Architect Marouan Sbai is one of the new breed of entrepreneurs who is doing business in Russia.
Until relatively recently the commonly-held opinion in corporate circles was that only large companies could take their business into the country’s emerging markets because of bureaucracy and other forms of regulation.
But data from the Russian tax authorities for May 2013 – published in the business-orientated Russia and India Report – says that about 25,000 foreigner nationals work in Russia on a Sole Proprietor License, but citizens from former Soviet states account for 60 percent of these permits.
“Why I decided to start my business in Russia? Here, unlike in the EU member states, no one complains much about the global crisis, and the taxation system is more or less moderate — six percent income tax for individual entrepreneurs,” said Marouan Sbai, the architect from Morocco who has been living in Russia since 2004.
“Even though the competition in my field is tough, Russia remains a wonderland of opportunities for further growth and business development.”
In the last four years the country has been actively improving its business climate by reforming legislation and simplifying official procedures.
This enabled it to move from 120th to 112th in the World Bank’s “Ease of Doing Business” index. President Vladimir Putin has stated he wants the country in the top 20 by 2020.