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A business in SEZ – What all to be taken care and the benefits available

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A Special Economic Zone (SEZ)is a specifically delineated, duty-free enclave with all required infrastructure provided less than one single administrative umbrella and shall be deemed to be a territory outside the Customs territory of India for the purposes of undertaking the authorized operations. In accordance with this provision, all Developer/ units are entitled to exemptions, drawbacks and concessions provided under SEZ Act.The provisions of SEZ Act, 2005 & Rules framed thereunder do not prohibit transfer of used capital goods or business from existing DTA or STPI unit to SEZ.

The Main Objectives Are:

  • Creation of Economic enclave to cater overseas market;
  • Generation of employment opportunities;
  • Promotion of investment “domestic and foreign”;
  • Significant Foreign Exchange Earnings through exports;
  • Development of world class infrastructure facilities;

Supplies from the Domestic Tariff Area to a SEZ Unit or Developer for their authorized operations shall be eligible for export benefits as admissible under the Foreign Trade Policy as though the goods have been exported out of India. Units in SEZ can import raw materials and capital goods for authorised operations without payment of customs duty and also procure them without payment of excise duty.

TAX BENENFITS:

  • Income tax holiday for 15 years
  • 100% for the first five years
  • 50% for the next five years
  • 50% for the following five years on plough back of profits

To qualify for deduction under Income-tax Act, it is essential that such SEZ unit is not formed by splitting up or reconstruction of a business already in existence. The plant and machinery that are previously used for any other purpose in India should not be transferred to such SEZ unit except to the extent of 20% of cost of total plant and machinery.

NOTIFIED OPERATIONAL SPECIAL ECONOMIC ZONES

KINFRA FILM AND VIDEO PARK THIRUVANANTHAPURAM IT/ITES

ELECTRONIC TECHNOLOGY PARK-SEZ 1 THIRUVANANTHAPURAM IT/ITES

TECHNOPARK, KOLLAM IT/ITES

COCHIN SPECIAL ECONOMIC ZONE KOCHI MULTI PRODUCT

INFOPARK KOCHI IT/ITES

SMART CITY KOCHI IT/ITES

NEST ELECTRONICS CITY KOCHI ELECTRONICS HARDWARE

PUTHUVYPE KOCHI PORT BASED

CYBERPARK GOVERNMENT KOZHIKODE IT/ITES

CYBERPARK ULCCS (PRIVATE) KOZHIKODE IT/ITES

 

UNIT REGISTRATION PROCESS AT CSEZ

 

The Cochin Special Economic Zone (CSEZ) is a multi-product special economic zone located at Kochi, Kakkanad.

It is a multi-product zone, with industrial units operating in Electronics Hardware, Engineering, Gem & Jewelry, IT & ITES, Agro & Food Processing, Textile & garments, Plastic & Rubber etc. Currently it has around 160 units operating employing more than 15,000 people.[1] In FY2011-12, the total exports from the zone stood at ₹ 29,961 crore, recording a 63% rise in exports compared to the previous financial year.

 

HOW TO APPLY:

 

If the unit is proposed to be set up in the Cochin Special Economic Zone, the unit has to submit the details as given below by post/fax/e-mail to the Development Commissioner (E-mail: dc@csez.gov.in Fax:91-484-2413074)

 

»          Brief about the company & promoter

»          Products to be manufactured

»          Export Turn Over for five years

»          Import Requirements (Capital Goods & Raw materials)

»          Space Requirement

»          Employment

 

After verification of the details the Development Commissioner, CSEZ will send a letter of willingness to allot space subject to suitability of the proposal and availability of area.

 

Application in Form - F (5 copies) to the Development Commissioner, CSEZ along with:

 

»Copy of letter of willingness to allot space in the Zone issued by CSEZ/Developer

»Application fees - DD for Rs.10000/- drawn in favour of "The Pay & Accounts Officer, Cochin Special Economic Zone"

»Affidavit of undertaking as prescribed in the Form-F in stamp paper of Rs.25/- (Click here to download affidavit format)

»Project Report indicating list of capital goods to be imported/procured, Description of raw materials and other imports, Technical Collaboration, Marketing Collaboration, activities proposes etc. (including a write up on the background of the promoters establishing their credentials and standing)

»Copy of Certificate of Incorporation along with Articles of Association and Memorandum of Association in case of companies and attested copy of Partnership Deed in case of Partnership Firms

»Last 3 years Income Tax Returns of partners. In case of company audited balance sheet for the last 3 years.

