Drafting a preliminary opinion on compliance by investor applications with the special investment contract rule

19.11.2015

Goltsblat BLP advises that the Russian Ministry for Industry and Trade has published Order No. 2951 dated 25 September 2015 "On Approval of the Procedure for Drafting Preliminary Opinions on Compliance by Investor Applications and Documents Provided with Clauses 4-8 of the Special Investment Contract Rules Approved by Russian Government Resolution No. 708 dated 16 July 2015" (hereinafter the "Preliminary Opinion Drafting Procedure"). The Order came into force on 09 November 2015.

The Preliminary Opinion Drafting Procedure was adopted in development of Federal Law No. 488-FZ dated 31 December 2014 "On the Industrial Policy of the Russian Federation" and Russian Government Resolution No. 708 dated 16 July 2015 "On Special Investment Contracts for Certain Industries".

A preliminary opinion is drafted by the Russian Ministry for Industry and Trade as an interim stage in the procedure for entry into a special investment contract, prior to submission of investor documents to the Inter-departmental Commission that appraises the possibility of concluding special investment contracts (hereinafter the "Inter-Departmental Commission").

The Preliminary Opinion Drafting Procedure stipulates that, within 20 business days of the Russian Ministry for Industry and Trade receiving an investor application, together with the attached package of documents, they are to be considered by an executing department. Following the review, the given department drafts a preliminary opinion on compliance by the documents provided with Clauses 4-8 of the Special Investment Contract Rules approved by Russian Government Resolution No. 708 dated 16 July 2015. The Russian Ministry for Industry and Trade determines the executing department proceeding from the sector profile of the investment project specified in the investor's application.

The preliminary opinion drafted by the executing department should reflect, in particular, information about compliance by the investor's application with the established format, submission of documents confirming investments in the amount of at least RUB 750 k, a list of industry incentives proposed by the investor to be included in the special investment contract and other data.

Within 30 business days of the Russian Ministry of Industry and Trade receiving the package of documents from an investor, with the preliminary opinion attached thereto and signed by a Deputy Minister for Industry and Trade of Russia, they should be sent by the executing department to the Inter-Departmental Commission for subsequent analysis.

It should be noted that neither the Special Investment Contract Rules nor the Preliminary Opinion Drafting Procedure stipulate the possibility of the investor's documents being returned by the Russian Ministry for Industry and Trade at the stage of preliminary opinion drafting. Consequently, a decision on compliance by the documents provided with the Special Investment Contract Rules may be taken only by the Inter-Departmental Commission.

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