The Cabinet of Ministers approved the decision to help businesses in the pandemic.
The Head of the Government of the Russian Federation approved the procedure for providing material support to small and medium-sized business entities during the period of anti-covid measures.
It is reported that the reception of applications begins on November 1, cash payments will be made from November 15 to December 31, 2021.
Financial assistance will be issued if there are applications. The processing of appeals will be conducted by the tax authorities in a remote format. Businessmen will need to submit documents through the service of the taxpayer’s personal account on the official website of the tax service. A legal entity must be included in the list of small and medium-sized enterprises or in the list of socially oriented non-profit organizations.
This support will be available to organizations from such fields of activity as: physical education and wellness services, additional education for minors and adults, zoos, cinemas, entertainment institutions, museums, dental clinics, hairdressers and beauty salons.
The Government’s decision was approved within the framework of the decree of the President of the Russian Federation on the implementation of payments in the amount of one minimum wage per employee to support organizations from the industries most affected by the weekend regime.
It is reported that these payments can help about 3 million employees. In total, the amount of material support will be about 40 billion rubles. The decision on the issue of funds will be issued soon.
Related: Open a llc company in Russia
Get help starting your business.
The best way for a foreigner to start a business in Russia is to register a company.
The procedure for setting up a business in Russia has been actively simplified by the government.
Today the process usually takes just three days and is not significantly different for a foreigner compared to a Russian citizen.
Founding a Limited Liability Company (LLC) is considered the most convenient form of business activity.
You need to fill the application form. Foreign nationals need to provide a notarized passport translation.
The validity of your signature on the application form should be notarized, after that it should be submitted to the relevant tax body.
You will require a legal address, a charter, and a minimum starting capital of 10,000 rubles (120 EURO).
You should also specify a general director of the LLC (this might be a foreign national with work permit) and be ready to regularly prepare and submit monthly accounting reports. Then it is possible to set up a bank account for the company.
There are many advantages of this type of business:
- easier to borrow large amounts from banks;
- easier to work with contractors;
- private investors can enter the business;
- LLC can be subject to 6 (six) percent tax.
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Related: Open a llc company in Russia
Get help starting your business.
