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Investing in St Petersburg
 GLOBAL MARKET BRIEFINGS

Investing in
St PETERSBURG
A Guide to Business & Investment

Consultant editor:
Dr Marat Terterov

Published with the support of Adaptec Company (Russia):

®
ada tec COMPANY

Distributed by:

KOGAN
PAGE

Published in association with:

SAINT-PETERSBURG
OPEN CITY

Published in association with:

The City Government of St Petersburg

GMB
Publisher’s note

Every possible effort has been made to ensure that the information contained in
this publication is accurate at the time of going to press and neither the publishers
nor any of the authors, editors, contributors or sponsors can accept responsibility
for any errors or omissions, however caused. No responsibility for loss or damage
occasioned to any person acting, or refraining from action, as a result of the
material in this publication can be accepted by the editors, authors, the publisher
or any of the contributors or sponsors.
Users and readers of this publication may copy or download portions of the
material herein for personal use, and may include portions of this material in
internal reports and/or reports to customers, and on an occasional and infrequent
basis individual articles from the material, provided that such articles (or
portions of articles) are attributed to this publication by name, the individual
contributor of the portion used and GMB Publishing Ltd.

Users and readers of this publication shall not reproduce, distribute, display,
sell, publish, broadcast, repurpose, or circulate the material to any third party,
or create new collective works for resale or for redistribution to servers or lists,
or reuse any copyrighted component of this work in other works, without the
prior written permission of GMB Publishing Ltd.

GMB Publishing Ltd.

120 Pentonville Road
London N1 9JN
United Kingdom
www.globalmarketbriefings.com

This edition first published 2005 by GMB Publishing Ltd.

© GMB Publishing Ltd. and contributors

Hardcopy ISBN 1-905050-16-X E-book ISBN 1-905050-73-9

British Library Cataloguing in Publication Data

A CIP record for this book is available from the British Library

Library of Congress Cataloguing-in-Publication Data

Investing in St. Petersburg : a guide to business & investment/consultant
editor, Marat Terterov.– 1st ed.
p. cm.
ISBN 1-905050-16-X
1. Investments, Foreign–Russia (Federation)–Saint Petersburg.
2. Saint Petersburg (Russia)–Economic conditions. I. Title: Investing in
Saint Petersburg. II. Terterov, Marat.
HG5580.2.S25T47 2005
330.947ಾ21–dc22
2005021494
Contents
Preface ix
V.I. Matvienko, Governor of St Petersburg
Foreword xi
Peter Langham, Head of UK Trade & Investment, British Consulate-
General, St Petersburg
Doing Business with St Petersburg xiii
Message from Maria Chernobrovkina, Executive Director,
St Petersburg Chapter, American Chamber of Commerce in Russia
List of Contributors xvii
Acknowledgements xxxiii
Introduction xxxv
Tom Stansmore, Head of St Petersburg Representation, Pepeliaev,
Goltsblat & Partners and Dr Marat Terterov, Senior Editor, GMB
Publishing, London

PART ONE: MARKET BACKGROUND TO INVESTING IN

ST PETERSBURG
1.1 Local Government of St Petersburg 3
Maxim Kalinin, Partner, Baker & McKenzie, St Petersburg
1.2 Economic Policies of the Government of St Petersburg and 11
Emerging Market Opportunities
Igor Yegorov, BISNIS Representative in Northwest Russia
1.3 St Petersburg Government Strategy for Business Development 21
and Attracting Foreign Investment
Pavel Brusser, St Petersburg City Committee for Investments
and Strategic Projects, and Victoria Kovaleva, Hansa Leasing
1.4 Foreign Investors and Joint Ventures in St Petersburg: A look 39
into the past and a review of the present
Sergei V. Ochkivsky, Director of Development, Association of
Joint Ventures of St Petersburg
1.5 Understanding Russia’s Business Environment with a View to 55
Investing in St Petersburg
Sebastian Zinovieff FitzLyon FRICS, Australian Honorary
Consul, Northwest Russian Consular District

v
vi Contents

PART TWO: BUSINESS DEVELOPMENT

2.1 An Economic and Political Outlook for Russia 67
Madina Butaeva, Head of Research, Raiffeisenbank Austria
2.2 The Banking Sector in St Petersburg 73
Elena Vishnyakova and Alla Petrova, Web-invest Bank Plc
2.3 The Stock and Fixed-income Market in St Petersburg 85
Alla Petrova, Head of Equities Research Department,
Web-invest Bank
2.4 Currency Regulation 97
Stanislav Denisenko, Head of KPMG St Petersburg Legal
Group
2.5 Brownfield Investments 105
Vitaly Mozharowski, Partner, Pepeliaev, Goltsblat and
Partners
2.6 St Petersburg’s Labour Market 111
Igor Yegorov, BISNIS Representative for Northwest Russia

