The State Duma Committee on Economic Policy has supported the adoption in the first reading of a draft law submitted by the government to simplify small businesses’ access to Arctic projects.

Under the law, small businesses wishing to receive the status of Artic zone residents will no longer have to invest in the construction, modernization or renovation of any real estate. The list of economic sectors where this requirement will be lifted is to be compiled by the government.

Prime Minister Mikhail Mishustin explained that the law would also cancel the excessively strict requirement for future residents to conduct activities exclusively in one municipality of the region, at the place of state registration.

If a company or individual entrepreneur is officially registered in the Arctic zone, they will be able to work in several municipalities at once on preferential terms. This will help them generate additional revenue and expand the market, the prime minister pointed out.