The bill for spin-off companies goes to parliament

The Bill “Strategic investments and improvement of the investment environment through the acceleration of processes in private and strategic investments and the creation of a framework for spin-off companies” is introduced in Parliament, on Tuesday, November 23

The bill “Strategic investments and improvement of the investment environment through the acceleration of processes in private and strategic investments and the creation of a framework for the companies” will be introduced in the Parliament for voting tomorrow, Tuesday 23 November.

The bill ensures the necessary legal clarity and creates more attractive conditions for potential strategic investors, according to the Ministry of Development and Investment.

According to a relevant announcement, the bill includes new categories of strategic investments in modern sectors of the economy. It promotes research and development, biotechnology, robotics, artificial intelligence, space industry, digital business transformation, cloud computing, data centers, permanent film production facilities (studios), medical tourism, agri-food, waste and waste management, Business Parks and Major Projects of Common European Interest (IPCEIs).

It makes it easier to characterize an investment as a strategy, since the required financial figures are reduced. New capital incentives are introduced in special investment categories. At the same time, the licensing and control procedures for the implementation of strategic investments are accelerated by outsourcing monitoring to private entities. A new category of Strategic Investments is introduced under the title “Emblematic Investments of Extraordinary Importance” related to the resources of the Recovery Fund. Also, more favorable regulations are applied for the investments that are implemented in areas that are included in the Territorial Plans for Fair Development Transition, in order to maximize the investment development of the specific areas.

Regarding private investments, by amending the current Development Law 4399/2016, substantial improvement interventions are promoted in the investment evaluation and control procedures in order to make them faster and more efficient. The bodies from which the members of the Evaluation Committees will come are expanded, involving more certified auditors coming from the market and specific deadlines are set for the evaluation and control of the implementation of the investment plans.

“With this bill, Greece consolidates its position as an attractive investment destination”, concludes the information from the ministry.