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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, Aug. 20


AmCham gets back to business after a summer hiatus with todays EHS Committee Working Group Meeting. Check their website for more details.



Thursday, Aug. 21


Time is running out to see the fantastic creations on display at the 2014 Sand Castle Festival on the beach at the Peter and Paul Fortress. Adhering to the theme of Treasure Island, visitors can wander amongst larger-than-life interpretations of pirate life or attend one of the workshops held to educate a future generation of sand artists. The castles will remain on the beach until Aug. 31.



Friday, Aug. 22


Get ready to pledge allegiance to the flag during National Flag Day, paying tribute to when, 23 years ago today, the iconic hammer-and-sickle was replaced with the tricolor that now flutters in the wind. Petersburgers will be treated to a free concert on Palace Square, a military parade and a culminating air show featuring Russias Russian Knights stunt pilots.



Saturday, Aug. 23


Uppsala Park plays host to Fairy Noon today, a performance of five separate fairy tales ranging from folk classics to more haunting selections. There will be three different renditions of the tales throughout the day and tickets start at 500 rubles ($13.80) for adults and 300 rubles ($8.30) for children.


Classic Finnish cartoon characters the Moomins expect to receive a warm welcome from Russian fans during todays Moomin Festival at the Pearl Plaza Shopping Center at 51 Petergofskoye Shosse. Become a kid again or introduce a new generation to the beloved creation of Finnish writer Tove Jansson.



Sunday, Aug. 24


The tortured genius of Dutch master Vincent van Gogh gets his day in the centers Konnushnaya Ploschad during Make Art Like Van Gogh, a daylong celebration of the artist that will allow amateur artists to try and replicate the work that made the famed painter world-renowned.


Experience a variety of dances highlighting the diversity of the world around as at the final day of the Ethno-Dance International Dance Festival that has been at the St. Petersburg Humanitarian University of Trade Unions this past week. Tonights performance will feature Egyptian dancers accompanied by local orchestras.



Monday, Aug. 25


Today kicks off the Elena Obraztsovoy International Competition for Young Vocalists in the large hall of the Shostakovich Philharmonic. Talented youngsters will showcase their range over the next six days before a winner is chosen on Aug. 30.



Tuesday, Aug. 26


Love movies but hate all those words? Then check out Rodina Cinema Centers Factor of Consensus film forum this evening. Silent movie classics from the beginning of the 20th century will be screened and accompanied by a pianist, who will provide the soundtrack for the ongoing action. The screenings begin at 7 p.m. Check Rodinas website for more details.



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