About 400 Russian Companies Launch Projects in Murmansk

About 400 companies from Russia’s 50 regions opened businesses in the Murmansk region, which offers tax incentives, Governor of Murmansk Oblast Andrey Chibis said at a meeting for the national organization of small and medium businesses, Opora Russia, according to TASS. 

Russian measures

The Murmansk Oblast in Russia has introduced a series of measures to make the region more attractive to young people and companies. Companies and developers can apply to be registered as an “Arctic Resident”, which allows for major tax benefits. Russia also offers free house-building land for people who settle in the Russian Arctic, and it has restructured its education system to educate specialists for Arctic projects.

“We offer the Arctic Hectare, we offer the Governor’s Startup of up to one million rubles ($13,000). We have calculated that we already have about 400 businesses from the country’s 50 regions that have moved here to develop the economy”, Chibis continued. 

At the meeting, the governor presented the region’s business opportunities, stressing that tax incentives had motivated big businesses to invest in their facilities in the region. “As for the dynamics, the investments have grown by 9% over nine months. The Arctic regime is just one year old and as of today, 8 billion rubles ($106 million) have been invested due to it,” he added.

Actively developing area

Opora Russia’s leader Alexander Kalinin said the Murmansk Oblast is an actively developing area. “We can see that the region pays great attention to the development of big investment projects, to the development of the region,” he said. “Good environment, money also attract small businesses. Here, in Kirovsk, we can see a positive balance between big and small businesses.”