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Government approves long-term visa criteria for Skolkovo center developers

October 30, 2013, 12:16 UTC+3

Russian Cabinet expects the document to ease the visa formalities for the employees of large foreign investors

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Photo ITAR-TASS/ Dmitry Rogulin

Photo ITAR-TASS/ Dmitry Rogulin

MOSCOW, October 30 (Itar-Tass) - Russian Prime Minister Dmitry Medvedev has approved the criteria for the companies participating in the development of the Skolkovo innovation centre the employees of which will be able to get a five-year Russian business visa.

“Russian consular offices currently issue mn 300 thousand common multiple business visas a year. However, there are no criteria for the applicants. To facilitate the migration regime for large foreign investors and companies involved in the projects of Skolkovo and an international financial centre in Russia, the term ordinary business visa is prolonged to five years at the request of the Russian  Economic Development Ministry,” it is said on the official website of the Russian government. “The government’s order determines the companies, employees or agents of which will be able o receive from the Economic Development Ministry such a business visa request.”

The applicant company should confirm the conformity to the set criteria. The Russian  government specified the financial and economic activities’ indicators that should be presented in consolidated statements according to IFRS, the U.S. general accounting principles or other than those specified, internationally recognised rules. “The limits of the criteria are determined based on the analysis of the international ratings of the largest companies (Forbes, Fortune), according to which at least 400 organisations could meet the criteria for “a major foreign investor,” according to the draft order,” it is said on the website.

The Russian Cabinet expects the document to ease the visa formalities for the employees of large foreign investors.

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