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About 400 Russian companies launch investment projects in Murmansk region — governor

According to Andrei Chibis, the three regimes: the Russian Federation’s Arctic Zone, the Capital of Arctic advance-development territory, and regional incentives for small businesses offer unprecedented, unique conditions for business

KIROVSK /Murmansk region/, November 29. /TASS/. About 400 companies from Russia’s 50 regions opened businesses in the Murmansk region, which offers tax incentives, the region’s Governor Andrei Chibis said at a meeting of the national organization of small and medium businesses, Opora Rossii.

"The three regimes: the Russian Federation’s Arctic Zone, the Capital of Arctic advance-development territory, and our incentives for small businesses offer unprecedented, unique conditions," the governor said. "We offer the Arctic Hectare, we offer the governor’s startup of up to 1 million rubles ($13,000). We have calculated - we already have about 400 businesses from the country’s 50 regions that have moved here to develop the economy."

At the meeting, the governor presented the region’s business opportunities, stressing the tax incentives had motivated big businesses to invest in their facilities in the region. "As for the dynamics, the investments over nine months have grown by 9%. The Arctic regime is just one year old, and as of today, 8 billion rubles ($106 million) have been invested due to it," he added.

Director General of the Corporation for Development of the Far East and Arctic Igor Nosov also pointed to the effects from the Murmansk region’s investment policies. Two preferential regimes in the region make a maximum effect in attracting major investment projects as well as small and medium businesses.

Opora Rossii’s leader Alexander Kalinin said the Murmansk region is an actively developing area. "We can see the region pays great attention to development of big investment projects, to development of the region," he said. "Good environment, money attract also small businesses. Here, in Kirovsk, we can see a positive balance between big and small businesses."

Arctic incentives

The Murmansk region offers two preferential tax regimes. One of them is the Capital of Arctic advance-development territory, which works in the region’s city Murmansk and the Kola District. The territory’s nine residents have registered investments of almost 100 billion rubles ($1.3 billion). The second is the Russian Federation’s Arctic Zone. Projects in the Murmansk region are in tourism, agriculture, mining, fishing, metallurgy, transport, logistics and services. The residential status offers several preferences, including in taxes. Any business, registered in the Arctic and planning a new project with investments of at least 1 million rubles ($13,000), may obtain the residential status.

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