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Russia to Have Its First Digital Marketplace

One of the novelties of last year is the subcommittee on digital economy in Russia. The role of this subcommittee is to be the link between large technology companies and startups which form the digital economy of the country. The end of 2017 also brought an action plan drafted by this agency through which an interface for a better communication and cooperation between small and large companies will be created. If you are interested in starting a business in any technological field, our Russian lawyers can offer information on the legislation in this industry.

The Russian subcommittee to create a placement order system

All countries in the world are shifting towards digital economies and Russia started doing the same in the past several years. Ever since, the Russian president created the Council for Strategic Development and Priority Projects and drafted the plan for the development of the digital economy until 2025. This happened in July 2017.

At the end of the year, the first action plan was established and through it, an order placement system will be developed and will be known as the Marketplace. Through it, large high-tech companies will be able to choose between the products and technologies created and placed there by small companies.

Russian small companies will also benefit from funding for their projects, as long as these comply with certain standards and prove to be useful in a digital economy. The funds will be available through banks which will create a fast-track system for the approvals.

What will the Russian Marketplace support?

The development of the Russian Marketplace will be closely supervised by the subcommittee which under the Strategic Development and Priority Projects Program will support the creation of digital technologies, robotics, artificial intelligence, a new and modern information and telecommunications infrastructure and quantum computing. Companies enrolled in the program will benefit from various financial incentives.

The creation of a digital fund is also possible under the same program; however, this was not established until the end of 2017.

If you want to open a company in the information and technology field, please contact our Russian law firm for assistance.


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