For Investors: The China-Belarus Industrial Park “Great Stone”

Official title: The China-Belarus “Industrial Park “Great Stone”.

Location: the Republic of Belarus, Minsk region, Smolevichi district. The Park is located not far from the international airport “Minsk”, railway lines, roads and transnational highway М1/Е30. The distance to Minsk, the capital of the Republic of Belarus, is 25 km.

Total area: 9150,1 ha.

The China-Belarus Industrial Park “Great Stone” is notable among all other economic zones for:

I. Tax and customs preferences – this regime of the Industrial Park presupposes unprecedented provision of tax and customs benefits for this region:

-          exemption from income tax, real-estate tax, land tax (full exemption for 10 years and reduction by 50% for the next 10 years);

-          exemption of goods imported for the implemented investment projects in the Park from customs duties and VAT imposed by the customs authorities;

-          VAT offset while purchase of goods aimed at implementation of investment projects;

-          dividend tax and royalty privileges;

-          possibility to import and process raw materials not paying customs duties;

-          possibility of free movement of goods using the regimes of customs warehouses and free economic zone.

II. Industrial Park geographical and customs advantageous location:

-          near transnational highway Moscow-Berlin;

-          25 km far from Minsk, the capital of the Republic of Belarus, which provides access to highly qualified human resources;

-          introduction to the Silk Road as a key platform;

-          free entrance to the Eurasian Economic Union market.

III. State policy and security safety;

-          nowadays the Industrial Park is the main investment project of the Republic of Belarus and its fundamental legal principles and guarantees are stipulated by the Agreement between the Government of the Republic of Belarus and the Government of People’s Republic of China on China-Belarus Industrial Park;

-          cooperation with the residents and investors is on the basis of “one stop” service.

IV. Infrastructure:

-          modern, highly developed infrastructure specially built for realization of manufacturing investment projects in the Industrial Park and ability to include special needs of the specific investor;

-          modern infrastructure of the warehouses and customs created by the biggest logistic company China Merchants Group helps to improve the movement of goods and conduct of export-import procedures;

-          receipt of the land plots on lease or ownership at the discretion of the resident and investor.

V. Partnership advantages:

-          Joint “Industrial Park Development Company” maintains not only engineering infrastructure construction but renders services on construction of objects necessary for the client;

-          opportunity to do business together with the best companies.

The Industrial Park shall become the platform for projects developing the following spheres:

• hi tech production (electronics; pharmaceuticals, fine chemistry, biotechnologies, engineering, new substances);

• research and technology works in these spheres;

• logistics.

Registration of residents

In order to enjoy all benefits and preferences of the Industrial Park the legal body shall be registered as its resident.

Requirements, which the legal body shall meet in order to become the resident of the Industrial Park:

1.      The legal body is to be founded and located in the territory of the Industrial Park

2.      The legal body is to implement investment project in legally identified field, which shall comply with the two following criteria:

Finance criterion

-          Necessary investments amount on investment project realization – not less than 500 thousand US dollars provided they are invested within 3 years (5 mln. US dollars provided they are invested within more extended period).

-          If project is engaged in research and advanced development - not less than 500 thousand US dollars (regardless of the period).

Criterion of the activities type

-          Production spheres: electronics; pharmaceuticals; fine chemistry, biotechnologies, new substances; electronic commerce; activities involving large data volumes storage and processing.

-          Research and advanced development of the said spheres.

Benefits and Preferences:

Tax concessions

The Industrial Park residents within 10 years from registration thereof as the residents are exempt from the following taxes:

-          a profit tax with regard to the profit received from selling goods, works, services of own production manufactured, preformed and rendered in the territory of the Industrial Park;

-          a real estate tax with regard to projects located within the Industrial Park regardless of their usage;

-          a land tax with regard to land plots within the Industrial Park.

Within subsequent 10 calendar years the above taxes are levied at the standard rates reduced by 50 percent.

Dividends. There is a preferential zero rate of a profit tax applied to dividends accrued by the Industrial Park residents in favor of their founders within 5 years from a gross profit date, as well as a preferential zero rate of an income tax for foreign companies not engaged in activities in the Republic of Belarus through a permanent representative office.

Royalty. Till January 1, 2027 a royalty tax rate accrued by the Industrial Park residents to foreign companies not engaged in activities in the Republic of Belarus through a permanent representative office, in the form of a fee for the information on industrial, commercial or scientific experience (including know-how), payments for a license, a patent, a blueprint, a utility model, a scheme, a formula, an industrial design or a process, amounts to only 5 percent, that three times less than the standard royalty tax rate.

Value added tax. The Industrial Park residents are entitled to deduct in full amounts of a value added tax in respect of goods (works, services) purchased (paid while import into the territory of the Republic of Belarus) in the territory of the Republic of Belarus as well as property rights, used for development of urban planning projects, along with construction, equipping building and structures located within the Industrial Park, but not later than December 31 of the year following the year of putting such buildings and structures into operation.

Customs benefits

The Industrial Park residents may apply for a customs procedure of a free customs zone, which makes it possible to import foreign goods into the territory of the Industrial Park without paying customs duties and taxes.

Goods (processing equipment, components and spare parts thereof, raw stuff and materials) imported into the Republic of Belarus to be used only for implementation of investment projects within the Industrial Park are exempt from import customs duties and VAT levied by customs authorities.

Benefits for the Industrial Park employees

There are tax concessions set forth for employees of the Industrial Park residents. Till January 1, 2027 an income tax in respect of individuals is levied at the rate of 9 percent of the income received under employment agreements (contracts) from the Industrial Park residents.

There are also benefits with regard to compulsory contributions for insurance:

• the Joint Company, the Industrial Park residents, participants of the Park project construction, customers, as well as employees thereof which are foreign citizens temporarily residing (staying) in the territory of the Republic of Belarus and engaged to implement investment projects within the Industrial Park, are exempt from compulsory contributions for insurance from payments accrued in favor thereof;

• in respect of the employees of the Joint Company and the residents of the Park compulsory contributions for insurance are not calculated on the income part exceeding one average monthly salary of employees in the Republic of Belarus.

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