Government to charge US$25,000 for SEZ applications
05 Apr 2015, 7:16 PM
Ismail Humaam Hamid
The government will charge a US$25,000 application fee from potential investors in its flagship Special Economic Zones.
Accepted applicants are also required to pay a US $1 million guarantee to a bank account of the board’s choice within 15 days of receiving the initial permit, under the new SEZ investment board regulations.
The regulations, published on April 2, set out the terms for a programme that the government hopes will bring in $100m by August. It has so far signed one memorandum of understanding for an SEZ.
The regulations give the President the authority to appoint the board’s chair, vice-chair and to dismiss board members at any time.
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