Acceptance of applications for resident status in the Arctic Zone lasts one month, during which time 114 potential projects have been registered on the Agistisc Russia portal.

Currently, the Murmansk Region is the leader among other Arctic regions in terms of the number of potential residents. For example, 33 projects are registered for implementation in the region, and three have already been selected, and now they are in the process of concluding agreements.

One of the companies intends to reconstruct the Belomorskaya oil base and Vitino sea port. Another investor plans to launch a tourist complex in Pechenga District. The third potential participant expressed the wish to get into mica production in the region.

By the end of this year applications for creation of the mineral fertilizers and apatite concentrate terminal in the seaport of Murmansk and for construction of a new coal terminal in the sea trading port Lavna are expected.

The residents of the Arctic zone are provided with tax benefits, for example, the federal part on profit tax is zeroed for 10 years. In addition, there is a 75% subsidy of insurance premiums for newly created jobs and others.

By the end of this year the regional privileges for the property tax, land tax and the regional part of the income tax will be adopted.

Non-tax preferences are also expected for the residents. In this case the matter concerns the free customs zone regime, the opportunity to obtain land under a simplified procedure and a shorter inspection period by oversight bodies.

Made in Russia // Made in Russia

Author: Ksenia Gustova