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‘One stop shop’ principle for investors

A draft regulation from the Chairman of Minsk City Executive Committee has almost been agreed, envisaging the clear regulation of all stages of work with investors: from application to the signing of investment treaties
By Vasily Khromchenko

“At the next stage, we’ll deal with more complex procedures; an agreement needs signing before we give permission for construction,” explains Nikolay Akhramenko, the Head of the Minsk City Executive Committee’s Investment Department.

The innovations include the foundation of an advisory board for investment activities, offering advice and support to investors from the very beginning through to signing documents. Investors will be able to ascertain whether a land plot is available and what encumbrances may be involved, alongside town-planning restrictions and the possibility of connection to existing utilities.

Submitting documents to a ‘one-stop shop’ officer is the next step. Within an hour the officer will scan documents and place them in a common digital database. “Saving about 10 days,” explains Mr. Akhramenko.

After three days, a written statement should be available on the viability of the project (involving around seven services). Around 10-14 days after submitting documents, the Economic Committee will summarise them for discussion, with the results approved by the Minsk City Executive Committee. The total examination process should take 25-30 days, and, if the investment contract has to be polished, the duration could be 60 days.

“To prevent abuse of office, we’ve decided to prevent contact between investors and the City Executive Committee, except for when absolutely necessary. We believe that the new procedure will save time in considering applications from investors while aiding transparency,” underlines Mr. Akhramenko.
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