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On Additional Measures to Support Entrepreneurs in Small Industrial, Youth Industrial and Entrepreneurial Zones

posted 1 year ago

The Cabinet of Ministers has adopted a resolution on July 17, 2024, No. 432, titled “On Additional Measures to Support Entrepreneurs in Small Industrial, Youth Industrial, and Entrepreneurial Zones.”

The document establishes procedures for:

Accepting completed investment and social obligations by business entities.
Privatizing state-owned real estate and land plots allocated to participants in small industrial zones and young entrepreneurs in youth industrial and entrepreneurial zones.

The Agency for State Asset Management (ASAM) has been granted the authority to privatize the aforementioned properties.

Starting from August 1, 2024, the acceptance of results for completed investment and social obligations by participants in small industrial zones and youth entrepreneurs will be carried out by unified directorates managing these zones within three months from the deadline for fulfilling obligations.

Issues related to the acceptance of obligation fulfillment results and the privatization of properties in the capital will be addressed by a separate government commission.

The privatization of properties (or parts thereof) in small industrial zones will occur in five stages:

After fulfilling their obligations, the participant in the small industrial zone submits an application to the directorate.
The directorate sends the document package to the territorial ASAM management within five working days.

The territorial ASAM management:

Sends a letter to the property holder within five days to conduct an inventory of the property.
Within 17 days, conducts an assessment of the property with the involvement of an appraisal organization.
Within one day, sends the participant in the small industrial zone an offer to purchase the property at the assessed value.
If the participant agrees, a direct purchase agreement is concluded within ten days.
After payment for the property, the participant receives a state order confirming ownership rights to the property.

A similar procedure is also established for the privatization of properties in youth industrial and entrepreneurial zones

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