and layout of old indus-trial plants and other installations (Article 3 para.1(l), Law 2601/98).
-  Submission of the title deeds or contracts whereby the necessary plot of land was acquired or the application submitted to the competent Industrial Estate or Indus-trial and Business Estate administration or manage-ment instrument for the acquisition of a plot of land whereon the crafts center or building is going to be constructed.
12. Investments concerning undertakings establishing and operating public car parks (Article 3 para.1(m), Law 2601/98).
(a) The title deeds to the plot.
(b) An approval issued by the Athens & Thessaloniki Or-ganization and the local Project Maintenance Control Direction on the suitability:
- Of the specific grounds where the car park is going to be built.
- Of the general area.
(c) An approval of suitability of the parking grounds is-sued by the Physical Planning Bureau of the local Prefecture.
(d) An approval of the suitability of the position and es-tablishment license issued by the Transportations Direction of the local Prefecture.
13. Investments concerning liquid fuel and liquid gas un-dertakings, to be implemented on islands and involving the crea-tion of storage facilities or the supply of equipment for the transportation of liquid fuel or liquid gas (Article 3 para.1(n), Law 2601/98).
(a) Approval of environmental effects issued by the Min-istry for the Environment, Physical Planning and Public Works.
(b) An installation or expansion license issued (i) by the Direction of Industry of the local Prefecture, for installations up to 10,000 m3. With regard to fuel, ii) by the Petrol Products Di-rection of the Ministry of Development for installations of less than 10,000 m3.
14. Investments concerning the modernization of transportation means involving vessels servicing remote areas (Article 3 para.1(o), Law 2601/98).
As required:
- Survey by the Ministry of Mercantile Marine.
- Nationality verification documents.
- Certification of Registration from the Port Authority
- License from the Ministry of Mercantile Marine re-garding the feasibility of the shipping route.
- Passenger ship security certificate from the Ministry of Mercantile Marine.
- International certificate for the prevention of oil pol-lution from the Ministry of Mercantile Marine.
- Class certificate from the Ministry of Mercantile Ma-rine.
15. Investments in joint venture centers (Article 3 para.1(p), Law 2601/98).
Only the general supporting documents are required.
16. Investments in International Trade Companies (Article 3 para.1(q), Law 2601/98).
Certificate of registration in the special Register of Inter-national Trade Companies of the Ministry of National Economy, in the case of currently existing International Trade Companies.
17. Investments in therapy and rehabilitation centers and independent living centers for disabled people (Article 3 para.1(s), Law 2601/98).
- Establishment license issued by the Social Welfare Direction of the local Prefecture.
18. Investments in tourist undertakings (Article 3 para.1(t), Law 2601/98).
- Approval of architectural plans by the Greek National Tourist Organization (EOT) for investments concern-ing hotels, conference centers, ski centers, thalasso-therapy centers (spas), health tourism centers, sports-training tourism centers, golf courses, mineral springs operation facilities.
- Approval of the standards of the above units by EOT.
- Special opinion by EOT concerning the suitability of the location (tourism-recreation zone, appropriate in-frastructure) for the establishment or expansion of ho-tels classified as second class and above in areas that are not included in the Joint Ministerial Decision of the Ministers of National Economy, Development and Environment, Physical Planning and Public Works, whereby certain areas of Greece are excluded as far as the establishment and expansion of hotels is con-cerned.
- A statement that the tourist enterprise will be estab-lished within an Organized Tourism Development Area (POTA), together with the submission of the title deed of the plot of land required for the investment, or the application to the competent development authority for the acquisition thereof.
- Environmental terms approval (Ministry for the Envi-ronment, Physical Planning and Public Works) and ap-proval from the tourist harbour Support Secretariat of the Ministry of Development for the concession of the use and operation of the marina zone.
- Approval by EOT for the establishment of units for the development of mineral springs.
- Approval by EOT for the establishment of thalasso-therapy centers.
- For investments concerning the renovation of tradi-tional or listed buildings into hotels characterized as Class C and above, the following have to be submit-ted:
(a) Act of approval by the Ministry for the Environ-ment, Physical Planning and Public Works or the Ministry of Culture and Sciences for the charac-terization of the building as traditional or listed, or in case the building is located within a tradi-tional settlement.
(b) Approval by EOT of the suitability of the building and the architectural plans concerning the conver-sion of the building into a hotel or a traditional lodging.
- For investments concerning the modernization of inte-grated hotels classified as third class and above or camping centers, the following have to be submitted:
(a) Modification architectural plans approved by EOT, if this is required by the laws currently in effect, together with a complete set of the hotel's architectural plans, also approved by EOT.
(b) In the case of the submission of an investment project or a leasing program concerning the mod-ernization of integrated hotels or camping centers, a statement that this has not been approved as eli-gible under the provisions of Laws 1262/82, 1892/90, or Law 2601/98 when 7 years have passed from the date of issue of the decision con-cerning the completion of the investment.
(c) A statement that seven years have passed from the commencement of the operation of the hotel or camping and the submission of the special sign and operation licenses thereof.
(d) A statement that the integrated parts of the hotel or the camping center to be modernized are dif-ferent from any other that may have been ap-proved under the Development Laws prior to August 31, 1994, if less than seven years have passed from the date of issue of the decision veri-fying the completion of the approved moderniza-tion.
 The relevant approval decision must be submitted.
19. For investments concerning Monasteries (Article 3 para.1(u), Law 2601/98).
- Submission of architectural plans for the construction, restoration and conversion and modernization of the buildings together with the relevant approvals, when-ever this is required.
20. For investments concerning engineering companies (Article 3 para.1(v), Law 2601/98).
Only the general supporting documents are required.
21. For investments concerning undertakings housed in traditional or listed stone-built buildings and/or industrial building complexes, which produce or/and standardize local tra-ditional products and/or products of controlled designation of origin (Article 3 para.1(w), Law 2601/98).
- Act of approval issued by the Ministry for the Envi-ronment, Planning and Public Works or the Ministry of Culture and Sciences regarding the characterization of the building as traditional or listed.
- Certification of recognition for the product of con-trolled designation of origin pursuant to EU Regula-tion 2081/92 by the Direction of Agriculture of the local Prefecture of the area of origin of the product.