PART THREE: DYNAMIC SECTORS OF ST PETERSBURG’S ECONOMY

The Real Estate Market

3.1 An Overview of the Real Estate Sector: Warehouses to palaces 129
Alexei I. Shaskolsky, PhD, Institute for Entrepreneurial Issues,
St Petersburg
3.2 An Overview of Land Development, Hospitality (Tourism) 137
and the Commercial Real Estate Sector in St Petersburg
Vladislav Miagkov, Head of Real Estate Advisory Services
Practice, Ernst & Young, St Petersburg
3.3 Regulation of the Real Estate Market in St Petersburg 153
Maxim Kalinin, Partner, Baker & McKenzie, St Petersburg
3.4 Practical Steps and Guidelines for the Acquisition of 163
Residential Property in St Petersburg
Paul May, General Manager, City Realty
3.5 St Petersburg Real Estate Sector: Due diligence and 173
acquisition case studies
Beiten Burkhardt

Manufacturing and Natural Resources

3.6 The Market for Engineering Services 191
Igor Yegorov, BISNIS Representative in Northwest Russia
3.7 The Electrical Energy Sector 203
Gregory Kharenko, Acting Head of Investor Relations, and
Larissa Semenova, Public Relations Director, JSC Lenenergo.
 Contents vii

Services
3.8 Development of the Transport System and Road Sector in 213
St Petersburg
S.D. Vorontsova, Senior Deputy Director, Research and Design
Institute of Regional Development and Transportation,
St Petersburg, Russia
3.9 Building and Construction 233
Alexei I. Shaskolsky, PhD, Institute for Entrepreneurial Issues,
St Petersburg
3.10 The Retail Sector 241
Alexei I. Shaskolsky, PhD, Institute for Entrepreneurial Issues,
St Petersburg
3.11 The Market for Fixed Telecommunications 249
Anastassia Bogatikova, Senior Marketing Specialist,
ZAO PeterStar
3.12 The Mobile Telecommunications Market 261
Anastassia Bogatikova, Senior Marketing Specialist,
ZAO PeterStar
3.13 The IT Sector in Russia and St Petersburg: Legal and tax 275
problems for investing
Victor Naumov, PhD in Law, Head of Intellectual Property and
Information Technology Protection Group, Ernst & Young
(CIS)
3.14 Sophisticated Communications Services within Different 287
Spheres of St Petersburg’s Economy
Gilbert Doctorow, General Manager, Eurologos St Petersburg

Company Profiles and Investor Experiences

3.15 The Business Experience of Private (Foreign and Domestic) 293
Investors in St Petersburg
Sergei V. Ochkivsky, Director of Development, Association of
Joint Ventures of St Petersburg
3.16 PeterStar Company Profile 313
Anastassia Bogatikova, Senior Marketing Specialist,
ZAO PeterStar

PART FOUR: COMMERCIAL LEGISLATION FOR ST PETERSBURG –

THE TAXATION AND LEGAL ENVIRONMENT
4.1 The Regulatory Environment for International Business in 325
the Russian Federation
CMS Cameron McKenna
viii Contents

4.2 Corporate Structures 335

Stanislav Denisenko, Head of KPMG St Petersburg Legal
Group
4.3 Practical Steps for Establishing a Corporate Presence 343
Stanislav Denisenko, Head of KPMG St Petersburg Legal
Group
4.4 Business Taxation 351
Peter Arnett, Head of KPMG St Petersburg Tax Department,
and Alisa Melkonian, Tax Manager
4.5 Auditing and Accounting 363
Alisa Melkonian, Tax Manager, and Nina Goulis, Tax
Consultant, KPMG St Petersburg
4.6 Let’s Move Production to Russia: Customs clearance 371
Alexander Bespalov, Customs Expert, Pepeliaev, Goltsblat and
Partners
4.7 Intellectual Property 379
Tom Stansmore, Head of St Petersburg Representation for
Pepeliaev, Goltsblat & Partners
4.8 Arbitration and Dispute Resolution 383
Stanislav Denisenko, Head of KPMG St Petersburg Legal
Group
4.9 Employment Law and Work Permits for Expatriates 393
Stanislav Denisenko, Head of KPMG St Petersburg Legal
Group

