VEPZ
India Real Estate Blog
Source: www.vepz.com
Visakhapatnam Export Processing Zone is located in the port city of the Andhra Pradesh State .With its natural Harbour it has been providing services to the businesses for many years. Visakhapatnam Export Processing zone provides cost-effective solution, for operational hurdles and it facilitates the enterprise. The zone provides the best facilities which include:
Land: VEPZ offers 1/2 acre and above plots readily for any industry to be set up inside the Zone with roadways, water connection etc.
Standard Design Factory: From 470 Sq. Mt - 1100 Sq.Mt ready to occupy built in accommodation is available. A separate block is earmarked exclusively for Software Units and another for Gem and Jewelry units.
Power: Substation of capacity 33/11 KV provides uninterrupted power supply to the units inside the Zone. Another 132/33 KV line is getting ready to meet the requirements of future. Only the consumption charges need to be paid for power utility.
Water: Uninterrupted water supply is ensured to zone from the nearby reservoir and standby arrangements are available and firms need to pay only the consumption charges.
Telecommunications: To provide precision engineered services to the Zone units an exclusive and modern telephone exchange is based in the Zone area. Private operators in Cellular and Tele Services are also available in the Zone.
High speed data com facility, Software Technology Parks of India and VEPZ monitor the Satellite Earth Station and offer round the clock technical support to the Zone units. It offers Optic fibre links and connectivity according to the requirements of the Units.
Support Services: Banks, Financial Institutions, Shipping Agents, Post Office etc are available in the Premises of Zone.
EOU’s entilement: On raw material, machinery, components, consumables, spares, tooling and packaging materials custom duty has been exempted. Goods bought from the DTA for export production is exempted from Central Excise duty.
Approvals Procedures are simplified like tax incentives are offered, foreign shareholding and free remittance of profits and dividends without any restrictions and 50% of FOB value of the exports can be sold in the domestic market.
Activities of trade for exports are permitted. On export/import canalized items no restriction is placed for all sectors, hassle free job working/subcontracting facility is provided.
Clearance for exports/imports is given on fast track. In any Project 60% of External Commercial Borrowing is allowed
Supplies from domestic market to EOU units are accorded deemed export status 70% of export earnings can be retained in the EEFC Account.
Single window Approvals; for the pre and post establishment formalities single window clearances are offered by the administrative set up of the zone. Projects are offered approval for setting up the units in a span of 15-30 days from the time of application. The Zone administration offers the services to its best for making the entrepreneur feel at ease.
Special Incentives offered by the central government are: for a specified period Corporate Tax holiday has been declared. On import of capital goods, spares, raw materials, components, packing materials customs duty has been exempted.EOU / EPZ units can import Second-Hand Capital Goods without any restriction on minimum residual life. On purchases made from DTA, Central Sales Tax will be re-imbursed.
Incentives offered by the State Government include; on the fixed capital investment up to a maximum of Rs. 20.00 lakhs investment subsidy of 20% is given. On power bills both demand and energy for period of three years from the date of commencement of commercial production subject to a maximum of Rs 50.00 lakhs in case of medium and large industries and Rs.30.00 lakhs in case of SSI a rebate of 25% is allowed.
Andhra Pradesh Government Sales Tax is exempted. The prospective entrepreneur has to submit application in the prescribed format along with project a Demand Draft of Rs. 1000/- to the Development Commissioner, Visakhapatnam Export Processing Zone. Earth Station is commissioned in VEPZ approved by the IOC which will support both unlinking and down linking from VEPZ itself. The advantage of VEPZ is the low lease rentals i.e., RS 1.50 per sft/month (approx) for the first five years in the ready built accommodation with back up power.
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