In order to attract significant investments to Ukraine, create new jobs, stimulate economic development of regions and increase the competitiveness of the economy, the Law of Ukraine "On State Support of Investment Projects with Significant Investments" was adopted on December 17, 2020. The law identifies a new type of investor - an investor with significant investment and an investment project with significant investment, provides a number of benefits for such investors and defines the forms (tools) of state support for investment projects with significant investment. The law establishes the status of a state institution, which includes investment managers and is authorized by the Cabinet of Ministers to accompany investors in the preparation and implementation of investment projects with significant investments.An investment project with significant investments, for the implementation of which state support may be provided in accordance with the Law, must meet the following requirements:
a) the project is implemented on the territory of Ukraine in the fields of processing industry (except for the production and circulation of tobacco products, ethyl alcohol, cognac and fruit, alcoholic beverages); extraction for further processing and / or enrichment of minerals (except coal and lignite, crude petroleum and natural gas); waste management; transport, warehousing, postal and courier activities, logistics; education, science and scientific and technical activities; health care, art, culture, sports, tourism and resort and recreational sphere;
b) creation of 80 new jobs with an average salary of employees, the amount of which is not less than 15% higher than the average salary in the relevant area in the region where the project is implemented, for the previous calendar year;
c) the amount of investment in investment objects during the implementation of the investment project with significant investment exceeds the amount equivalent to 20 million euros (this amount is calculated at the official exchange rate set by the National Bank of Ukraine on the date of actual investment);
d) the term of implementation of the investment project with significant investments does not exceed 5 (five) years.The law stipulates that state support for investment projects with significant investments may be provided to investors with significant investments in the following forms:
a) exemption from income tax for 5 years, from VAT and duties on imports of new equipment;
b) ensuring the preemptive right of land use of state or communal property for the implementation of an investment project with significant investment - providing land or state or communal property for use (lease) for the implementation of an investment project with significant investment with payment for land on terms determined obligations under a special investment agreement, and with the preemptive right to acquire ownership by an investor with significant investments of such land after the expiration of the special investment agreement (except in cases of early termination), if such a right under a special investment agreement;
c) provision at the expense of state, local budgets and other sources not prohibited by law, construction, reconstruction, restoration, overhaul of related infrastructure (highways, communication lines, heat, gas, water and water) electricity supply, utilities, etc.) required for the implementation of an investment project with significant investment.The total amount of state support for an investment project with significant investments should not exceed 30 percent of the planned amount of investment under the project and is set in a special investment agreement.
The law provides for the introduction of a special investment agreement to be concluded between the investor and the Government of Ukraine in the framework of an investment project with significant investments; the procedure for preparing applications and deciding on the expediency or inexpediency of concluding a special investment agreement is regulated; guarantees of the rights of investors who implement investment projects with significant investments are determined.