The law sets out the procedures for the establishment, functioning and cessation of activity of special economic zones in the Russian Federation.
Special economic zones are defined as territories designated by the government of the Russian Federation as areas where business activity is governed by special regulations.
The aim of establishing special economic zones is to encourage the development of the processing and high-technology sectors, the production of new types of products and to stimulate transport infrastructure development.
There are provisions for establishing two types of special economic zone on Russian Federation territory: industrial-manufacturing zones and technology incubation zones.
Businesses resident in special economic zones will benefit from a broad range of preferential conditions aimed at stimulating business activity.
The President has also signed a decree on setting up the Federal Agency for Managing Special Economic Zones within the jurisdiction of the Economic Development and Trade Ministry.
Also signed was a federal law amending the Tax, Customs and Land Codes as well as a number of other federal laws in the aim of ensuring the conditions required for implementing the provisions of the Federal Law “On Special Economic Zones in the Russian Federation”.