State Duma of the Russian Federation adopted a law on the establishment of Business Development Corporation

24th June 2015

On 19 June 2015 the State Duma of the Russian Federation in the third reading adopted the draft law on small and medium business support in the third reading.

The document includes amendments to the Federal Law of July 26, 2006 № 135-FZ “On Protection of Competition”, the Federal Law of July 18, 2011 № 223-FZ “On procurement of goods, works and services by certain types of legal entities” and the Federal Law of July 24, 2007 № 209-FZ “On the development of small and medium business in the Russian Federation”. 

Chairman of the State Duma Committee on Economic Policy, Innovation Development and Entrepreneurship Anatoly Aksakov said that according to the draft law, the Federal Corporation for Small and Medium Business Development will be established in Russia.

Today in Russia there are more than 5.5 million small and medium enterprises, whose share in the GDP is only 20 percent. This sector employs about 18 million people.

 “Single institute for small and medium business support will help to integrate all resources to support SMEs in one structure and will reduce the number of administrative barriers for entrepreneurs”, - said Anatoly Aksakov.

According to the document, the corporation will deal with the provision of financial, infrastructure, property, legal, methodological support to small and medium business. Its tasks will also include assessing and monitoring of compliance of state corporations procurement plans with the requirements of the Federal Law of July 18, 2011 № 223-FZ “On procurement of goods, works and services by certain types of legal entities”.

In addition, the objectives of the corporation will include judicial review of actions of companies with state participation in respect of small and medium business, providing organizational, legal, information, marketing and financial support for investment projects that meet the priority areas of the Federal Corporation. 

It should also be noted that the draft law extends the range of separate legal entities that can participate in the authorized capital of small and medium enterprises. The threshold of their participation in the authorized capital is increased from 25 to 49 percent.

Federal law comes into force after its official publication. 

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