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In the offshore in Russian there are no queues
How to create new financial regimes in the Far East
In the summer of 2018, a decision was made to create a financial center and a special administrative district (SAR) - in fact a financial offshore - on Russky Island. At the fourth session of the Eastern Economic Forum, invited experts, with the assistance of the head of the Ministry of Economy, Maxim Oreshkin, representatives of the investor support system and the Central Bank, tried to figure out what benefits the SAR would bring to the Far East. EastRussia followed the way the discussion developed.
The most important question for the UAR, the moderator of the discussion, the chief secretary of the TASS, Maxim Filimonov, already formulated in his opening remarks. Having listed other numerous preferential regimes operating in Russia, including the territories of advanced development and the free port of Vladivostok, he asked the Russian Minister of Economic Development Maxim Oreshkin: why the ATS was created and how widespread this zone will be - "will it become another zone name of one oligarch, one company or group of companies? ". In August, recall, one of the "daughters" of En + Oleg Deripaska, who fell under American sanctions this year, announced the possibility of re-registration in the RA, but it will be done in the Far East or Kaliningrad, En + did not specify.
The Minister explained that the SAR gives all companies operating in foreign jurisdictions the possibility of redoxation - a transfer with preservation of the tax regime and relationships with banks - which they had previously been deprived of. At the same time, the order of transfer fully complies with international norms. Until now, it was possible to transfer business from offshore to Russia, but first shut it down, which caused serious costs to the owners.
"This is the first stage of the development of special administrative districts here on the Russky Island and in the Kaliningrad region on the Oktyabrsky Island.The first task is to make a convenient regime for transferring a foreign company to Russian jurisdiction easier", said Maxim Oreshkin. According to him, having created convenient legislation, the authorities intend to tackle the second stage of introducing ATS - issues of technological regulation, administration, supervision. "The combination of ATS with those tax regimes that exist in the Far East and in Kaliningrad should give a mixture that is very favorable for the growth of economic activity," says Maxim Oreshkin.
At the same time, those who wish to re-register in the ATS in the Far East are still few, Maxim Oreshkin admitted. According to him, En + is not talking, but the authorities are working "with one of the groups in the Far East, according to Vladivostok, so that she became the first resident here." "This is a story where re-registration is not associated with large transaction costs, and it's quite easy to do that," he explained, never mentioning the company. "Today we have already received one application and are working to ensure that it was a positive decision," Denis Tikhonov, Director General of the Corporation for Development of the Far East, confirmed.
"Now it is important to practice and get re-registered." When this regime becomes more understandable, we will see a much larger number of companies that want to do this, on the one hand, on the one hand, and on the other hand, we will understand where to adjust the regulation in order , so that it works efficiently and conveniently, "said Maxim Oreshkin.
FINANCIAL CENTER OF FIVE COMPONENTS
The authorities expect that on the island of Russian will not just earn ATS, but that it will turn into a financial hub that works with the most advanced technologies, says Deputy Minister of Territorial Development Alexander Krutikov. Investors "need access to quality financial services and qualified project consulting services, which in the Far East simply does not exist," the official said.
According to him, now at the stage of approval in the government of the Russian Federation and the Central Bank a package of five measures in relation to the financial market in the Far East. First, the region should become open to foreign credit institutions that could establish branches here without the right to raise funds from citizens. Secondly, a multi-currency platform for the exchange of digital financial assets, an investment court and an independent financial regulator should be created here. The Special Court for Investors, says Elena Avakyan, counselor of the law firm Egorov, Puginsky, Afanasiev & Partners, could be formed at the expense of "people with vast experience and a name in the field of investment law, investment technologies" - people who are not interested in public service in itself, but for which such a judicial body could become a "crowning career professional lawyer."
"Today, together with the Bank of Russia, we are already working on the preparation of these decisions, we will introduce special support packages, tax incentives for our Russian credit organizations," says Alexander Krutikov. Support measures will be extended to new banks coming to work in the Far East, banks that are developing new businesses, as well as to organizations of the non-banking sector directly involved in financing investment projects. Corresponding changes in regulatory acts, according to Alexander Krutikov, will be made within the next six months.
Foreign banks are already interested in the possibility of opening their branches in the Far East, which would give more opportunities for financing, confirms the president, OA AKB Bank of China Gao Yang. "I wanted to make my proposal: in order to attract more financial institutions, especially foreign ones, to Vladivostok, in connection with the time difference with Moscow and other regions of Russia, it is necessary to create a branch of the currency exchange and introduce special modes of operation for foreign financial institutions. considered by regulators and ministers, but we are ready to make our proposals as a financial institution, "he said.
NEW INSTRUMENTS OR CONSERVATIVE APPROACHES?
The director general of the Far East Development and Baikal Region Development Fund (Aleksey Chekunkov) believes that the competitive advantage of Russky Island as a financial center can be the ability to apply "new progressive financial instruments." "To compete with Hong Kong for the opportunity to place shares or the opportunity to hold an IPO not only to the Russian, but also to the Moscow Stock Exchange is difficult - we are not London or New York. It's easier to compete for new technologies - they just appeared," he says. Such technology could be a blockade and associated crypto-currencies. "New technologies, new financial solutions must be grounded, it is necessary to experiment, but to regulate already in fact, do not be afraid to touch a new one and risk getting a new promising industry," he said.
"The corporation is aimed at cooperation with companies that will work with us," confirms Denis Tikhonov, "We will study international experience so that residents receive all the services they receive in other jurisdictions." And another interesting feature that also of course, it is important for us that the investments that come to the SAR are of practical importance and could be of use both for the Russian Island and for the Far East in general and for the Russian Federation Ana ". In his opinion, the residents of the UAR could receive the status of residents of the Free Port of Vladivostok with the appropriate benefits and invest in infrastructure and development.
Meanwhile, the Bank of Russia continues to adhere to conservative positions. Ivan Semagin, Deputy Director of the Department for Strategic Development of the Financial Market of the Central Bank of the Russian Federation, notes that "from the point of view of providing financial institutions in the Far East, everything is not so bad." "There are a sufficient number of banks, foreign subsidiaries and representative offices, insurance companies, audit consulting companies, etc. Given the impact of technology on the financial industry, there is a worldwide trend towards the fact that the number of financial intermediaries is declining, the services themselves become extraterritorial. another matter is the unprecedented low population density, questions to the quality of the projects worked out, a low level of knowledge about the possibilities of the financial market and, as a consequence, low activity as with about the state, and corporate issuers, "- said the representative of the Central Bank.
"The Bank of Russia is ready to actively participate in the development of the financial market in the Far East, including the establishment of a regional financial center." We are ready to experiment, mechanisms are created for this, and, of course, not to the detriment of consumers of financial services. and the business community will solve this difficult task, "he said. However, for example, the issue of allowing foreign banks to open branches in the Far East "requires deep study," the representative of the Central Bank of Russia said: "This contradicts the issues of accession to the WTO, and the quota for foreign participation of foreign subsidiaries has not been chosen, and it is not entirely clear that the problem will be solved if foreign credit organizations are admitted to the territory of the Russian Federation. "
"My experience shows that one of the key drivers of regional development is the development of infrastructure," he says.-Now the budget is a significant source of investment in infrastructure, in our view, one of the key problems is the lack of a link between the market and the demand for infrastructure It would be great if development institutes in our country created a mechanism that would help to obtain the necessary ratings for companies that invest in infrastructure, which would protect the den of institutional investors, on the other hand - to realize those large projects that would become drivers of economic development in the region. "