The X International Forum

Arctic: today and the future

December 10-12, 2020, SAINT PETERSBURG

The submission period for the Arctic benefits has started


The submission period for the Arctic benefits has started

“The acceptance of applications from potential investors that wants to receive a status of the Arctic resident began on August 28, with the entry into force of a package of federal laws on the system of Arctic preferences”, says the message.

An application may be applied online via Preferential status is provided for investors willing to launch a new project in the Arctic with investments of at least ₽1 million.

Only legal entities or individual entrepreneurs registered in the Arctic may apply. The company should not have debts on taxes and fees in excess of 25% of the book value of assets. In addition, a company mustn’t be in bankruptcy, liquidation or reorganization.

The residents of the Arctic Zone will receive tax benefits, reimbursement of part of the expenses on payment of insurance premiums to the state extrabudgetary funds, subsidies to reimburse the interest rate on loans. Besides, the mechanism for conducting inspections has been simplified for the investors.

The first application was filed by the Vitino seaport, located on the shore of the White Sea, reports RBC media group citing the press service of the Murmansk region administration. The port was opened in 1995 and is intended for servicing large tankers.

The project, initiated by Nord Star LLC, involves technical re-equipment of the Vitino seaport and the Belomorskaya petroleum depot. The terminal capacity will be over 4 million tons of oil products per year. Vitino port will become a town-forming enterprise of the Beloye More settlement. It will create about 250 workplaces.

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