Innovations in the “Great Stone” Industrial Park

New business activities and subjects of the special regime, additional benefits for large residents, institutions of “English law”.

Presidential Edict No. 215 of 11 June 2021 „On amending presidential edicts” (hereinafter – “Edict”) updates the previous Presidential Edict No. 166 of 12 May 2017 “On improving the special legal regime of the China-Belarus “Great Stone” Industrial Park.

From now on, the list of core business activities of the “Great Stone” Industrial Park includes creating and developing industries in the fields of biopharmaceuticals, medical products, medical services, laboratory diagnostics, as well as the use of 5G technologies and artificial intelligence in all areas of the Park’s activities.

In addition to the inclusion of medical services on the list of core business activities, the new rules introduce several specifics of its operation. Thus, if the Park Administration permits, residents can use unregistered medicines and medical devices as well as apply methods of supplying medical services that were not approved as established by legislation. Obtaining special permission (licence) is not required. However, residents must comply with statutory requirements related to premises, equipment, transport necessary for supplying services, hygienic requirements, personnel training, etc.

Some residents of the Park are granted special status. Thus, legal entities (individual entrepreneurs) located within the Park, registered as subjects of innovation activities and carrying out (or planning to carry out) innovation activity (in line with the Park’s aims) in the Park are entitled to the main benefits and preferential status for Park residents during the first two years of their activity. Moreover, some other legal entities which met criteria set forth by Edict are also entitled to benefits and preferential treatment for Park residents if the Council of Ministries of Belarus approves.

Furthermore, additional benefits are introduced for entities implementing large investment projects involving investment of at least 50 million US dollars to be implemented within 5 years. Benefits include dividend tax at the rate of 0% for 10 years and simplification of some customs procedures for import of goods.

Institutions of “English law” are now also available for Park residents involved in innovation activity. From now on, they can sign convertible loan agreements between themselves and (or) with third parties, as well as agreements to grant an option to conclude an agreement and option agreements, including in relation to stocks and allotted portions of share capital.

The changes come into legal force from 17 September 2021.

Source: National legal internet portal of the Republic of Belarus (NLIP) 16.06.2021, 1/19719

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