SEZ If you seeking to avail the benefits of setting up business in SEZ, But are not aware of the legalities or the procedures involved, Then you need to contact the experts i.e. PRAKASH K PRAKASH. We are reckoned among the reputed SEZ Registration Consultants in India. Our excellent SEZ Services can be availed by all kinds of companies. To ensure a speedy and hassle free Special Economic Zone Registration, We are your best bet. If you are on the verge of establishing a new business, then why not settle for SEZ? The following points will provide you an insight into the benefits of SEZs and all other relevant information regarding them. To know specifically about how all this applies to your business, feel free to contact our team anytime.
In order to give a long term and stable policy framework with minimum regulatory regime and to provide expeditious and single window clearance mechanism, the Special Economic Zones Act, 2005 has been brought into effect along with the Special Economic Zones Rules, 2006 from 10 February 2006.
The Act and the Rules together aim to provide a single self contained legislation governing the operations of SEZs and replaces the hitherto applicable legislations and rules governing the operations of SEZ in India.
Under the Act, SEZ could be set up either jointly or severally by the Central Government, State Government, or any person (including a private or public limited company, Partnership or proprietorship) for the following purposes:
The SEZ Act 2005 envisages key role for the State Governments in Export Promotion and creation of related infrastructure. A Single Window SEZ approval mechanism has been provided through a 19 member interministerial SEZ Board of Approval (BoA). The applications duly recommended by the respective State Governments/UT Administration are considered by this BoA periodically. All decisions of the Board of approvals are with consensus.
The SEZ Rules provide for different minimum land requirement for different class of SEZs. Every SEZ is divided into a processing area where alone the SEZ units would come up and the non-processing area where the supporting infrastructure is to be created.
The SEZ Rules provide for :
The developer submits the proposal for establishment of SEZ to the concerned State Government. The State Government has to forward the proposal 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.
The Board of Approval has been constituted by the Central Government in exercise of the powers conferred under the SEZ Act. All the decisions are taken in the Board of Approval by consensus. The Board of Approval has 19 Members.
Administrative Set Up
The functioning of the SEZs is governed by a three tier administrative set up. The Board of Approval is the apex body 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.
Once an SEZ has been approved by the Board of Approval and Central Government has notified the area of the SEZ, Units are allowed to be set up in the SEZ. All the proposals for setting up of units in the SEZ are approved at the Zone level by the Approval Committee consisting of Development Commissioner, Customs Authorities and representatives of State Government. All post approval clearances including grant of importerexporter code number, change in the name of the company or implementing agency, broad banding diversification, etc. are given at the Zone level by the Development Commissioner. The performance of the SEZ units are periodically monitored by the Approval Committee and units are liable for penal action under the provision of Foreign Trade (Development and Regulation) Act, In case of violation of the conditions of the approval.
Incentives and facilities offered to the SEZs
The incentives and facilities offered to the units in SEZs for attracting investments into the SEZs, Including foreign investment include :-
The major incentives and facilities available to SEZ developers include :-
Other Incentives :
Information Technology SEZ does not require environment clearance for development of SEZ. Public hearing is not exempted process of Environment impact assessment (EIA) as laid in the notification of the ministry of Environment would have to be adhered to.
Enhanced limit of Rs. 2.4 crores p.a. allowed for managerial remuneration. Exemption from requirement of domicile in India for 12 months prior to appointment as Director.
As per the Ministry of Labour, the state government may apply for exemption to the Central Government under section 16(2) of the Employees Provident Fund & Miscellaneous Provision Act 1952 from the applicability of the provision of the said Act for 5 years.
Exemption from Port Restriction under Drug & Cosmetics Rules.
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