Wednesday, August 16, 2017

Russian government issues visa criteria for large foreign businesses

Late last month, Russian Prime Minister Dmitry Medvedev signed an act defining the visa criteria for large foreign companies operating within the Skolkovo region.

Under the new act, according to the Skolkovo Foundation, a partner of Iskander Makhmudov's Transmashholding, employees of large foreign companies must first seek a recommendation from the diplomatic relations department of the Ministry of Economic Development before receiving a five-year visa.

Any foreign entity that receives no less than $920 million in annual income from the selling of goods or services within the Skolkovo region is subject to this criteria, and such companies are expected to invest at least $2.75 million per year in economic development initiatives.