- The law is applicable to every business sector.
- An entrepreneur wishing to begin a business in Greece, he/she can fill in an application in the web-portal (which will be created soon enough), where he/she can upload all the necessary documentation. In most cases – for example such as general shopping stores, the entrepreneur will get the license to start operating his business within a day. In addition there are some other cases regarding businesses with environmental impact (e.g chemical industries, mines) where a license is required. The public authorities will provide for this license, before the businessmen apply on the web. The law will ensure that the steps required in order to obtain the license will be narrowed from 21 (steps required so far) to 7.
- The procedure followed so far, demanded that the public authorities had to check over plenty of paper documentation before providing any operation license. From now on, this control will be done by some credited auditors – either belonging to the public or the private sector. It will take place during the operational lifetime of businesses. This means that the control of businesses will be more efficient and effective. The results of these controls will be upon the actual facts and data arising throughout the operational lifetime of a business.
- The law will define that strict penalties will be imposed to any entrepreneur who is found (during the audits) to be law offender. The penalty may reach up to the level of three million Euros, or it may even mean that the business may close permanently.
- The web-portal will allow everyone who wishes to start-up a business, not only to apply for an operation license, but furthermore, it will allow the businessmen to follow up the progress of their application. The ultimate target is to provide most of the operation licenses within a single day.
- The law aims to simplify the procedure to establish and operate a Business Park. The public authorities will no longer interfere during the licensing process. The law aims that the Business Parks operate in a more organized and steady environment. The law encourages the establishment of new Business Parks and facilitates the operation of the existing ones.
On Monday, 17th February 2014, the Greek Minister of Development, Mr Xatzidakis, gave a press-conference, where he presented a draft of a new investment law which will change radically the methodology followed in order to start up a new business in Greece. It aims to reduce the time required to begin a new business up to a single day. It will allow all businesses to operate without any severe public sector interference and simplifies the required procedure to get a start-up license. This law is considered to be one of the most important laws that the Greek government has issued, during the last 18 months, that’s why it was so important for the Greek Prime minister, Mr Samaras to be present and attend this specific press-conference. He said that this law is a very significant weapon, used to boost the Greek Economy and to reduce the “monster” of bureaucracy. What the investment law will include The final format of the law will not be finalized prior to its voting process by the Greek parliament, by the end of April. However, the basic core of this new law is as follows: