Things to remember while doing business in Russia

A successful strategy for doing business in Russia does not just focus on satisfying an emerging trend in the market but includes the knacks of dealing with people and “getting things done”. The stability of the Russian Government, increased accessibility to the remote land and a stronger currency are factors that attract investors to Russia.

If you choose to venture into the business world of Russia, here are a few things you must remember before you take the first step.

Building a Network

Doing business in Russia is primarily about establishing good connections up the chain. The right contacts eliminate potential barriers and can guide you through to the right people. A formal relationship combined with an informal rapport among key decision makers in the business environment is essential for your success.

Legal firms can help

Russian legal services are a good place to start. They can help you in with dealing the new business setting and make you feel more accustomed to the practices in the business world. They assist foreign investors in Russian company registration to also obtaining all required licenses.

Dealing with corruption

Russian authorities take up corruption charges from foreign companies seriously. Foreign companies must be prompt about reporting any corruption issues in and outside their organization. This can be done by building a strong internal network that can co-ordinate with local authorities with ease. An adept management of human resources is essential to achieve the same.

The proliferation of the “third party”

The dynamic legal scenario pertaining to doing business has paved way for the interference of middlemen into several business transactions. This leads to higher costs and less effectiveness of doing business. A reliable Russian legal service is often the best choice to deal with changes in business laws.

The Russian business etiquette

Punctuality and good presentation are appreciated in the business culture of Russia. While most Russians are well versed in English, important documents, business cards and communication documents are expected to be translated to the Russian language also. Be extremely patient with your business counterparts and do not use rude language under any circumstances. Prior knowledge about the country of Russia and the Russian language are added advantages.

There have always been a lot of pre-determined notions about doing business in Russia. With the advancements in technology and logistics, business investors with the right approach can easily take advantage of the growing economy of Russia.