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Yamal authorities offer incentives to local businesses

The amount will depend on the form of incentive, on the demand, and will make between $1,300 and $37,000 per every business

TASS, March 30. Businesses in the Yamalo-Nenets Region may receive up to 3 million rubles ($37,000) in support from the regional authorities. The new incentives will come into force from early April, the region’s Economy Department told TASS.

"We plan to begin offering the new state support measures from beginning of April, 2021," the department said. "We believe, about 200 businesses in the region will be able to enjoy new measures of support. The amount will depend on the form of incentive, on the demand, and will make between 100,000 ($1,300) and 3 million rubles ($37,000) per every business."

According to the regional government’s press service, the new measures include individual support for investment projects, assistance in access to engineering infrastructures. The government will announce grants for independent contractors, will compensate for expenses on buying franchises and on royalty payments, as well as cadaster expenses.

The Economy Department told TASS about a positive experience of previous years, where the regional government offered financial, consulting and educational support programs, which continue on the Yamal.

"The Far North’s specific conditions quite often become obstacles for businesses, when they are looking for working space, and getting access to engineering infrastructures mean additional expenses," the department said. "The compensation for those expenses as well as the compensation for expenses to buy franchises will ease the pressure on businesses."

The Yamalo-Nenets Region has been using incentives, which include financial assistance, tax and property benefits, as well as consultations. Governor Dmitry Artyukhov said that in 2020 the regional authorities allocated more than 7 billion rubles ($92.4 million) to support small and medium businesses.

According to the federal tax authority’s website, 17,179 small and medium businesses are registered in the Yamalo-Nenets Region.