PART FIVE: APPENDICES

Appendix I: Service companies 403
Appendix II: Useful Web Site Links and Web Site Reviews for 409
St Petersburg
Appendix III: Contributor Contacts Details 411
Preface

I am convinced that in its most genuine historical mission,

St Petersburg is the natural connection between Russia and
Europe. It is with utmost pleasure that I want to say to you now:
Welcome.
V.I. Matvienko, Governor of St Petersburg

ix
Foreword

The relationship between the UK and St Petersburg goes back 300

years to Peter the Great’s time. This great city was founded in 1703,
and stands now as testimony to Peter’s vision and determination.
Many of his closest advisors were British and, from those links,
bilateral trade began. Russia remains as fascinating a country now
as I’m sure it was 300 years ago.
In these early years of the 21st century, British companies
continue to be interested in forming business relationships with
partners in St Petersburg. Investment opportunities regularly
present themselves, and good practical advice on how to be suc-
cessful with their investment is often sought by potential investors.
I am therefore delighted, in my capacity as Head of UK Trade &
Investment in St Petersburg, to be able to offer a contribution to
this practical guide to investing in the city.
Russia has been very successful in rebuilding its economy in the
period following the economic crisis of the late 1990s. Its success
has encouraged many foreign businesses, from the largest multi-
nationals to modest small and medium-sized enterprises, to look
seriously at Russia as an export market and a destination for
investment.
It is undoubtedly a country of great business opportunity and
potential. Any country of 140 million people with increasing eco-
nomic stability and an improving business climate needs to be
taken seriously. However, it is clearly not for investors in search of
an easy-win or a fast buck. It is only for those with patience and a
realistic medium- to long-term strategy for achieving a return on
their investment. Most of the international companies currently
finding success in Russia would, I expect, admit that they have
suffered a few ‘interesting’ moments at some stage.
In St Petersburg and its surrounding region, British companies
such as Cadbury Schweppes, Unilever and British American
Tobacco have established a manufacturing presence and continue
to expand their business. They would, I’m sure, confirm if asked
that it has not been all plain sailing.

xi
xii Foreword

And this is why the availability of good advice is vital. Russia is

all about prior preparation and local knowledge. The advice must
be informed, comprehensive and, above all, realistic.
International business in St Petersburg is on the up. The number
of British companies represented in St Petersburg has risen by
around 35 per cent since 2002. Under the leadership of Governor
Matvienko, large strides have been taken towards removing the
obstacles that traditionally served as a disincentive to potential
investors. Her economic policy makers have mainly come from
business backgrounds and therefore understand what is needed to
attract international business. They are professional and commit-
ted to maximizing St Petersburg’s economic potential. They recog-
nize the importance of foreign investment and want to make it
easier for companies to start doing business here.
I wish this publication success. I am sure that it will prove
extremely useful to anyone thinking about St Petersburg as a
potential market or investment location. The UKTI team at the
British Consulate-General would be very happy to see many more
well-prepared British companies enter the market and build a
successful business. We stand ready to deliver UK Trade & Invest-
ment’s services to help ensure that success.

Peter Langham
Head of UK Trade & Investment
British Consulate-General
St Petersburg
Doing Business with
St Petersburg
Message from Maria Chernobrovkina,
Executive Director, St Petersburg Chapter,
American Chamber of Commerce in Russia

St Petersburg enjoys a number of advantages that cannot go

unnoticed by international business. Its geographic location, devel-
oped land, air and maritime international transport infrastructure,
large population second only to that of Moscow region, highly edu-
cated workforce, large number of manufacturing enterprises in
different sectors, and world-class tourism potential are all factors
that reinforce the natural competitive advantages of the region.
Obviously, the city has suffered from some of the problems that
plagued Russia as a whole in the 1990s, including industrial down-
turn, lack of infrastructure modernization and maintenance, leg-
islative and regulatory obstacles to trade and investment, red tape
and corruption. However, the local authorities clearly understand
these issues and, working together with the private sector, are tak-
ing the necessary steps to improve the situation.
In 2004, these efforts coupled with nationwide economic growth
contributed greatly to growth in trade and investment in the
region. We are very encouraged that United States is one of the
major commercial partners of St Petersburg, with trade growing
by 10 per cent in 2004 to $629.6 million, while exports also grew by
10 per cent to $172.1 million and imports surged by 22 per cent to
$457.5 million. In 2004, the United States became St Petersburg’s
leading investor with 24 per cent of all foreign investments,
or $236.5 million. Export–import deals with the United States
cover ferrous and non-ferrous metals, wood, aluminium and alu-
minium products, foodstuffs, tobacco, fast-moving consumer goods

