Economy overview in Russia
Russia is a powerful economy in Europe, but the crisis determined the foreign investments to drop here too. Anyhow, the Russian government encourages foreign investments and entrepreneurs who want to start a company in Russia. In 2017, the statistics of the Russian Economic Report from the World Bank showed that Russia received EUR 25 billion from foreign investments in the first 9 months of the year. Numerous projects and new companies began their activities and the gross domestic product is estimated to have been reached better numbers than the previous year. The main reason seems to be an increasing oil price.
Switzerland, Cyprus, UK and the Netherlands used to be high investors in Russia during the past years. The main industries that are quite attractive in Russia are services and industry from oil, gas, timber, machinery, chemicals, metals and farming to food, textile, furniture, and energy production. Overall, Russia is one of the most important trading partners in all countries in Europe. As far as the jobs are concerned, foreign companies started in Russia create on average 100-200 jobs per company in just one year. The employees are chosen among the Russian candidates or foreign applicants. It is important to know that foreign employees must obtain a work permit before being hired by a Russian company.
For more information about the opening of a company in Russia, you may contact our team of company formation agents in Russia. We can help you register companies in other countries, such as Turkey, and offer a wide range of legal services.