The Ministry for the Development of the Russian Far East and Arctic has developed a resource for investors in the Arctic region which provides electronic document preparation and also assistance in organizing cooperation with state development institutions.

"We must facilitate full online cooperation with investors from the time when the law (on the special system of incentives for investors in the Arctic region — editor's note) comes into effect. To do this, we will launch electronic accounts for investors. We have prepared such online solutions," said Deputy Minister for the Development of the Russian Far East and Arctic Alexander Krutikov at a videoconference of the State Commission for Arctic Development.

He said that this resource would be launched on the investment portal of the Russian Arctic region. Using this online platform, investors will be able to submit all documents electronically and to use the online services of the Ministry and other development institutions. Later, municipal authorities, banks and other organizations will join the system.

The Ministry for the Development of the Russian Far East and Arctic has also prepared amendments for the second reading of the package of bills on incentives for investors in the Arctic region. According to these amendments, the investment threshold for receiving incentives and Arctic resident status will drop from ten to one million rubles.

As Krutikov said at the video conference, the draft law which will establish a special economic regime in the Arctic region was introduced to the State Duma in February within the package of bills on benefits for investors in the Arctic region. After the draft law is passed, new projects will receive Arctic resident status and relevant benefits.

"The package of bills on the system of incentives in the Arctic region is ready for the second reading. We expect the State Duma to review it in the near future. Reference materials provide key amendments prepared in accordance with proposals put forward by the regions and MPs. One of the key amendments is lowering the investment threshold from ten to one million rubles," Krutikov said.

Additional proposals include giving businesses operating in the Arctic region a refund for part of their insurance payments and investment loan interest, and making new projects in mining solid mineral deposits eligible for benefits.