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Development Implementation Procedure

Development Implementation Procedure

Step 01. Development Performer Designation for IFEZ
  • Designation standards
    • Attraction capability of foreign investors
    • Financial solvency and fund procurement capability
    • Experience in implementing similar developments
    • Announcements of the Ministry of Finance and Economy to ensure smooth business implementation
Step 02. Implementation Plan Application for Development Performers
  • Application to the Minister at Ministry of Trade, Industry & Energy(also submit a copy of the implementation plan to the mayors and governors)
  • Required documents
    • Fund procurement and collection plans with confirmation documents
    • Foreign investment attraction plans
    • Land procurement, compensation, and moving plans for residents
    • Use, revenue, management, and disposal of constructed land and facilities
    • Environmental influence evaluation
Step 03. Approval/Notification from the Ministry of Trade, Industry&Energy
  • Written notification within 6 months of receiving the approval application
  • Same guidelines for updated approval status
  • Discussion of mayors and governors → deliberation and decision of the IFEZ committee
  • Licensing agenda management (related administrative director should register an opinion within 30 days).
Step 04. Completion Inspection
  • Must be performed within one year of the approval for implementation
  • 1 postponement is allowed with a delay no longer than one year
Step 05. Management/Disposal
  • Management/operation of the site and facilities in accordance with revenue management and disposal plan