Three more special economic zones (SEZs) will be created in Russia. In this respect reported On the Russian government website.
The new SEZs will be located in Saransk, Novocherkassk and Tver region. The relevant decree was signed by Prime Minister Mikhail Mishustin.
Additionally, two existing special economic zones in the Kaluga region and Lipetsk will be expanded.
A special economic zone is a limited area that has a special legal status relative to the rest of the state. Locating in SEZ provides many advantages to a business. These include tax advantages and customs preferences, as well as discounted rent.
There are also Special Administrative Regions (SARs). These are regions with a flexible tax and currency regulatory regime for companies that decide to move to Russia from a foreign jurisdiction. There are two SARs in Russia – Russky Island in the Primorsky Territory and Oktyabrsky Island in the Kaliningrad Region.
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