The government streamlines the process of obtaining residency in the Arctic
Thanks to government efforts, small businesses will now find it easier to become residents of the Arctic Zone25 October 2021
The Russian government has simplified the procedure for receiving the status of an Arctic Zone resident for small businesses, as reported by the press relations department of the Cabinet of Ministers.
‘It will become easier for small businesses to obtain the status of a resident of the Arctic Zone, thanks to the approval of a list of activities that are not subject to the requirements for real estate investment. The decision was signed by Prime Minister Mikhail Mishustin,’ notes the official government press release, quoted by the TASS news agency.
It further notes that resident companies can count on numerous privileges, such as lower rates on taxes and insurance premiums, discounted land leases, cheap loans, as well as a free customs zone procedure.
‘Previously, each organisation aspiring to obtain this status had to undertake to invest in renovating or constructing real estate assets. Certain activities will now be exempt from this requirement,’ the press release elaborates.
According to the PR service, there are 58 such activities in all, including animal husbandry; forestry; metalworking; the production of furniture, clothing, paper, and leather goods; publishing; waste collection and disposal; educational services; and healthcare work.
Notably, this decision will simplify small business operations in the Arctic Zone, creating an extra boost for the social and economic development in the respective Russian regions.