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Establishment and Privileges Available to Special Economic Zones

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Establishment and Privileges Available to Special Economic Zones SEZ ESTABLISHMENT AND PRIVILEGES AVAILABLE TO SPECIAL ECONOMIC ZONES Copyright Gopal Chopra & Associates 1 SEZ Contents 1.0 INTRODUCTION ...................................................................................................................................................... 3 2.0 SPECIAL ECONOMIC ZONES (SEZ) ........................................................................................................................ 3 3.0 FREE TRADE AND WAREHOUSING ZONES (FTWZ) .......................................................................................... 4 4.0 ADMINISTRATION FRAMEWORK OF SEZ ............................................................................................................. 4 5.0 SETTING UP A SEZ ..................................................................................................................................................... 4 6.0 MINIMUM AREA REQUIREMENTS FOR SETTING UP A SEZ ............................................................................ 6 7.0 EXIT POLICY OF SEZ .................................................................................................................................................. 7 8.0 TAX AND DUTY EXEMPTIONS TO SEZ UNITS ..................................................................................................... 8 9.0 FOREIGN DIRECT INVESTMENTS IN SEZ .......................................................................................................... 10 Copyright Gopal Chopra & Associates 2 SEZ 1.0 INTRODUCTION India’s Foreign Trade Policy 2015-2020, which is currently in force, aims at boosting India’s exports. The Government has given in the past and is still providing various export promotion measures, and the schemes and initiatives related to various centers of export-oriented production are one of them. Units undertaking to export their entire production of goods and services (except permissible sales in Domestic Tariff Area), may be set up under the Export Oriented Unit (EOU) scheme, Electronic Hardware Technology Parks (EHTP), Software Technology Parks (STP) or Bio-Technology Parks (BTP) Scheme for manufacture of goods, including repair, re-making, reconditioning, re-engineering and rendering of services, development of software, agriculture including agro-processing, aquaculture, animal husbandry, bio-technology, floriculture, horticulture, pisciculture, viticulture, poultry and sericulture. Trading units are not covered under these schemes. These units are entitled to certain privileges and exemptions. Similarly, the Special Economic Zone (SEZ) - specifically delineated duty-free enclaves – and policy related to them first came into inception in the year 2000. The prime objective was to enhance foreign investment and provide an internationally competitive and hassle free environment for exports. The idea behind the SEZ scheme was to promote exports from the country and create equal opportunities for the domestic enterprises and manufacturers to be competitive globally. 2.0 SPECIAL ECONOMIC ZONES (SEZ) A SEZ is a region that has economic laws that are more liberal than the country’s typical economic laws and where all the units therein have specific privileges. SEZs are specific enclaves and are exempt from most restrictive laws regarding taxes, quotas, FDI-bans, labour laws etc to make them globally competitive. SEZ is a special demarcated area in a State and the rest of the state where the SEZ is located is legally referred to as the Domestic Tariff Area (DTA). Through setting up a SEZ in any state, the state can earn increased export earnings, benefit from increased employment opportunities etc. To enable this, foreign investors are offered incentives such as tax exemptions, duty free imports, exemptions from import quotas, capital mobility to remit profits, export allowances and subsidised interest rates within the SEZ. The SEZ Policy was announced in April 2000 with the purpose of making the Special Economic Zones an engine for economic growth which would give a boost to exports, employment and investment generation, and would be supported by quality infrastructure and an attractive fiscal package both at the Central and State level with a single window clearance. Copyright Gopal Chopra & Associates 3 SEZ With effect from 10th February, 2006 the activities relating to Special Economic Zones are guided by the provisions contained in the Special Economic Zones Act, 2005 and the Special Economic Zones Rules, 2006. Before the enactment of the SEZ Act, the SEZs in India were governed by Chapter 7 and 7A of Foreign Trade Policy. 