The World Bank reforms saved more than a year in the total number of regulatory procedures for business in the Russian Federation

: Aleksandra Shilova | ASI Press service

The Russia’s participation in the World Bank reforms to improve the environment for doing business allows for reducing the time of regulatory procedure by more than 365 days, as reported by Svetlana Chupsheva, the General Director of the Agency for Strategic Initiatives (ASI), during the ASI’s and TASS’ business breakfast “Business Climate in Russia: Achievements and Challenges”, which took place in Moscow on December 19.

The ASI’s Head reminded that Russia has managed to significantly improve its Doing Business rating during five years: from the 120th to the 35th position.

“Surely, investors rely not only on rating figures when making decision to invest in a country. However, I am very thankful to our colleagues from the Word Bank: due to this project, we could carry out a technical audit of the federal legal framework to identify excessive barriers, procedures, the capacities of mediators between officials and businessmen in the service provision area. If we take the total number of days that we have managed to optimize (to reduce) for business in the total amount of regulatory procedures, it is about a year or even more,” Svetlana Chupsheva said.

She stressed that the legal framework that has been created in Russian regions for over the past few years enabled our country to become competitive in the race for investors.

“The basic instruments, namely those required to start a business: connection to utilities, registration of a company, registration of a property, obtaining a construction permit, a set of support measures, privileges and preferences for investors, the existence of a development corporation as a one-stop shop for support of investors in the regions – we really could create such standard model solutions, which allow us to say that it would be easier and more comfortable for businesses to work in the constituent entities of the Russian Federation,” Svetlana Chupsheva stated.