Project Follow-Up

To receive state support of investment activity (the project follow-up), an investor submits an application in the prescribed form to the Investment Development Department of the Smolensk Region to the following address Smolensk Poltavskaya st. bld. 8a office 508 or by e-mail smolinvest67@yandex.ru, or by site www.smolinvest.com

An investor may enclose materials or their copies which justify the volume and goals of an investment project (a loan agreement, a credit agreement, a rent agreement of land, an equipment supply agreement, a construction agreement and etc.)

After the application has been received, the authorized body has two working days to ensure that the information on the investment project complies with the following conditions

• the volume of investment per project is not less than 100 mln rubles;
• the investor has at least 30% of proprietary funds to implement the investment project

If the investment project complies with the conditions mentioned above, the Department analyses other details of the projects.

Incase the project fails to comply with the conditions mentioned above, the Department returns the application and all enclosed documents to the investor without their consideration.

Within the period of 5 working days, the Department studies the information on the investor (experience of work in the Smolensk Region and other Regions of the Russian Federation, the investor's reputation, the possible outcome of the project implementation on the economy of the Smolensk Region, ecological and social risks).

In case the expertise results are positive, the Department sends the application to the Vice-Governor in charge of investment activity for approval and the decision to provide state support for an investment project (a project follow-up) is taken within 2 working days (the project follow-up is based on the ‘one-stop principle’).

In case the expertise results are negative, the Department sends the application to the Vice-Governor in charge of investment activity for consideration and the decision on refusal of state support for an investment project (a project follow-up) is taken within 2 working days (the project follow-up is based on the ‘one-stop principle’).

After the decision was taken, the Department within the period of 2 working days sends the Investor the letter of approval, appoints a project supervisor and provides the investor with contact information.

After the decision was taken, the Department within the period of 2 working days sends the Investor the letter of refusal to provide the project follow-up and indicates the reasons for its decision.

After the decision to provide an investor with the project follow-up based on 'one-stop principle' was taken, the Department puts the investment project in the register of approved investment projects.