Number of companies eager to receive first class investment certificate is growing
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As the dead line approaches – 30-08-2007 – the number of investors, willing to receive a first class investment certificate in the real estate sector increases. In 2007, similar projects have received the greatest number of certificates, half of them were given to trade center developers.Some six real estate projects candidate for a first class investment certificate are awaiting approval, Hristo Etropolski - a representative of the Investment agency - reported. The submission dead line is now set for the 6th of August 2007.After this date, investments in the sphere of industry, renewable energy resources, IT services will be encouraged as projects.This solid interest is due to amendment made in the Investment Encouraging Law. The advantages it offers are the investor’s main reasons to apply for receiving the valuable certificate. The most important of them is the personal administrative service that is due according to changes made. It saves time for documents’ arranging and saves up to one third from the period needed. For example if a procedure takes one month in general, a first class investor will have it done for 20 days. Strong advantage is the coordination between state and municipal departments especially when changing the status of land is concerned – from regulated to non-regulated.Investors have the priority to get attractive properties without competition or auction. What’s more, deals like these cannot be appealed in court. Another advantage is that the funds are provided from budget for infrastructure constructions. This is the case with Business Park Sofia – the German company Lindner investment - has received such financial resources. The project was given a certificate in 2004, 13.6 millions levs were granted at the end of 2005 for infrastructure to be made. According to law each investor makes the plan for infrastructure construction at his expense. Then the plan has to be approved by the Council of Ministers and Commission for Protection of Competition which procedure takes couple of months. Investors are obliged to deposit a bank guarantee equal to the subsidy given.It seems that this changes in the law are pretty convenient for investors what’s left to is to wait and see whether what’s on paper will be efficient in practice. |
