The State Duma passed a law that facilitates small and medium-sized businesses' access to entrepreneurial activity in the country's Arctic zone when they are scheduled to carry out certain types of economic activity.

The law establishes the exclusion of capital investment requirements for the creation (construction) or modernization (reconstruction) of real estate for small- and medium-sized businesses seeking to become residents of Russia's Arctic Zone.

Thus, the document establishes that the list of economic activities that are not subject to capital investment requirements, the government establishes.

Also, the law specifies the criteria for obtaining the status of resident of the Arctic zone. For example, an entrepreneur's planned activities may be carried out in the territory of not only one but also several municipalities which belong to the onshore Arctic, provided that one of those municipalities is the place of their state registration.

For small and medium-sized businesses, the costs of purchasing machinery, equipment and production equipment will be taken into account when determining the amount of capital investment made and planned, which should not be less than 1 million rubles.

Made in Russia // Made in Russia

Author: Ksenia Gustova