Special economic Zone and its statutory compliances
A Special Economic Zone (SEZ) is an area in which business and trade laws are different from the rest of the country. Almost every enterprise, which is in the business of production, manufacturing, exporting, and importing of goods wish to establish their business unit in these Special Economical Zones. However, to establish a business unit in these SEZs, one needs to take government approval. Once it’s registered as unit in SEZ, apart from the other laws, the unit should comply with the statutory filing requirement of SEZ Act 2005 and the other allied rules.
SEZs play a key role in rapid economic development of a country. In the early 1990s, it helped China and there were hopes (perhaps never very high ones, admittedly) that the establishment in India of similar export-processing zones could offer similar benefits — provided, however, that the zones offered attractive concessions.
The Special Economic Zone is constituted under The Special Economic Zone Act, 2005 and came into force with effect from 2006. The SEZs Rules, inter-alia, provide for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments.
We act as one stop source to all the requirements of a SEZ/STPI registered unit or the unit which is proposing to become a SEZ/STPI unit.
We provide the following services pertaining to SEZ activities:
- Legal Setting up of SEZ unit and execution of various agreements/undertakings at the time of SEZ unit registration.
- Day to day and yearly compliances like filing and registration of contracts/ purchase orders, filing of Softex Forms
- Monthly performance reports
- Annual Performance Reports
- Periodical forms, returns and statements with the STP authorities.
- Filing of Service Exports Reporting form and helping of the unit for getting approval from the unit approval committee for various matters like extension of space, approval of changes in the shareholding and change of registered office etc.
- Tax advisory services to the SEZ units on their day to day transactions, transfer pricing activities etc.