An investor, who has a business plan and an intention to work in Nizhny Novgorod Region has to communicate with the only body – The Ministry of Investment Policy.
The first step is selection of a land plot.
Land Allotment Procedure
When the land plot has been selected, investor prepares an investment bid and all the necessary documents for project implementation.
Investment project approval procedure is carried out by Nizhny Novgorod Region Governor’s Investment Board “distantly” from the investor. The stipulated completion time cannot exceed 154 days provided an earlier approved facility siting or 179 days without such approval. On the expiry of the term a land plot is allotted and a documentation package required to start design and construction activities is furnished to the investor.
In case the project is successfully approved, the Ministry of Investment Policy prepares all the necessary documents for project launch.
Procedure for Granting Priority Status to Investment Project
A meeting of Nizhny Novgorod Region Governor’s Investment Board is the competent authority to grant the priority status to a project.
Having studied the requirements to priority projects an investor is to make decision of his own, whether he can expect his project to be applicable to the status, and, if positive, indicate so in the investment bid.
While applying, an investor is to specify, what benefits and/or kinds of support provided for within the priority projects framework he expects to obtain. The decision is made based on project’s budgetary efficiency: The proposed budgetary impact allowed for benefits may not be negative.
Whatever the volume of investment and type of activity, an investor willing to operate in the Nizhny Novgorod Region obtains organizational support while project implementation documents are being prepared and processed. Executive authorities undertake to settle any issues relevant to land allotment (a procedure involving the most red tape in Russia) and to processing documents required to start design and construction activities.
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