S.L. 463.10 Art. 2Interpretation.

In these regulations, unless the context otherwise requires:

"the Act" means the Malta Enterprise Act;

"company" shall have the same meaning as "undertaking"; "the Corporation" means the Malta Enterprise Corporation established under the Act; "Guidelines" means such guidelines as may be published by the Corporation from time to time in terms of the Act; "hotel" means a hotel as defined and licensed to operate as such in terms of the Malta Travel and Tourism Services Act and includes a resort hotel and an apartment hotel;

"initial investment" means:

(a) an investment in tangible or intangible assets related to the setting-up of a new establishment, the extension of the capacity of an existing establishment, the diversification of the output of an establishment into products not previously produced in the establishment or a fundamental change in the overall production process of an existing establishment; or

(b) an acquisition of assets belonging to an establishment that has closed or would have closed had it not been purchased, and is bought by an investor unrelated to the seller and excludes sole acquisition of the shares of an undertaking; "initial investment in favour of a new economic activity" means:

(a) an investment in tangible or intangible assets related to the setting up of a new establishment, or to the diversification of the activity of an establishment, under the condition that the new activity is not the same or a similar activity to the activity previously performed in the establishment; or

(b) the acquisition of assets belonging to an establishment that has closed or would have closed had it not been purchased, and is bought by an investor unrelated to the seller, under the condition that the new activity to be performed using the acquired assets is not the same or a similar activity to the activity performed in the establishment prior to the acquisition;

"intangible assets" means assets that do not have a physical or financial embodiment, such as patents, licences, know-how or other intellectual property: Provided that:

(a) they must be used exclusively in the establishment receiving the aid;

(b) they must be amortisable;

(c) they must be purchased under market conditions from third parties unrelated to the buyer; and

(d) they must be included in the assets of the undertaking receiving the aid and must remain associated with the project for which the aid is granted for at least five years or three years in the case of small, medium-sized and micro-sized undertakings; "large undertaking", "medium-sized undertaking", "small undertaking" and "micro undertaking" shall have the meaning attributed to them by Annex I of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty;

"large investment project" means an initial investment with eligible costs exceeding fifty million Euro (€50,000,000) calculated at prices and exchange rates on the date of granting the aid; "start of works" means the earlier of either the start of construction works relating to the investment, or the first legally binding commitment to order equipment or any other commitment that makes the investment irreversible:

Provided that buying land and preparatory works such as obtaining permits and conducting feasibility studies shall not be considered as start of works: Provided further that for take-overs, "start of works" means the moment of acquiring the assets directly linked to the acquired establishment; "tangible assets" means assets consisting of land, buildings and plant, machinery and equipment; "undertaking" means:

(a) a partnership constituted under the Companies Act, being a partnership en nom collectif, en nom commandite, or a limited liability company;

(b) a body of persons constituted, incorporated or registered outside Malta, and of a nature similar to the aforesaid partnerships and registered as an oversea company in accordance with the Companies Act; or

(c) a co-operative society duly registered as such under the Co-operative Societies Act.