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The purpose of this thesis was to make a research on how possible and feasible is to update an already existing tourism business in 2017, targeting in the development of tourist economy. Precondition was to use three financial tools of the European Union which will be beneficial to achieve the results we desire. A variety of financial communities are mentioned, nonetheless we will be focused in one of them which will help us to succeed our aim. The tourist business that we will attempt to modernize and revolve will be located in Greece specifically in Kythnos an island that constitutes the Northeast Cyclades at West Aegean. Details that are in great importance are to know the character of the business and what has to be done to change. Also the legal framework is absolutely needed to know as the prerequisite actions that we have to do, in order to accomplish our purpose. In addition, as we will discuss about modernizing businesses we will mention the necessity of progress in already existing infrastructures and how important is the geographical position of the country which is mostly benefited by the Tourism.