Yenisey Siberia Development Corporation to Support Arctic Zone Residents

A meeting on the governmental support for the entrepreneurship in the Arctic zone of Russia was held via video conference. It is expected that the Yenisey Siberia Development Corporation will perform the functions of a management company in the Krasnoyarsk Territory and assist investors in the implementation of projects and obtaining preferences.

The event was opened by the Deputy Director General – Head of the Directorate for Attracting Investment Projects of the Corporation Alexey Nikolaev. He told the meeting participants about the opportunities that the federal law on the governmental support for the entrepreneurship in the Arctic zone of Russia gives to investors, the requirements for residents, the procedure for obtaining status.

“The new law establishes a system of preferences for the residents of the Arctic zone to facilitate the development of the northern territories, create proper investment-raising conditions, encourage the opening of new companies, and to provide conditions for creating new jobs, developing infrastructure and increasing transport accessibility, “said Alexey Nikolaev.

A discussion on preferential tax regimes within the Arctic zone and other benefits for residents took place as part of the event. According to the adopted law, the resident status implies a number of tax allowances and non-tax preferences. Residents of the Arctic zone may reduce the mining tax amount, federal and regional profit taxes, insurance payments. The law also foresees the duty-free imports of equipment and export of processed goods, subsidization of the interest rate on investment loans. The residents get the right to acquire a state-owned land parcel without the tender procedure, and the period for issuing permits will be reduced.

Entrepreneurs and investors interested in obtaining the status of the Arctic zone resident, the stipulated measures of governmental support and participation in investment projects in the north of the Krasnoyarsk Territory can contact the Yenisey Siberia Development Corporation. Our experts will tell you about the existing mechanisms and help with the preparation of the required documents.