xiii
xiv Doing Business with St Petersburg

(FMGCs), machinery, electrical equipment, and chemical and

organic products.
Investment projects with American capital span many sectors,
including FMCGs, IT and telecommunications, electronic equip-
ment, foodstuffs, tobacco, tourism and hospitality. Members of
the American Chamber of Commerce’s (AmCham) St Petersburg
Chapter are building on their commercial success to date and con-
tinue to expand their operations. British-American Tobacco, Cater-
pillar, Citibank, Coca-Cola, Electrolux, Ford, Gillette, Heineken,
Henkel, Hewlett-Packard, IKEA, Intel, International Paper, JTI,
KFC, Lucent, Merloni, Motorola, Otis, Pepsi, Peterstar, Philip
Morris, Pizza Hut, Subway, Sun Microsystems and Wrigley are
among the many AmCham members that are operating success-
fully and expanding in the region.
AmCham and its St Petersburg Chapter work closely with
regional authorities on a wide range of regulatory issues in a con-
tinuous effort to further improve the business environment in the
region. After adopting the Tax Code, St Petersburg changed its
legislation on incentives for investors to bring them into line with
the federal law. AmCham had actively participated in drafting the
amendments, and our members’ input was appreciated by the
administration. Although there are still questions left, we are
closely cooperating with regional and federal authorities on the
issues of concern.
In 2004, the highlight of this private–public sector dialogue was
the meeting of AmCham members with St Petersburg Governor
Valentina Matvienko. Outlining the city administration’s strategy
to promote trade and investment in St Petersburg, the governor
addressed more than 100 business leaders and fielded numerous
questions from the audience on government initiatives and busi-
ness projects, and a range of specific issues. The governor praised
the local AmCham Chapter’s activities and encouraged members
to continue offering new and innovative ideas to enhance the city.
She pledged to further improve city transportation, increase trans-
parency, and reduce red tape and corruption. She encouraged
foreign investment and welcomed specific proposals from the inter-
national business community for improving the city’s tender and
auction process and for overhauling long-term municipal develop-
ment strategies and planning, declaring that:

We fully understand that such authoritative organizations

as the American Chamber of Commerce can greatly impact
 Doing Business with St Petersburg xv

the reputation of our country and its ‘Northern Capital’ –

St Petersburg – in the world markets, and influence the
decision-making of American and multinational companies
to develop business in our city.

The St Petersburg government’s interest in attracting more invest-

ment, and its practical steps to improve the city’s investment cli-
mate, have borne fruit: overall foreign investment is expected to
reach $1.2 billion in 2005. Re-invigorated privatization, infrastruc-
ture development, modernization of customs service, and simplified
business registration and reporting procedures give us solid
grounds for optimism. The city has developed a ‘strategic investor’
concept under which projects bringing high volumes of investment
to the city, creating many new jobs and improving the city infras-
tructure are to be considered ‘strategic’ and receive special atten-
tion and treatment from the government. Following this concept,
the city government has signed an agreement with Chinese com-
panies for a residential area development and Toyota announced
its new car factory project.
A particular area where we expect progress is the hi-tech
sector. Following President Vladimir Putin’s endorsement of
the ‘technoparks’ concept in January 2005, St Petersburg and
Leningrad Oblast stand to benefit from a special regulatory, tax and
infrastructure regime to promote the development of a knowledge-
based economy in the region. The decision was welcomed by the
whole IT community. If the federal government keeps its promise
to reduce the tax burden on IT companies, St Petersburg with its
highly educated labour force is likely to become Russia’s ‘Silicon
Valley’. However, AmCham members involved in IT activities
believe that the idea can be effective only if the ‘technopark’ par-
ticipants are required to invest in research, education, training and
technical libraries. Many AmCham members (especially the larger
IT companies) are supporting higher education and actively coop-
erating with leading universities: St Petersburg State University,
the Technical University, University of Precision Mechanics and
Optics, University of Telecommunications and Electrotechnical
University.
However, the first thing that comes to mind when speaking of
St Petersburg is of course its tourism potential, and development
of this requires the appropriate infrastructure. The city authorities
have constantly focused on the lack of hotel capacity and tourist
infrastructure, and developed a strategy to solve the problem.
The City Committee for Investments and Strategic Projects has
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