SCHNEIDER GROUP News

Welcome to our newsletter with a selection of news and the most important regional updates for Russia & the CIS for July 2020. Hope you will find our news useful for your business!

As follows from the decree of the head of state dated February 24, 2020 “On additional measures for the transition to international financial reporting standards”, Uzbekistan opens a new page in the history of transition to IFRS.

According to World Bank estimate, Russia ranks № 40 in the world in terms of the complexity of setting up a company. This is due to both procedural features and the need to prepare a set of rules (charter), how to manage the company and how the company can conclude the contracts.

According to IDC, the Russian IT market reached $ 24.18 billion (+7%) in 2019. Venture investment volume in Russia in the same year reached $ 870 million, while exit deals are estimated at $ 5.5 billion. Business software, marketing and advertising, cybersecurity, industrial applications, HR, transport and logistics, and real estate are the most popular startups in the B2B segment.

On 20.07.2020 the President of the Russian Federation signed Federal Law No. 218-FZ on amendments to the Code of Administrative Offenses of the Russian Federation, according to which the liability for non-repatriation of foreign currency revenue is significantly reduced.