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This document was drafted by the Ministry of Economic Development in execution of federal law No 303-FZ of December 30, 2012 On Introducing Amendments to Articles 25 and 25b of the Federal Law On the Procedure for Entering and Exiting the Russian Federation.
Currently consular agencies of the Russian Federation annually issue over 300,000 ordinary multiple entry business visas. And no criteria are stipulated for applicants. In an effort to introduce a more lenient migration regime for major foreign investors and companies implementing the projects on Skolkovo and International Financial Centre in Russia, it has been decided to extend the duration of ordinary business entry visas to five years, upon receipt of a relevant request from the Ministry of Economic Development.
The resolution lists companies, their employees or their representatives having the right to obtain Ministry of Economic Development requests for the issue of these visas.
The relevant criteria are stipulated by the need to confirm compliance with them by the applicant company. Financial and economic performance indicators being submitted in the form of consolidated reports in accordance with International Financial Reporting Standards (IFRS), Generally Accepted Accounting Principles of the United States (US GAAP) or other internationally recognised regulations, which differ from those mentioned above, have been singled out. Limit criteria values are to be based on an analysis of international rating surveys of major companies (Forbes, Fortune). Under these criteria, at least 400 organisations can meet the specific criteria being stipulated for a “major foreign investor” under the draft resolution.
The resolution shall also apply to all legal entities involved in establishing the innovation centre under Federal Law No 244-FZ of September 28, 2010 On the Skolkovo Innovation Centre.
Companies involved in establishing the International Financial Centre in the Russian Federation shall be covered by a list of organisations that have the status of financial organisations under Federal Law No 135-FZ of July 26, 2006 On the Protection of Competition, and which can apply for long-duration business visas. Each of these organisations shall function for at least five years in their respective main areas of activity.
This resolution will help simplify visa formalities for employees of major foreign investors.