An undertaking shall be granted an operating licence by the competent licensing authority of a Member State provided that:
its principal place of business is located in that Member State;
it holds a valid AOC issued by a national authority of the same Member State whose competent licensing authority is responsible for granting, refusing, revoking or suspending the operating licence of the Community air carrier;
it has one or more aircraft at its disposal through ownership or a dry lease agreement;
its main occupation is to operate air services in isolation or combined with any other commercial operation of aircraft or the repair and maintenance of aircraft;
its company structure allows the competent licensing authority to implement the provisions of this Chapter;
Member States and/or nationals of Member States own more than 50 % of the undertaking and effectively control it, whether directly or indirectly through one or more intermediate undertakings, except as provided for in an agreement with a third country to which the Community is a party;
it meets the financial conditions specified in Article 5;
it complies with the insurance requirements specified in Article 11 and in Regulation (EC) No 785/2004; and
it complies with the provisions on good repute as specified in Article 7.