The Free-Port Bill has been passed in its three readings

July 6, 2015 14:50

July 3, a package of Free-Port Vladivostok Bills has been passed with overwhelming support of the State Duma Deputies in its third reading.

After the adopting by the State Duma the Bills will be referred to the Council of the Federation. The final approval will be signed by the President of Russia. The Law becomes effective in 90 day from the moment of signing by the Head of State.

According to the Ministry of the Far East Development, the Free-Port Vladivostok Bill includes a number of innovations from the deputy corps. After these amendments, the Law extends to 15 municipal units of Primorye.

Also the new version of the Bill provides additional protection to the residents of the Free-Port Vladivostok. The Free-Port managing company gained a right to present and protect interests of Free-Port residents in court, to sue in cases arising out of administrative and other public relations, to protect the rights and legitimate interests of an indefinite number of legal entities and individual entrepreneurs having the status of resident.

“It provides an additional protection to investors. The managing company will be not only a “one-window” service structure conducting all investing projects but also an ombudsman in court sessions” – the Ministry Leader Alexander Galushka stressed.

Also the Law involves the relevant standards forming so called Freeport zone in Vladivostok. In the port section will be created a center with free customs zone where will be possible to store luxury goods, artworks, antiques and to carry out pre-sale preparation, including demonstration to potential buyers. Such centers are very popular and made in Luxemburg, Switzerland and Singapore.

Remind that the proposal to provide Free-Port status with attractive, simplified customs regime to Vladivostok had been sounded by the President in his Address to the Federal Assembly in December 2014.

On the territory of the Free-Port will be established a special legal treatment for business and investment activity and also will be created better conditions for business in comparison with the same territories existing in Asia-Pacific region.

According to the Governor of the region Vladimir Miklushevskiy, the Free-Port in Primorye will compete with the existing regimes in Asia-Pacific.

“The Bill had been developed with the help of a big number of experts, businessmen, it total about 750 people discussed this Bill. I bless our colleagues from the Ministry for the Far East Development, because from one side – we work inventively over this issue, but from other side – provided a wide discussion of the Bill, and this fact made it good. We tried to use the best practices of so called “Asian tigers”. So, I will speak with cautious optimism, but I think that we can compete with them” – the Head of the region stressed.

According to the estimates of developers, after adopting and implementation of Free-Port Bills, the GRP of the Primorsky Territory in 2021 will be 1.106 trillion rubles (growth by 170 per cent in comparison with 2015), in 2025 – 1.402 trillion rubles (220 per cent growth), in 2034 – 2.157 trillion rubles (340 per cent growth).

The GRP growth in the Primorsky Territory will be 470.1 billion rubles in 2021, 766.2 billion rubles in 2025, 1.521 trillion rubles in 2034.

A number of created workplaces will reach 84.7 thousand people in 2021, 108 thousand in 2025, 468,5 in 2034.

The FEFD GRP growth up to 2025, caused by the project implementation, may be 1.97 trillion rubles ­ up to 34 per cent.

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