SEZ Benefits and Aerospace Manufacturing Enterprises
To define in simple terms a SEZ i.e. a special economic zone is a territorially bound zone where issues related to economic laws in case of import and export are liberal as compared to other parts of the country. These lands are projected as duty free zones for numerous purposes of operations, trade, tariffs and duty. These units are self – contained and integrated having infrastructure and assistance service of their own.
There might be units set up under SEZ’s for manufacturing goods and other initiatives such as assembling, processing, repairing, trading, reconditioning and many others. Going by law SEZ units are supposed to be out of the customs domain of India. Products and services that comes in to these zones from the domestic tariff area are treated as exports from India and services and products rendered from the SEZ to the DTA are considered as imports to India.
Benefits of SEZ
Apart from offering state-of-the art infrastructure and the access to a huge percentage of skilled and trained workforce, SEZ benefits also involves offering developers and organizations with an attractive and conducive incentive framework. This comprises 100 percent exemption from income tax for a span of five years. In additional to this, there is a 50 percent tax emption for approximately two years. At the same time, 100 percent FDI is also offered in the manufacturing department. There is also exemption from industrial licensing needs.
The zones under SEZ comprise of a vast array of zones that comprises of the following:-
* Export Processing Zones (EPZ)
* Free Zones (FZ)
* Industrial Estates (IE)
* Free Trade Zones (FTZ)
* Free Ports
* Urban Enterprise Zones
Generally the aim of the SEZ structure is to maximize the foreign investment in the country. In the recent past there have been eminent companies specializing in aerospace manufacturing that has contributed in the development of these zones. Dedicated teams from these companies are present at the zone to address each and every need from the clients belonging to the aerospace industry. From technical assistance to employee augmentation these companies extend their expertise and experience in order to ensure seamless business operation at the SEZ’s.
Some of the eco-friendly SEZ benefits that are offered are as follows:-
* Global standard landscaping for approximately 15,000 trees
* Bicycles for intra-zone mobility
* Favorable landscape having huge amphitheatre that is accessible and visible from across the entire campus
* Rain water harvesting
* Water treatment plant
* Sewage treatment plant
* A stream is being converted to a natural water body
That is not all. There are other added benefits as well. These companies also offer complementary consultancy services, such as turkey solutions for setting up green field assignments in various sectors of precision engineering and manufacturing services. At the same time, there are other incubation facilities offered to the users, until their respective units within the Zone are ready.
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