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Russia’s Communications Ministry to support Internet start-ups

November 05, 2013, 19:35 UTC+3
Nikiforov said that wage expenditures were the key spending article under any start-up project
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Photo ITAR-TASS

Photo ITAR-TASS

NOVO-OGARYOVO, November 5 (Itar-Tass) - Russia's Ministry of Communications and Mass Media has prepared several bills for promoting Internet start-ups.

“We have presented a bill to reduce the size of a company entitled to premium exemptions. Under the new legislation, the limit on the number of employees in an IT-company that can apply for this benefit will be seven instead of the previous 30-employee limit,” Communications Minister Nikolai Nikiforov said on Tuesday at a meeting of Russia’s President Vladimir Putin with the Internet start-up project participants selected by the Internet Initiatives Development Fund.

Nikiforov said that wage expenditures were the key spending article under any start-up project. There are also plans for an option initiative.

“It means the possibility to give the company’s shares to the employees as a gift in advance, thus making hired staff them co-owners of the business.”

The Internet Initiatives Development Fund was created to help and support young IT specialists and entrepreneurs. Its goal is to develop IT entrepreneurship in Russia and create favourable conditions for the implementation of new high-tech projects.

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