The selection criteria for the residents of the free port of Vladivostok

The government established the selection criteria for the residents by the Federal Law “On the Free Port of Vladivostok”, which entered into force on 12 October 2015. The residents of the free port will have various economic benefits such as duty-free imports and exports of goods.

The selection criteria for the residents of the free port of Vladivostok

The government established the selection criteria for the residents by the Federal Law “On the Free Port of Vladivostok”, which entered into force on 12 October 2015. The residents of the free port will have various economic benefits such as duty-free imports and exports of goods. According to the Federal Law, the free port of Vladivostok includes 15 municipal districts of Primorye, including the aquatories of seaports. The free port covers the total area of 28,500 sq. km. with the population of 1.4 million.

The new Federal resolution established the selection criteria for the companies able to operate in the territory of the free port on favorable terms. Firstly, the company has to implement an investment project in the territory of the port. Secondly, the volume of investments has to be more than 5 million rubles for three years or less. This amount includes costs for construction, technical re-equipment, upgrading and acquisition of equipment that have to be incurred after the company is included in the register of the residents of the free port of Vladivostok.

The free customs area of the free port of Vladivostok will start to operate within 3 months and allow entrepreneurs to import building machinery and materials without custom charges.

The first resident of the free port of Vladivostok is Pacific Ocean Investment Company that is going to invest 5 billion rubles in five-star hotel in Slavyanka.