3. Potential Risks of Doing Business in Russia
3.2. Risks to Be Faced at the Market
The Russian market contains a lot of opportunities for business development. However, in view of the unpredictability of the business climate, the imperfections of the legal system and the opacity of the decision-making system, many companies associate Russia with serious risks rather than opportunities.
The report of the Allianz group provides an opportunity to identify and analyze differences in the perception of business risks in Russia. In their review, Allianz Group experts ranked the risks by the proportion of positive responses in the aggregate of all expert responses regarding the significance of a particular business risk.
37 Figure 6 Top 10 risks in Russia
Source: Allianz Global Corporate & Specialty.
In order to keep afloat in the conditions of increasing competition in a stagnating market with constantly changing situation, businessmen in Russia pay special attention to the risk of business interrupted, putting it first in importance. Here, a difference appeared in the perception of business risks in Russia, as several years ago non-market risk was in first place in terms of importance — the risk of fire and explosion (Allianz, 2015).
Russian business underscores risks regarding both legislative and regulatory changes. To maintain and improve the country’s competitiveness on the world market, government regulatory structures of Russia are forced to respond to changes in market risks by changing laws, rules, and norms of economic regulation. In this regard, globally, the risk of changes in legislation and regulation is held in second place in terms of importance to business (Allianz, 2019).
The list of factors unfavorable to doing business also includes non-market risks, such as the risk of fire and explosion and the risk of natural disasters (Allianz, 2019).
Over the past five years, the top ten most significant business risks of Russia included the risk associated with the problem of losing reputation or brand value. Since controlling and managing the risk of business interrupted and supply chain disruption is a priority in the conduct of business, entrepreneurs are also concerned about the loss of reputation or brand value. The risk of insufficient product quality or defects for Russian businessmen became significant, and they began to seriously worry about the quality of products and services provided. (Allianz, 2019)
38 Conclusion
In the thesis the topic “Doing Business in Russia” was considered. The main goal of this thesis was to examine the business environment in Russia. In order to achieve this goal, the tasks identified at the beginning of the work were solved: the macroenvironment was overviewed, the business environment was described through PEST analysis and the risks of doing business in Russia were identified.
The Russian economy, which has been severely weakened in the conditions of the currency crisis, shows a confident recovery and attractiveness for international investors and shows a very positive growth in gross domestic product.
On the basis of the work done, it can be assumed that the country needs to attract international financial flows in the development of its raw materials sector, intellectual potential, and industry, since Russia is rich in all of this, for this, special economic zones are created in the country.
The main risks for Russia are its excessive dependence on commodity prices. When commodity prices go up, the Russian economy goes well. However, Russia must develop other industries, such as the technology sector and the production of consumer goods, in order to balance risks and not depend so much on price volatility in the commodity market.
The main advantages of starting a business include the size of Russia. The country has a huge population and multinational composition of the population, and consequently, a large target audience, especially if the entrepreneur plans to engage in sales or the provision of services.
Also, one of the reasons for starting a business is the relatively low taxes that the government requires from entrepreneurs. For example, VAT is 20%, and for a number of products it is reduced to 10%. In addition, Russia has special tax systems that exempt certain taxes.
Along with advantages, there are also disadvantages. The disadvantages of Russian business include limited access to financial resources. At the moment, in the conditions of economic crisis, this problem has only worsened.
The business climate is also an important condition for enterprises, since the environment in which entrepreneurs have to work depends directly on it. In addition, frequent changes in the current legislation extremely negatively affect the business climate and increase the financial costs of enterprises.
Thus, it can be concluded that, in general, although the country still has a rather difficult economic situation, Russia is still a promising country for doing business.
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