Foreign residents of “Skolkovo” may receive the same benefits as SMEs

13th May 2015

Companies with foreign participation may get the status of small and medium-sized enterprises and the related benefits; the restrictions on foreign capital that hinder the benefits will be removed completely for “Skolkovo” residents.

The corresponding draft law submitted to the State Duma of the Russian Federation by the Government was recommended for adoption in the first reading by the Committee on Economic Policy, Innovation and Entrepreneurship Development on May 13, 2015.

As explained at the meeting of the Committee by the Director of the Department of Small and Medium Business and Competition of Russian Ministry of Economic Development Natalia Larionova, the draft law will affect 52,000 enterprises generating 3.5 million jobs in Russia.

“If a foreign company comes to Russia, it creates jobs here. This will affect companies from Belarus and Kazakhstan, as well as our partners from BRICS and EurAsEC. Why not? These facilities will be located in Russia. In some countries, there are no restrictions on foreign participation in general and that is why we lose even within the Eurasian Economic Community (in terms of attracting foreign capital and investment),”- said Natalia Larionova.

Amendments to the laws “On Protection of Competition” and “On the development of small and medium business in the Russian Federation” proposed by the Government of the Russian Federation raise the bar for SMEs participation in the charter (share) capital of foreign and Russian legal entities who are not SMEs. Now, this bar is set at 25% and when it is exceeded, the company is not eligible for receiving benefits and cannot take part in SMEs support programs. The government proposes to raise the threshold to 49%. For the residents of the innovation center “Skolkovo” with SMEs status there will be no restrictions on participation in the share capital of foreign and large Russian companies.

“Once the basic law to combat offshore zones is adopted, the amendments to the law on small and medium business will not be difficult to adopt,” – said Natalia Larionova responding to the question of the deputies about how the draft law proposed by the Government meets the President's goal of “deoffshorization” of the Russian economy.

Source: ТАSS

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