From February 2021, when Law No. 1116-IX On State Support for Investment Projects with Large Investments in Ukraine came into force, the Ukrainian government has adopted all the necessary regulatory acts aimed at clarifying and supporting the application procedure and investment eligibility criteria set down in the Law.
These acts form the comprehensive legislative framework necessary to put the state support programme into operation and provide for the following:
- procedures for interaction between the competent authorities and investors (i.e. applicants) for preparation and implementation of large-scale investment projects;
- methodology for calculating the amount of state support to be awarded to large-scale investment projects;
- criteria for determining the financial capability of an investor applying for state support;
- requirements applicable to the state registry of large-scale investment projects (which have yet to be launched);
- requirements for preparing a feasibility study for a large-scale investment project; and
- procedure for assessing the state support applications by the competent authorities.
Now that the legislative process is complete, UkraineInvest (being the designated entity for this programme) is about to launch the first round of providing state support to eligible investment projects.
CMS will continue to monitor news in relation to this state programme and will keep you updated on any developments. Our previous update on this topic can be found here.
For more information on state support of large-scale investments, contact your local CMS advisor or local CMS experts: Tetyana Dovgan, Graham Conlon, Maria Orlyk.
Legislation:
- the Law of Ukraine “On State Support for Investment Projects with Large Investments in Ukraine”;
- Resolution of the Cabinet of Ministers of Ukraine No. 515 “On Approval of Requirements towards the Feasibility Study of the Large-Scale Investment Project”, dated 19 May 2021;
- Resolution of the Cabinet of Ministers of Ukraine No. 647 “On Approval of Procedure for Interaction of the Authorised Body with Applicants, Investors with Large-Scale Investments, State Authorities, Municipal Authorities with respect to Issues related to Support of Preparation and Implementation of the Large-Scale Investment Projects”, dated 23 June 2021;
- Resolution of the Cabinet of Ministers of Ukraine No. 648 “On Approval of Requirements with respect to the Financial Capacity for Implementation of the Large-Scale Investment Project”, dated 23 June 2021;
- Resolution of the Cabinet of Ministers of Ukraine No. 714 “On Approval of Methodology of Calculation of the Amount of State Support for Implementation of the Large-Scale Investment Project”, dated 7 July 2021;
- Resolution of the Cabinet of Ministers of Ukraine “On Approval of Procedure and Methodology of Appraisal of the Large-Scale Investment Projects”, dated 28 July 2021 (not published yet); and
- Resolution of the Cabinet of Ministers of Ukraine No. 805 “On Approval of Procedure of Operation of the Registry of Large-Scale Investment Projects and List of Details Recorded to the Registry of Large-Scale Investment Projects”, dated 04 August 2021.
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