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  business   Starting business in Russia is not that difficult, as it may seem. According to the report of the World Bank “Business in 2006”, it is easier to start a new business in Russia than even in other emerging markets, such as China or India.  

 

 

 

   

Especially in the last few years, Russian authorities have made several changes in the legislation simplifying the issues of registration and taxation of new businesses. None the less, small and medium-sized businesses now have better chances for getting a loan from the banks.

However, the tricky thing is to keep the business going. Rather complicated accounting and reporting system, involving several bodies, frequent inspections done by various controlling organisations, and unclearness in the responsibilities between the federal and regional authorities make the process of “doing business in Russia” more complicated compared to other emerging markets.

Corruption is one of the biggest problems both Russian and international companies have to deal with. In the poll carried out by Advisory Council for Foreign Investments in Russia, more than 150 foreign companies named bureaucracy as the main hindrance for their activities in Russia. Corruption stood on the second place.

Taken all this in consideration, there can be only one advice. Professional assistance rendered by lawyers, auditors and advisers can save you a lot of efforts and money. If guided in the right direction, you will enjoy doing business in Russia. But it is important to do homework.

About this section
In the last years there were produced hundreds of guides for businessmen on how to do business in Russia. Most of consulting companies working with Russia have their own guides “Doing business in Russia”, also for download. In most cases, these guides are compiled out of the same criteria, covering at least organizational forms, taxation and labour issues, and thus represent a good start for all newcomers.

At the same time, it is highly recommended that you check the date of publication, ensuring that information is up-to-date, especially as for exact figures, rates etc. Below you will find links to these guides, with a short description.

Did you know…
It takes 33 days to start a business in Russia, according to the World Bank.
 

General information
Ministry for Economic Development and Trade of Russia - official site, Business information, Russian exporters, Russian HI-TECH , Inquiries about export, Exhibitions and fairs, Foreign importers (eng/rus)

Central & Eastern European Business Directory - an interactive site which provides current information on businesses and organisations in Central and Eastern Europe, Russia and CIS, a good reference source for those looking for investment opportunities, trading links and partnerships.

Russian Business Portal – developed by Alliance Media Business Partnership, contains regularly updated main business news in English, business offers, businesses for sale, matchmaking, analytics etc (eng)

Doing Business in Russia: commercial guide for US companies (by BISNIS) – a short overview over political and economic environment, trade regulations and standards etc. (eng)

Market Reports on Russia – (by The U.S. Commercial Service) - Market Challenges, Market Opportunities, Market Entry Strategy, Investment Climate, Trade and Project Finance, Business Travel etc. (eng)

Doing business in Russia (by the American Chamber of Commerce) – Highly recommended! An entire section of the AmCham’s website contains articles devoted to various aspects of business activities in Russia, from establishment to bankruptcy etc. (eng)

Ease of doing business – illustrative ratings developed by the World Bank/International Finance Corporation (IFC) showing how difficult/ easy it is to establish and run business in Russia by various criteria: employment, registration, getting a loan, investors’ protection, taxation etc. Rather amusing – and informative (eng).

Business Guide to Russia – a website devoted to various aspects of doing business in Russia, with a legal section prepared by VISTA Law Firm (Moscow).

Relevant institutions
Federal Anti-Monopoly Service - regulates large mergers and acquisitions as well as any large business openings (eng/rus)

Foreign companies accreditation in Russia (by the Russian Chamber of Commerce and Industry) (eng)

Alinga Consulting Group – check the website of this consultancy company for salary reviews, legislation changes, analysis and prognosis, all in English (eng/rus)

Downloadable guides
Doing business in Russia (by Deloitte, January 2006) – Deloitte Touche was one of the first major advisory companies to penetrate the markets of the CIS. This comprehensive guide contains the most important issues around establishing and running a company in Russia. Link to a file in PDF-format (eng)

Doing business in Russia (by Ernst & Young, May 2005) - Doing Business in Russia Guide contains useful, brief information about taxation, legislation and financial reporting practices in Russia, one of the most comprehensive guides. Link to a file in PDF-format (eng)

Guide to doing business in Russia – (by Freshfields Bruckhaus Deringer) – May 2006,
this guide is composed in form of questions and answers, all related to establishing and running business in Russia, with a large section devoted to bankruptcy.


Companies offering consultancy services
Innovation Norway  - promotes nationwide industrial development profitable to both the business economy and Norway’s national economy, and helps release the potential of different districts and regions by contributing towards innovation, internationalisation and promotion (nor/eng).

KPMG Russia provides audit and assurance services on tax and financial issues to major Russian and global companies and to a broad range of non-governmental organizations and financial institutions, assist to Russian issuers in placing their securities on the stock exchanges of the United States and Western Europe, in business restructuring to increase efficiency, and also tax advisory services. (eng)

Ernst & Young Russia - pays special attention to its advisory practice, advice on operational development, business planning, risk management, technology security risks management, sustainability and corporate responsibility (eng)

PricewaterhouseCoopers Russia (PwC) - the largest consultancy and auditing group in Russia with offices in Moscow, St. Petersburg, Yuzhno-Sakhalinsk and Togliatti (eng)

Business culture
Business cultures and communicating (by Barentsinfo.org) – outlines about business cultures in Russia, Norway, Finland and Sweden (eng)

Russia - Language, Culture and Doing Business – very brief outline of etiquette, manners and protocol (eng)

Services by NRCC Member Companies
- Legal services
Selmer
DLA Nordic
Wikborg Rein
Steenstrup Stordrange
Simonsen

Finance and financial advisory services
Eksportfinans - Norwegian Export Credit Agency (eng/nor)
GIEK - Norwegian governmental agency for guarantees of export credits (eng/nor)
Export Finance Services - Oslo-based company, advisory for export and international contracts (nor)

- Recruitment
Top Executive Search – EMA Partners, Moscow office of the EMA Partners Worldwide, is carrying out senior executive search (eng)

- Consultancy and advisory in Norway
Scanteam, Oslo – company providing analysis, advice and facilitation services for projects and programmes in the transitional economies (eng)

ECON Analyse, Oslo – leading Nordic consulting firm in the field of economic analysis (nor/eng)

- Consultancy and advisory in Russia
Solid Invest, St.Petersburg/Helsinki – company offering services in corporate finance, strategy consulting and economic analysis for Russian and foreign clients

This section is under construction. More information about NRCC member companies will be added shortly.