Ulyanovsk Special Economic Zone Becomes Member of World Free Zones Organization (World FZO)
This will help the region establish new business connections, as well as find investors and partners around the world.
“Sharing experience, knowledge and ideas is becoming particularly important in today's pandemic realities and restrictions around the world. World FZO provides access to exclusive research on key industry-specific features, as well as the most effective practices, to help the community overcome the crisis and become stronger and more prepared for possible new challenges in the future. In addition, our membership in the World Free Zones Organization promotes establishment of new business connections thanks to the unique B2B platform,” - said Governor Sergey Morozov.
World FZO is an international non-profit organization that represents interests of free economic zones and industrial parks around the world. It has more than 620 members from various countries.
“We have worked hard to prepare an application to join World FZO - it took us eight months, including the document review. The membership will help us establish contacts with free economic zones in other countries, which, in turn, will open opportunities for cooperation between enterprises working in these zones, as well as joint implementation of investment projects. This is necessary due to implementation of the International Cooperation and Export national project initiated by the President,” - said Oleg Barabanov, Head of Ulyanovsk PSEZ.
Activities of the port special economic zone are supervised by the Ulyanovsk Region Development Corporation. Currently, 34 companies are residents of PSEZ. These include Russian and foreign investors from Germany, China, Slovenia and Sweden. The main areas of work are production, logistics, wholesale trade, maintenance and repair of aircraft. PSEZ has all types of transport infrastructure and there offers an opportunity for re-exportation of goods. The territory borders with an international airport and is connected to the taxiway; there are also railways and roads with the exit to the federal highway.
Residents of the port special economic zone can either purchase a land plot with complete infrastructure to build their enterprise or rent a ready-made production facility to start their business in the industrial park as fast as possible. Companies that become residents of the port special economic zone "Ulyanovsk" are exempted from property tax (for fifteen years) and land and transport taxes (for ten years). Preferential income tax is valid for the entire duration of the project, and it makes only 2% during the first ten years. Ulyanovsk PSEZ is a customs-free zone, which allows to import foreign goods without customs duties, VAT and excise taxes (including materials, designs, equipment and machinery required for construction of facilities). Such goods can be stored in Ulyanovsk PSEZ for an unlimited period of time.