Chinese Corporation CAMC, the management company of the Horizont holding company and Minsk Region Administration on August 27 established the Chinese-Belarusian closed joint-stock company “Industrial Park Development Company”, reports the press-service of the Belarusian Government.

 

The authorized fund of the Chinese-Belarusian Industrial Park Development Company stands at $10 million, of which 60% is owned by Chinese Corporation CAMC, 30% by Minsk Region Administration and 10% by Horizont.

 

As previously reported, Belarus’ President Alexander Lukashenko signed ordinance #253 on June 5, 2012 to establish the shareholding structure of the management company that controls the development of the Belarusian-Chinese industrial park in Smolevichi.

 

According to the ordinance, Belarus will own a 40% stake in the authorized capital of the Belarusian-Chinese company.

 

The ordinance positions the industrial park in Smolevichi District (Minsk Region), where a special economic area will be established on an area of 8,048 ha subject to special legal regulations for a period of 50 years. The industrial park will host business projects in electronics, biomedicine, fine chemistry and mechanical engineering.

 

The industrial park’s supreme management body shall be the intergovernmental coordination council. The park will be run an administration staffed by the Cabinet of Ministers of Belarus.

 

The park administration will be in charge of registration and liquidation of resident companies, settle arbitration issues.

 

According to the ordinance, would-be resident companies will enjoy a series of tax preferences: the joint management company will be exempt from the land tax, the property tax and the income tax till January 1, 2032. Resident companies are entitled to the same set of tax preferences for a ten-year period, which starts at the moment of the company gets officially registered as a park resident.

 

To get officially registered as a resident company of the Belarusian-Chinese Industrial Park, an applicant is supposed to offer a investment project to the tune of at least $5 million, according to Resolution #756 adopted by the Cabinet of Ministers of Belarus.