Article 2

The above supporting documents and information cannot be substituted by a solemn declaration of Article 8, Law 1599/86, unless otherwise stated in the present decision.

Article 3

Applications not accompanied by all the required support-ing documents and information as per the provisions of the pres-ent decision and the other provisions of Law 2601/98 or applica-tions whose financial-technical study has substantial faults, ren-dering impossible the evaluation of the investment, cannot be considered as applications for approval of eligibility, are not examined and are filed in the records of the competent Depart-ment.

Article 4 

No expenditure chargeable to the National Budget will re-sult from the present decision.

Article 5

1.  The present decision will come into effect as of the date of its publication in the Official Gazette of the Hellenic Republic.
2. The present decision is to be published in the Official Gazette of the Hellenic Republic.

Athens, May 19, 1998
THE MINISTER
YIANNOS PAPANTONI

OFFICIAL GAZETTE OF THE HELLENIC REPUBLIC SECOND ISSUE - No 854 - AUGUST 12, 1998

MINISTERIAL DECISIONS AND APPROVALS

No 58541               (1)
Elements of investment evaluation, marking and other details pertaining to the implementation of the criteria for the ap-proval of the eligibility of investments or/and equipment leasing programs under the provisions of Law 2601/98. De-termination of the common minimum percentage of the over-all marks set forth in Article 7 para.1(g), Law 2601/98.

…

CHAPTER 1
VIABILITY EVALUATION

Article 1

Viability Evaluation Criteria.
For viability evaluation purposes, the following character-istics are taken into consideration:

1. The investors' characteristics, and in particular their ex-pertise, the scale and results of their business activities in the past, their solvency and financial standing as well as their documented capacity to provide the equity in order to cover the financial needs of the undertaking (cover their own participation in the investment and the necessary working capital). In the case of existing companies, their recent financial results and present financial state are also taken into consideration.
An investor's expertise is examined on the basis of the company's prior activity or/and the activity of its shareholders in sectors relevant to the proposed investment.
The scale and results of the activities involve the produc-tion and sales figures, the range of activities pursued by the company, its target markets, the financial numbers of the busi-ness submitting the application as well as those of its affiliated companies (holding company, subsidiaries, companies belonging to the same group).
In the framework of the examination of the investor's sol-vency, both the solvency of the investing organization itself as well as that of its principal shareholders or partners controlling the majority of its interests are examined. If there are other companies as well, whose majority of interests is controlled by the principal shareholders of the investing organization, then the solvency of those companies as well is examined. In the case of companies under establishment, the solvency of the physical persons or legal entities submitting the application for approval of eligibility and that of any companies whose majority of inter-ests they control, are also examined.
In the context of the examination of the investors' sol-vency, the existence of any adverse transactional information will also be considered.
The capacity to provide the equity necessary to cover the investors' own participation in the investment and the working capital must be documented on the basis of the availability of liquid assets in the hands of the shareholders or partners, or se-curities or titles or/and other kinds of property, which in the opinion of the department and the competent advisory committee can be readily liquidated within the investment implementation period.
In the case of existing companies which, according to their application for approval of eligibility, plan to cover, either in total or in part, their own participation with existing special capital reserves, the existence of this operating capital in the company in the form of liquid assets must be documented in the framework of the examination of their capacity to provide equity to cover it.
2. The prospects of profit-making activity of the under-taking to be established or the existing undertaking, to the ex-tent these are affected by the proposed investment, program or business plan, compared also to the evaluation of the situation-prospects of the markets of the relevant sector.
The prospects of profit-making activity are examined on the basis of the assessment of the results which will follow after the implementation of the investment, on the basis of assump-tions corresponding to the capacity of the undertaking and the condition of the markets. The estimated results must show that the investment project will produce satisfactory profits and the undertaking will be able to cover its obligations maturing on fixed dates.
3. The level of comprehensiveness of the business plan pertaining to the investment or/and the leasing program and the organization of the undertaking.
The level of comprehensiveness of the business plan of the investment is examined on the basis of the adequate documenta-tion as to the suitability of the place of establishment and the ability to secure the raw materials and other production factors (energy, manpower etc.), the perfection of the investment pro-posal concerning the technical planning, the documentation of the ability to ensure the estimated sales, the provision for the infrastructure which is necessary for the operation (sales net-works) and, in general, the adequate presentation and documen-tation of all the information ensuring the investment's viable operation.
The organization of the company is assessed on the basis of its technological competence, its organizational structure, its staffing and the implementation of modern organizational meth-ods and tools, such as the computerization of its operations, the standardization of its processes and its quality assurance (ISO) etc.