»Copy of Pan Card of Promoters

»Proof of residence of promoter (Copy of Ration Card, Voter ID Card, Passport, Driving License)

 

A company that is already registered in India can start operations in the Zone without having to incorporate a new company. Separate accounts, including sufficient Bank accounts, suffice. Foreign Corporates can also set up manufacturing units as their branch operations in the Special Economic Zone in accordance with the provisions of Foreign Exchange Management (Foreign Exchange Derivatives Contracts) Regulations, 2000.

 

 

Foreign Corporates/ NRIs may note that investment proposals in the Zone qualify for bringing in funds into India under the automatic route of the Reserve Bank of India. This means that no prior approval is required for bringing in the funds and that they may subscribe to the+ Memorandum and Articles of Association without prior approval of the RBI if the investment proposal has been cleared by the Zone Administration. The funds should be brought through normal banking channels. However they should intimate receipt of funds from abroad within 30 days of receipt in the prescribed form to Reserve Bank of India, Exchange Control Department, Lissie Junction, Cochin (Phone: ++91-484-2402911).

 

Letter of Approval (LOA) is thereupon issued by Zone Administration.

 

The unit should issue a letter accepting terms & conditions of the LOA on its letter pad. There is no specified format for the same.

 

Import Export Code: If the unit does not have an Import Export Code (IEC), apply in the prescribed form to the Zone Administration for the same along with the Form-F. The application form has to be accompanied by the following documents:

 

»Application fee of Rs.1000/- in the form of demand draft favouring the Development Commissioner, CSEZ payable at Cochin.

»Certificate from the Banker of the unit as per Annexure 1 of the application form.

Two copies of the passport size photograph of the applicant attested by the Banker of the unit.

»A copy of the Permanent Account Number (PAN) issued by the Income Tax Authorities, attested by the applicant.

 

In case of CSEZ units, an offer of allotment will be issued to the unit requesting it to remit the first installment of rent. After the unit has remitted the amount, the allotment letter will be issued by Zone. The unit has to pay the full year’s rent by Demand Draft/ Banker’s Cheque/ Pay Order, favouring Development Commissioner, CSEZ, and Cochin.

 

Execution of Lease Agreement: The unit has to submit the draft Lease Agreement in the prescribed format. This is to be vetted by Zone Office. This may be submitted by e-mail. There are separate formats for executing the lease of built-up space and lease of plots.

»          Lease Agreement - Format for SDF

»          Lease Agreement - Format for Plot

 

After vetting the unit has to submit 3 fair copies typed on green ledger paper. The matter is to be typed on single side of the paper. There should be double space between the lines.

 

The authorized signatory must be present in person at the Zone office and execute the lease deed.

 

After execution the lease deed has to be registered by the unit at office of the Sub Registrar at Thrikkakara, Cochin.

 

Registration is exempt from levy of duties under the Stamp Act and from registration charges. The person who signs the lease deed on behalf of the unit must be present before the Sub-Registrar, Thrikkakara to complete the registration formalities. After registration the original copy of the registered lease deed should be submitted to the Zone Office.

 

The Zone Administration can issue a No Objection Certificate for creation of equitable mortgage of lease hold rights in favour of financial institutions to enable the unit to raise finance for running the unit once the registration of the lease deed is over.

 

The unit has to submit to the Zone Office detailed plans of its proposed construction in case it has secured land, or of modification in case it has secured a standard design factory for approval. This has to be in conformity with the National Building Code provisions.

 

No other approvals from any other town planning authority are required.

 

  • Power: CSEZ units have to apply in the prescribed form to the Development Commissioner. To get power connection units have to execute an agreement with CSEZ for LT Connection/HT Connection, as the case may be, on stamp paper of value Rs.50/- and remit the amount specified by CSEZ.

 

  • Water and Effluent Treatment: For Water supply and Common Effluent Treatment the CSEZ units have to apply in the prescribed form to the Development Commissioner, CSEZ. Units have to execute an agreement with CSEZ on stamp paper of value of Rs.50/- and remit the amount specified by CSEZ as deposit.
  • Telephones: The Zone falls in the service area of the CSEZ Telephone Exchange located inside the Zone (Phone # 91-484-2413000). The unit has to apply to the Commercial Officer, Office of the Principal General Manager, BSNL, Kalathiparambil Road, Ernakulam (Phone # ++91-484-2351900, 2202352) for telephone connections. Connections are given on demand.
  • The unit has also to take a Central Excise Manufacture Code No. from the Superintendent, Central Excise, Kalamasery Range I, Sudha’s Building, Opposite PNVM Hospital, Banerji Road, Cochin (Phone: 367583) to enable them to sell in the domestic market.

 

Approvals from State Government Agencies:

 

  • The unit has to secure approval for its wiring plan and electricals from the Electrical Inspectorate. The local officer is the Deputy Chief Electrical Inspector, Diwan’s Road, Cochin 16 (Phone: ++91-484-2351701).

 

  • The unit has to take a registration under the Kerala Government Sales Tax Act and Central Sales Tax Act from the Sales Tax Officer, Palarivattom, Cochin (Phone: 2534607).

 

  • In case the unit already has a registration with the State Sale Tax Department the address of the additional premises should also be got endorsed in the registration certificate.

 

  • The unit has to take Small Scale Industry (SSI) Registration from the District Industries Centre to apply for State Government’s Investment Subsidy. The local officer is the General Manager, District Industries Centre, SIDCO Buildings, Gandhi Nagar, Cochin (Phone: 2323022).

 

  • The unit has also to secure approval under the Factories Act. The local officer is the Inspector of Factories, Civil Station, Kakkanad, Cochin (Phone: 2422258).
  • In case there are effluents or emissions the unit has to secure approval from the Kerala State Pollution Control Board, Gandhi Nagar, Cochin (Phone: 2318415).

OFFICIAL WEBSITE:

https://csez.com/php/howtoapply.php

 

 

CHECK LIST

 

  • Copy of letter of willingness to allot space in the Zone issued by CSEZ/Developer
  • Application fees - DD for Rs.5000/- drawn in favour of "The Pay & Accounts Officer, Cochin Special Economic Zone"
  • Affidavit of undertaking as prescribed in the Form-F in stamp paper of Rs.25/- (Click here to download affidavit format)
  • Project Report indicating list of capital goods to be imported/procured, Description of raw materials and other imports, Technical Collaboration, Marketing Collaboration, activities proposes etc. (including a write up on the background of the promoters establishing their credentials and standing)
  • Copy of Certificate of Incorporation along with Articles of Association and Memorandum of Association in case of companies and attested copy of Partnership Deed in case of Partnership Firms
  • Income tax returns of proprietor/partners for the last 3 years. In case of company audited balance sheet for the last 3 years.
  • Copy of Pan Card of Promoters
  • Address proof of promoter. (Copy of - Ration Card\Voter ID card/Passport/Driving License).
  • Creation of SEZ online account
  • Payment of Rs. 10,000/- to be made for new unit registration
  • On receipt of Rs. 10,000/-, new unit application shall be made online in Form F.

Submission of following documents to SEZ for approval:

  • Affidavit verifying Form F executed in stamp paper of denomination Rs. 500/-
  • Declaration with respect to IT returns filing, Investments and Audited Financials
  • 6Preparation of project report with five year projections of Forex, Manpower turnover, raw material procurement if any,
  • COI/ Registration certificate in case of partnership.
  • PAN of promoters and Firm/ Company.
  • Acknowledgement of IT returns filed (both promoters and Company/Firm).
  • Audited Financials for last 5 years

Rs. 35,000/- one time registration fee to be paid online to NSDL for regularizing SEZ online account.

  • Execution of BLUT (Bond cum Legal Undertaking) in Rs. 500/- stamp paper and submission
  • Submission of lease deed entered into with the developer of SEZ.

Once the unit regularize its online account, apart from the above mentioned charges Rs. 10,000/- for Annual Maintenance Charge has to be paid yearly and Rs. 30 per invoice for softex filing shall be made by the unit.

 

CONCLUSION:

The Central and State Government has ensured that the procedure to set up a business unit in a SEZ is easy and transparent to encourage investments businesses in this area. All procedures are explained in detail in the Special Economic Zone Act of 2005, the Special Economic Zone Rules, 2006, and further amendments and circulars that have been issued by the Government thereafter. All the Forms are available online on the SEZ website

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