The Cabinet of Ministers of Ukraine by its Resolution No. 515 of 19 May 2021 approved the Requirements for the Feasibility Study of Investment Project with Significant Investments (hereinafter – the “Requirements”).
The Requirements were approved to implement the Law of Ukraine “On State Support of Investment Projects with Significant Investments in Ukraine” (please see our legal alert of 13 February 2021 for details).
As reported, the law provides for various forms of state support to projects valued at over EUR 20 million. As a part of the deal, an investor enters into a special investment contract with the government.
The Government reported that after the law had been passed, Ukraine received 15 applications for state support from investors for a total amount of more than USD 1 billion.
A company that wishes to receive state support for its investment project (the “applicant”) shall submit the feasibility study (the “FS”) of the project to the Ministry of Economy of Ukraine.
The FS shall be accompanied by the financial model of the project. (The Ministry of Economy of Ukraine shall approve recommendations for the preparation of the financial model of the project).
The FS shall contain 13 sections with information on the project:
The information specified in the FS must comply with the provisions of the draft special investment agreement that the applicant shall submit to the Ministry of Economy together with the FS.
The applicant may determine the information contained in the FS as confidential. Some types of information cannot be made confidential, however. This includes the name of the applicant and the project, investments amount, total amount and form of state support.
Approval of the Requirements is an important step in the implementation of the Law of Ukraine “On State Support of Investment Projects with Significant Investments in Ukraine”, as the potential applicants now have a clear understanding of the documents that they have to submit to the Government for the approval of the project.
Marushko Law Office has extensive experience in advising foreign investments in Ukraine.
Our lawyers will be happy to assist your company in the preparation and processing of your application for the state support of your investment in Ukraine.
The full text of the Requirements (in Ukrainian) is available here.