Doing business and investing

in the Russian Federation

Reveal your own Russia

In December 2016, the UK travel site Family Break Finder published a list of English-language slogans from tourism boards around the world. Although obviously not as meaningful for foreign investors as the real business environment, the slogans can be a useful tool for understanding how countries see themselves. The slogan that the researchers found for Russia does not sound terribly exciting: “Reveal your own Russia”. Nevertheless, it is to the point. Anyone who decides to start a business here will reveal their own Russia, and, no doubt, will have an unforgettable experience.

Sometimes, the challenges are considerable. Russia still has significant bureaucracy, and corruption has yet to be eradicated. Almost everybody in the government seems to realise the necessity of structural economic reforms, but progress in this direction has been rather sluggish so far. That said, Russia remains a great place to invest your time and money. I do not know the extent to which the slogan “the Dominican Republic has it all” is true, but Russia certainly does have it all. Otherwise, our firm would not have been operating here for almost 30 years, would it? We have 11 offices throughout the country and more than 2,600 employees, and we continue to expand.

I hope that you will find a lot of useful information in this brochure: Russian legislation has a tendency to change fast, and we have done our best to keep you updated on major recent developments.

In his prognosis published on the eve of 2017, Martin Wolfe of The Financial Times expressed the opinion that “ a divided, inward-looking and mismanaged West is likely to become highly destabilizing.” I hope not. I would encourage you to look outward and start paying proper attention to Russia, a country with huge potential.

According to PwC’s global report The World in 2050, published in February 2017, Russia’s economy will be the largest in Europe (in terms of GDP at PPPs) and the sixth largest in the world by mid-century.

One of Russia’s ambitions is to get into the group of top 20 countries ranked on their ease of doing business by the World Bank (in October 2016, Russia was in 40th place among 190 countries). This goal will be hard to achieve, but it can be done.

“We have a vast, unique and wonderful country,” says Russian President Vladimir Putin. With confidence, I can guarantee that this is not a post-truth.

 

Igor Lotakov
Managing Partner,
PwC Russia

Contact us

Олаф Преллер

Партнер, Глава группы по работе с иностранными компаниями, PwC в России, PwC Russia

Tel: +7 (495) 223 5013

Наталья Возианова

Партнер, налоговые услуги предприятиям в области связи, информационных технологий и СМИ, PwC Russia

Tel: +7 (495) 967 6237

Follow us