3.0 FREE TRADE AND WAREHOUSING ZONES (FTWZ) The FTWZ is a special category of SEZ wherein mainly trading and warehousing and other activities related thereto are carried on. The policy relating to Free Trade and Warehousing Zones is governed by SEZ Act 2005, and the Rules framed thereunder, however before the Act came into force it was covered under Chapter 7A of the Foreign Trade Policy (2004-2009). 4.0 ADMINISTRATION FRAMEWORK OF SEZ The Government of India has delegated control of different aspects of the SEZ to three different Ministries. The Ministry of Commerce and Industry formulates the regulatory provisions pertaining to the Special Economic Zones and EXIM Policy in India. The Ministry of Environment & Forests is concerned with the environmental clearances for the SEZ units. The Ministry of Finance is concerned with the financial and taxation aspects of the SEZ. Since the Special Economic Zones Act, 2005 is the governing legislation for SEZ in India, the functioning of the SEZ is administered by the Board of Approval (BOA) set up under the Act as the apex body to administer SEZ and is headed by the Secretary, Department of Commerce. The Approval Committee at the Zone level deals with approval of units in the SEZs and other related issues. Each Zone is headed by a Development Commissioner, who is ex-officio chairperson of the Approval Committee. 5.0 SETTING UP A SEZ A SEZ may be first established as any business entity viz. Public Limited Company, Private Limited Company, Proprietorship, Partnership or any other form of business organization permissible as per the law. Thereafter it can seek to be established as a SEZ by submitting the application form, the relevant documents and following the prescribed procedure. It could be set up as SEZ for a Specific Sector, a Multi Product SEZ or a Free Trade and Warehousing Zone (FTWZ). In case the applicant is a company or partnership firm, the Copy of certificate of incorporation alongwith Article of Association and Memorandum in case of companies and partnership deed in case of partnership firms have to be attached with the application form. Copyright Gopal Chopra & Associates 4 SEZ An application in Form A under Rule 3 of the SEZ Rules 2006 has to made to the concerned Development Commissioner of the State where the SEZ is proposed to be set up, who, within a period of 15 days, shall forward it to the Board of Approval (BOA) with his inspection report, State Government’s recommendation and other details to be furnished for issue of notification for declaration of an area as Special Economic Zone. However the application would be considered by the BOA only when the State Government recommendation is received. The developer submits the proposal for establishment of SEZ to the concerned State Government. The State Government has to forward the proposal along with its recommendation within 45 days from the date of receipt of such proposal to the Board of Approval. The applicant also has the option to submit the proposal directly to the Board of Approval. However, in such case after that he has to obtain the concurrence of Sate Government with in six months. Checklist for Application for SEZ 1. Name of the Developer. 2. Proposed area of the location of the SEZ. 3. Status of recommendation of the proposal by the State Government (if available). 4. Whether proposal is for formal or in-principle approval? (In case land is in possession of the promoter, it is considered for formal approval) 5. Is it a multi-product SEZ? 6. If it is a sector specific SEZ, the sector is. 7. Whether it meets the area requirements. 8. Area of the SEZ (in hectares) 9. Whether Form- A has been filed? 10. Whether undertaking and affidavit has been submitted? 11. Whether project report has been submitted? 12. Whether land is owned/leased and is in possession of the Developer? 13. Does the proposal meet the area requirements of the Rules? 14. Whether the land has existing structures or is vacant? 15. Whether the land is contiguous? 16. Projected investment in the project. 17. Projected exports from the project. 18. Projected employment from the project. 19. Share capital and Reserves of the Developer Company. 20. Source of funds for the project. 21. Net worth of the Applicant (including Group companies) duly supported by Audited Accounts of the Developer for last 3 Years (for all the constituents in case the Developer is a SPV). If the company is a new company, audited accounts of Flagship Company/promoters may be provided. 22. Extent of FDI (if any) in million U.S. Dollars 23. Source of FDI (Country and Company details may be provided) 24. Whether provisions contained in the Press Note No. 5 (2005 Series), issued by the Ministry of Commerce and Industry have been followed in respect of Telecom/IT SEZ development? Copyright Gopal Chopra & Associates 5 SEZ Once the BOA gives formal approval and the concerned Development Commissioner gives an inspection
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