Pursuant to a regulation of the government each special economic zone has a special legal status. Thus, its residents enjoy a number of tax and customs benefits and enjoy guaranteed access to utilities, transport and business infrastructure. The costs of investors implementing projects in special economic zones are lower by 30-40% on average as compared to projects implemented elsewhere.
The Federal law on special economic zones provides for a whole set of tax and customs benefits for investors, namely:
- special administrative regime (minimal bureaucracy, one-stop-shop principle);
- ready infrastructure for business development;
- land plots can be acquired at special prices; special conditions for office rent;
- special tax regime (a set of tax benefits);
- special customs regime (special economic zone);
- the possibility to use accelerated depreciation methods;
- legal guarantees to protect investors' rights (laws are not subject to change)
A decision to establish a special economic zone in a territory of a region/regions of the Russian Federation shall be issued by the Government of the Russian Federation.
Special economic zones are established for a period of 49 years.