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