Special Economic Zones

 

On 30 November 2011 the President signed Federal Law No. 365-FZ amending the Federal Law “On Special Economic Zones” and certain other legislative acts of the Russian Federation.

The Federal Law “On Special Economic Zones” is supplemented with the following new terms: (i) managing company (it is specified which companies may manage a special economic zone (SEZ)) and (ii) cluster (a set of SEZs which is defined by the Russian Government and managed by one managing company). The managing company’s role is to secure the creation and operation of the SEZ’s infrastructure and attract investments to the SEZ. A SEZ is to be created for a 49 year period (before the amendments, as a general rule, it was for a 20 year period).

The amendments also require the Ministry of Economic Development of the Ru