FAQs
A special economic zone (SEZ) is a designated geographical area within a country that is subject to unique economic regulations, with the aim of promoting investment, job creation, and economic growth.
SEZs offer a range of benefits, including tax incentives, streamlined regulatory processes, access to world-class infrastructure, and proximity to markets and suppliers.
SEZs are typically home to industries that are export-oriented and require specialized infrastructure or incentives, such as manufacturing, IT and software development, pharmaceuticals, and textiles.
SEZ authorities are responsible for the promotion, establishment, and management of SEZs. Their role includes attracting investment, developing infrastructure, and creating a business-friendly environment that encourages innovation and sustainable development.
Applications shall be addressed to the Chairman of the Special Economic Zones Authority and shall be provided in both printed and electronic copies of all documents.
Once an application is complete, the Special Economic Zones Authority is required publish a notice in the Gazette that requests any person likely to be affected by the proposed Special Economic Zone to submit written comments to the Authority within two months of the date of publication. Once those comments are received, the Special Economic Zones Authority shall then consider the application and the results of its own due diligence inquires and make a determination in respect of the application.
The process for applying to establish a business in an SEZ will depend on the specific SEZ and the country in which it is located. In general, it will involve submitting a proposal outlining the business plan and the proposed investment to the SEZ authority.
SEZs are typically governed by a specific legal and regulatory framework that outlines the incentives and benefits available to businesses operating within the zone, as well as the rules and regulations governing their operations.
SEZs promote economic growth by creating a business-friendly environment that attracts investment, encourages job creation, and drives innovation. They also contribute to the development of infrastructure and the transfer of knowledge and technology.
Applicants seeking the establishment of Special Economic Zone are required to provide the following information in order to comply with the terms of the Special Economic Zones Act.
An application is not complete until all of the required information is provided and it is for the Applicant to ensure that the information is complete and compliant with the requirements of the Special Economic Zones Act.
Once the Special Economic Zones Authority has agreed to issue a Special Economic Zones License to an Applicant, the Applicant and Authority shall negotiate and enter into a Development Agreement that shall specify, amongst other matters, the key performance indicators and requirements that are to be met by the Applicant in the establishment and operation of the Special Economic Zone.
