The Ministry of Economy will convert small business to digital

  • The Ministry of Economy of the Russian Federation will create a unified state aid service for small and medium-sized businesses by the end of the year

  • Companies will get their own digital profile

  • The service automates the requests of enterprises for help from the state

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The Ministry of Economy plans by the end of 2021 to digitize support for small and medium-sized businesses within the framework of “one window”

The Ministry of Economic Development of the Russian Federation (Ministry of Economy) intends to develop a digital platform by the end of 2021. Digitalization will simplify the procedure for obtaining state support for small and medium-sized businesses. This is reported by “Kommersant”, referring to the deputy head of the Ministry of Economics Tatiana Ilyushnikova.

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With the help of a single platform, the ministry plans to create a “digital profile” of companies through government and commercial sources. Thus, the government will receive an indicator of the level of assistance provided..

Digital rating

The authorities also want to create a so-called “digital reputation” index. Such an index will be formed on the basis of data from government systems, data from banks, as well as the very reporting of the enterprise. In the future, the index is expected to automate business approval of applications..

The Ministry of Economy will convert small business to digital

The information collected is also expected to help in drawing up the next steps for the development of the enterprise. It is reported that several financial institutions have already connected to the platform. In the future, the Ministry of Economy plans to connect tax services.

In particular, from July 2021, the Federal Tax Service (FTS) will begin to issue digital signatures (EDS) to companies, individual entrepreneurs and notaries free of charge. According to Vedomosti, citing a source in the Federal Tax Service, this will help to smoothly switch from issuing EDS on a commercial basis..

“Changes in the procedure for issuing digital signatures are aimed at the active development of electronic document management in the Russian Federation,” said Ilarion Lemetyuinen, partner of KPMG in Russia and the CIS..

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Recall that digitalization has been declared one of the priority areas of development. At the end of October 2020, Russian Prime Minister Mikhail Mishustin said that the state should become a digital platform “in the good sense of the word” due to impending competition from corporations.

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At the same time, the Russian Prime Minister emphasized that the rapid growth in popularity of cryptocurrencies poses a threat to all financial institutions, including central banks..

Earlier, the editorial staff of BeInCrypto reported that the Federal Tax Service of Russia (FTS) is thinking about the possibility of creating a unified blockchain platform, in which the uncertainty associated with the clients of credit institutions could be removed. It is assumed that banks, the Ministry of Economy, VEB.RF, the Accounts Chamber and data from the Federal Tax Service would be united in the blockchain.

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