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Doing Business in Russia as an Expat

Published: February 18, 2014 (Issue # 1797)




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Are you thinking of looking for a job or even starting a business in Russia? Expats working in Russia number among the highest paid worldwide, with one-third earning over 250,000 USD per year. There are many opportunities in the fields of human resources, business development, IT and finance. The industrial sector, especially energy, construction and metallurgy, also offers many jobs. A good number of expats also find jobs in Russia in the management tier.

A special visa category exists for highly-qualified professionals. These work visas are processed within weeks, and have no quotas, but in order to qualify for this type of visa you must earn a minimum of two million rubles (57,800 USD) per year. If your position does not qualify you for this visa category, your potential employer must apply for a corporate work permit at least one year in advance. Since there are annual quotas for the number of foreign work permits that can be issued per year, there is no guarantee that your application will be successful.

If your dream is to open your own business in Russia, it is important to do your research and know what to expect and what you are getting yourself into. The rules and regulations for companies and businesses in Russia may vary considerably from those in your home country. First of all, you need to know what kind of business youre allowed to open as a foreigner. Generally, there are no restrictions for foreigners who wish to open a business in Russia, except if they are in the fields of insurance, air transportation or gas supply. There are also restrictions for foreign investors who wish to invest in companies active in the strategic sector.

Next you need to decide what type of legal form your company will have. Depending on different factors, you can register it as a limited liability company or a joint stock company. Foreign companies are also allowed to open branches in Russia. If you wish to register yourself as an individual entrepreneur, then you must first possess a temporary or permanent residence permit.

Before going to Russia to open your company, you should visit on a fact-finding trip. On this trip, you can learn more about the local economy and do some market research. How is business done in your branch or field? What are differences between how things are done in Russia and in your home country? Will your business be catering mostly to expats or locals as well? In the latter case, be sure to learn as much as you can about local lifestyles, attitudes and wants. Is your business addressing a local need in the community?

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ALL ABOUT TOWN

Wednesday, Sept. 3


Although the Peter and Paul Fortress sand sculptures are more central and therefore more visible to the throngs of tourists, the 300th Anniversary Park of St. Petersburgs own collection closes today. The World Collection of Sand Sculptures that have been on display at the park reaches its final day, so fans of the classic beach activity should get there while they can.



Thursday, Sept. 4


Vladimir I. Danchenkov, Head of Baltic Customs, will be in attendance during AmChams Customs and Transportation Committee Meeting convening this afternoon at the organizations office near St. Isaacs Square at 3 p.m.



Friday, Sept. 5


Scrabble lovers and chess masters get their chance to assert their intellectual dominance at the return of the British Book Centers Board Game Evenings tonight. Held weekly on Friday nights, the event gives both board game lovers and those hoping to improve their English the chance to meet, greet and compete. Check out the centers VK page for more details.



Saturday, Sept. 6


Athletes will relish the chance to get the latest gear and try out something new at I Choose Sport, an annual event at Lenexpo forum that plans to welcome more than 30,000 people this week to the international exhibition center. Not only will visitors get to try their hand at various athletic endeavors but they will also be able to peruse equipment that can fulfill their dreams of becoming a champion.


Local KHL team SKA St. Petersburg open their season this evening at home against Lokomotiv Yarovslavl at the Ice Palace arena next to the Prospekt Bolshevikov metro station. See their website for a full schedule and available tickets.



Sunday, Sept. 7


Check out retro and antique cars at Fort Konstantin on Kronstadt Island in the Gulf of Finland at FORTuna, a yearly car festival that highlights the eccentricities of the Soviet automobile industry. A car race, contests and a stunt show will give visitors a chance to rev their engines.



Monday, Sept. 8


This evening marks the opening of the two-week ballet festival High Season at the Mikhailovsky Theater. Check the theaters website for more details about performances and featured dancers.



Tuesday, Sept. 9


Discuss the latest news and issues at the AmCham Hazardous Waste Management Roundtable this morning in the Tango Conference Hall of the Sokos Hotel Palace Bridge on Birzhevoy Pereulok. Starting at 9 a.m., planned topics include the Krasny Bor landfill and waste transportation between Russia and Finland.


Learn more about the citys modern architectural trends at the SPIBA Real Estate and Construction Committees meeting on the topic Contemporary Petersburg Style: What is It? Participants will get the chance to discuss whats in-demand with RBI Holdings Irina Petrova and Lubava Pryanikova, and the current state of the local real estate market. Please confirm your attendance by Sept. 5 through SPIBAs website if you wish to attend.



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