3 Important Things You Should Do When Setting Up a Business in Russia

Russia offers you over 100 million consumers to market to if you want to sell your products and services to a larger customer base. One way to tap into the Russian market is to start a business in the country.

The best way to set up and run a business in Russia is to do things in the right way. So, take measures to safeguard yourself from any future problems. And if you need a Russian invitation letter to apply for a business visa, we can help you with that

If you choose to venture in to Russia for business purposes, then prepare yourself. Put measures to safeguard your business interests so that you don’t get into trouble later on.

Here are 3 important things that you should do while setting up a business in Russia:

1. Ensure That You Have The Right Immigration Status To Do Business In Russia

It is one thing to enter Russia as a tourist on a sightseeing mission, and quite another to enter the country to do business there. You must have the right immigration status to live in Russia and do business within its borders.

For starters, you need a business visa. This is the visa that will enable you to enter the country to conduct commercial activities. And it can be valid for up to 5 years. But most of them tend to last from 90 days to 12 months.  It is one of the most popular visas for Russian-bound visitors.

However, a Russian visa is not the only immigration document that you need to do business in Russia. You also need a residence permit. Some are temporary while others are permanent. But you need either to conduct your business legally in Russia.

The Federal Migration Service will issue you with a residence permit. It will last for three years. But it must be validated annually. Depending on the Russian investments that you make, you may be able to get the permanent residence permit faster.

2. Consult Russian Legal Experts

Your second order of business is to consult a legal expert on Russian business regulations. You will need all the legal expertise you can afford to navigate through the legalities that guide the setting up of business in Russia.

A lawyer or law firm will help you ensure you can set up your business legally. They will also advise you on how to avoid any legal minefields. You will also get advice on protecting your brand and intellectual property from these experts. Consider them a necessary investment to safeguard your business interests.

If you have no idea of where to get a Russian lawyer, ask anyone in business that you know to recommend one. You can also search online for firms with excellent ratings and reviews that indicate they help expatriates in Russia successfully set up businesses.

3. Set Up Your Business Legally And Begin To Operate

Once you have ensured that you have the right immigration status to do business in Russia and have partnered with a good lawyer, it’s time to set up your business entity.

It will take you some time to set up your business. But it helps if you have all the relevant documents that Russian authorities require of you. A business plan is also worth creating. It will not only show you are serious about making your business work, but will also appeal to investors if you need additional capital.

Ensure you listen to the legal advice you are given. It will help you determine the best business structure to use as well as reduce your taxation liabilities. Once your business is registered and licensed to operate, you can hit the ground running.