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Order of October 20, 2021 No. 2956-r

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Order of October 20, 2021 No. 2956-r

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 requirement for investment in real estate. This order was signed by Prime Minister Mikhail Mishustin.

Companies with resident status can count on many preferences. These are, for example, lower rates on taxes and insurance premiums, privileges for leasing land plots, cheap loans, as well as a free customs zone procedure.

Previously, each organization applying for the status assumed the obligation to invest in the reconstruction or construction of real estate. Now an exception will be made for certain areas of activity.

In total, the list approved by the Government includes 58 such directions. These include livestock, forestry, metalworking, furniture, clothing, paper and leather goods, publishing, waste collection and disposal, educational services and health care activities.

The adopted decision will simplify the work of small business in the Arctic zone, will become an additional incentive for the socio-economic development of the Russian Arctic.

In April 2021, the Government approved an action plan for the implementation of the Strategy for the Development of the Arctic Zone and the Fundamentals of State Policy in the Arctic. It was adopted as a continuation of the Strategy for the Development of the Arctic Zone until 2035, as well as the Fundamentals of State Policy in the Arctic, approved by Russian President Vladimir Putin in 2020. The implementation of these documents will allow, among other things, to increase the contribution of the Arctic zone to the Russian economy and ensure the sustainable development of the region.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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