Considering a move overseas? There’s a good chance you’ll land in the Eurasia region. While regulations vary from country to country, there are nuances to consider when expanding into the diverse market.
In this post, we discuss the details of the region, the economic union that acts similar to the EU, and how it’s working to improve the climate for businesses.
What is the Eurasia Region?
It’s a region you know well and have probably visited during your journey for international growth. Eurasia is referred to as the combined continental landmass of Europe and Asia. It’s surrounded by many bodies of water including the Atlantic and Pacific Oceans, along with the Mediterranean Sea and the Indian Ocean.
Essentially, it’s a large mass of land encompassing many of the international business hotspots we’ve come to know and love.
The Eurasian Economic Union (EAEU)
Similar to the European Union, members of the Eurasian region formed its own economic union just two short years ago. In 2015, leaders of Belarus, Armenia, Kazakhstan, and Russia joined forces to form the EAEU.
This Union operates through an integrated, single market of 183 million people and a GDP of more than $4 trillion. The EAEU creates the free movement of goods and services across members States. It also makes trade, labor, and other business-related duties more accessible across the Union.
According to reports, the future goals for the Union are to create a single currency and greater integration.
Doing Business in the Eurasia Region
In general, you’ll follow the guidelines of your new country. For example, if you enter the Hong Kong market, you’ll abide by the rules and regulations of Hong Kong. Simple enough.
For business owners, the Eurasia region presents many opportunities through its vast consumer market, access to information, and extensive talent pool. The EAEU members also benefit from the collaboration.
A recent example of regulations benefitting business for member states of the EAEU includes recent initiatives to boost the medical devices and drugs manufacturing output.
Over the past year, the Eurasian Economic Committee (EEC) released 40 regulatory documents for this industry, allowing foreign manufacturers to do business in the five EAEU member states through a streamlined submission process. This process makes it easier and cheaper for foreign businesses to start operations in the region.
This is positive news for business leaders. The Eurasian region wants to make it easier for foreign businesses to enter the region.
In addition to the regulatory changes in the medical industry, the EAEU also released a draft of general business rules that will make it easier for both local and foreign companies to perform operations in the region. It hasn’t always been easy for companies to run an effective business in Eurasia due to complicated requirements and differing regulations across each nation. The EAEU Council hopes to mediate these concerns with the latest updates, which are currently waiting for approval across member states.
Visa Requirements in Eurasia Region
When entering a new country for professional purposes, you and your team members will most likely need a visa. This rule applies in Eurasia. After establishing your organization in the Eurasia region either through a foreign subsidiary or an agile option like Foreign Subsidiary as a Service (FSaaS), you can sponsor employees for work visas.
To learn more about expanding your business operations in the Eurasia region, contact our team of experts today!