Ministry Proposes Liberalized Rules for Foreign Executives
- The Moscow Times
- Oct. 15 2012 00:00
- Last edited 17:12
The Economic Development Ministry has published a draft bill developed by the Labor Ministry that will liberalize migration legislation concerning foreign executives as a result of the country's having joined the WTO, Kommersant reported Saturday.
The proposed changes affect senior managers and highly qualified specialists, which are termed "key personnel of commercial organizations" in the bill.
The document proposes that executives who worked in their companies for more than a year on the territory of a WTO member country can work in senior management positions in Russian legal entities and — as an expansion on existing legislation — their daughter companies and representative offices.
The draft legislation foresees some limitations, like a maximum of five foreign executives per legal entity, and two for banks. Overall, the bill copies many provisions of similar rules that were introduced to attract foreign specialists to Skolkovo, including a minimum salary threshold of 2 million rubles ($62,500).