Government simplifies Arctic zone resident status regulations for small businesses
The Government of Russia has simplified regulations for obtaining Arctic zone resident status by small businesses.
“Small businesses will find it easier to obtain the status of Arctic zone residents following the approval of a list of activities not covered by real-estate investment requirements. Prime Minister Mikhail Mishustin has signed the relevant directive,” the Government’s press service said.
Resident companies will be eligible for numerous privileges, including reduced tax and insurance premiums rates, more lenient land-plot lease plans, cheap loans and a free customs zone.
“Earlier, each organization applying for Arctic resident status pledged to invest in the renovation or construction of real-estate properties. From now on, certain activities will be exempted from this,” the press release noted.
The document lists 58 such activities, including livestock-breeding, forest-planting and metal-working projects, manufacture of furniture, clothing, paper and leather items, publishing activities, waste collection, disposal and recycling, educational and healthcare services.
The decision is expected to simplify small businesses’ Arctic operations and will serve as an additional driver of socioeconomic development in Russia’s polar regions.