In order to start the practical implementation of the provisions of the new legislation on support for investment projects with significant investments, it is necessary to adopt at least 6 legislative acts in Ukraine.

According to Ukrinform, Deputy Minister of Economic Development, Trade and Agriculture of Ukraine Iryna Novikova announced this at a round table meeting ,,Law on investment nannies: projects for the first billion”.

She reminded that the Ministry of Economy will estimate all investment projects before making a decision on providing state support. And only after the relevant conclusion special investment agreements will be concluded between investors and the Cabinet of Ministers. According to Novikova’s words, the Ministry of Economy is now actively working on the formation of the regulatory basis for the development of the new bill. To complete this work, at least 6 more legislative acts should be approved.

,,Two of them have already been prepared and submitted to the government. These are the requirements to the feasibility study of the projects and the Requirements to the applicant concerning his/her financial capability to implement an investment project with huge investment. Adoption of these documents will allow investors to immediately start preparing projects, and the Investment promotion office (UkraineInvest) will help them in this. We have also developed a draft Procedure for interaction with investors, local self-government and public authorities. In the nearest future, we will send this document to the Cabinet of Ministers,” - said the Deputy Minister.

Among other key indicators for the launch of the ,,program of investment nannies”, she named the Methodology for calculating the amount of state support. An important task is to create and maintain a Register of special investment agreements. This will also be a function of the Ministry of Economy. As well as issues of monitoring the implementation of contracts and commitments made by investors and public authorities and local governments.

As Ukrinform stated, in early February, President Volodymyr Zelenskyi signed the law ,,On state support of investment projects with huge investment in Ukraine.” And the Cabinet of Ministers has authorized UkraineInvest to accompany investors in the procedures prescribed by law.

It is provided by law that state support may be given to the investor in the form of tax benefits: exemption from corporate income tax and customs duties when importing new equipment (machinery) into the customs territory of Ukraine, granting the right to use land plot for investment project with paying rent on special conditions, provision of adjacent infrastructure facilities (highways, communication lines, heating, gas, water and electricity supply, engineering facilities, etc.) by construction / reconstruction of such infrastructure at State budget expense.

At the same time the total amount of state support should not exceed 30% of the amount of investment in the project. Besides this, the amount of investment must exceed 20 million euros (in equivalent). In the process of project implementation it is necessary to ensure the creation of at least 80 working places with an average salary of employees, which is at least 15% higher than the average salary for the relevant activity in the region where the investment project is implemented, for the previous calendar year. The project implementation period cannot exceed 5 years.

Another condition is the implementation of an investment project in Ukraine in the processing industry (except for the production and circulation of tobacco products, ethyl alcohol, cognac and fruit, alcoholic beverages), including in the processing of minerals (except coal and lignite, not processed oil and natural gas), waste management, transport, warehousing, mailing and courier activities, logistics, education, health protection, arts, culture, sports, tourism, recreation.