Smolenskaya embankment, Moscow, October 2017 – Photo credit : Swann Bigot
Doing business in Russia became easier over the past year as Russia advanced to 28th rank out of 190 countries in the World Bank’s 2020 business rankings, from 31st in the 2019 report, revealed the World Bank on October 24.
The country was ranked 120th in 2011.
Russia is now just after Austria, ranked 27th but before Japan (29th), Spain (30th), France (32nd) or Switzerland (36th).
New Zealand remains the best place for Doing Business in the world, according to the World Bank.
The reforms carried out by the Russian Government over the past year made getting access to electricity faster, by setting new deadlines and establishing specialized departments for connection works within the utilities of Moscow and St. Petersburg.
The Russian Federation also strengthened minority investor protections by requiring greater corporate transparency.
Lastly, the Russian legislation made paying taxes easier by reducing the tax authority review period of taxpayer applications for value added tax cash refunds and by further enhancing the 1C accounting software used for tax and payroll preparation. This reform applies to both Moscow and St. Petersburg.
The annual Doing Business report ranks 190 national economies based on 12 areas of business regulation : starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, employing workers, and contracting with the government.
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