In 2026, the global venture capital market looks different: investment flows have shifted toward the MENA region, Asia, and the Balkans, creating a new landscape of friendly markets. Which regions should Russian projects choose for development abroad? Which international jurisdictions are best for structuring a business to avoid legal issues while still attracting investment? And what challenges do projects face when entering global markets? These and other questions about the future of startups were discussed by participants at the Russian Venture Forum (RVF) in Kazan during the session Venture Capital Fundraising in 2026 on International Markets, organized by the Russian Chamber of Commerce and Industry Council for Financial Markets and Investment, together with the AI Global Association.
Not an option, but a necessity
The venture capital market worldwide is indeed changing, the meeting participants agreed, but this should not become an obstacle to the global expansion of Russian projects. The main focus right now is on friendly markets. Although these countries are undergoing certain structural changes, they remain open to Russian projects – investment activity in these regions remains strong, meaning there are opportunities for Russian businesses.
Global expansion is becoming particularly crucial for startups today, evolving into a strategic imperative – this is especially relevant for projects in high-tech sectors aimed at exporting their products, as well as for e-commerce companies.
“Startups urgently need to scale and enter markets where there is solvent demand for their products,” says Artem Genkin, Chairman of the Venture Capital Commission at the Council for Financial Markets and Investment (Russian Chamber of Commerce and Industry, or RCCI).
“A foreign legal entity is essential for a business to ensure investability, generate export revenue, and enable future exports,” explains Valery Kardashov, Chairman of the Expert Council on Investments in AI Projects at the RCCI.
Three models for a startup
Entering global markets is no simple task – and the current geopolitical situation is only part of the challenge. Successful development in a foreign jurisdiction requires much more than even thorough groundwork.
“Expansion plans for global or regional markets must be carefully analyzed to account for all existing risks, including tax, sanctions, and legal risks, and to identify target markets for scaling,” notes Artem Genkin.
On new markets, any startup will inevitably face a host of challenges – from competition and local cultural mentality to the specifics of local taxation. Russian startups must also prepare for additional unprecedented hurdles, Artem Genkin notes. For instance, they must strictly comply with legal requirements regarding relations with unfriendly states (currently over 30 countries and territories). This involves currency regulation and control over transactions and operations with residents from unfriendly countries – for example, when crediting foreign currency proceeds to residents’ accounts in banks outside Russia.
It is also critical to decide on a cross-border corporate structuring model. In a foreign market, a startup can launch a company fully independent from its Russian parent project, or create a parallel entity that maintains ties with the team in Russia. A full relocation abroad is also an option. The final choice – of both the model and the jurisdiction – depends on a combination of factors, including tax residency requirements, the local tax system, the availability of innovation infrastructure, and intellectual property regulation.
“It’s very important that banking services are accessible, that there is no excessive over-compliance or risk aversion toward startups with Russian-sounding founder names, that the judicial system is fair and predictable. The overall geopolitical stability around a territory is also important,” says Artem Genkin.
Africa or Asia?
By and large, Russian startups have opportunities to enter almost any foreign market. The real question is how long this process will take and what costs it will entail – particularly for proper business structuring and compliance with all necessary formalities. Working with friendly markets is generally more straightforward, and there is flexibility in choosing locations. For example, Uzbekistan stands out as an attractive option in Central Asia. A former Soviet republic, it is now ranked second globally in terms of growth in innovation capital; its GDP is expanding at around 5% annually, and venture capital investment volumes have reached levels comparable to Russia’s, according to Andrei Zavorin, Chairman of the Ursa Major Association of Professional Participants in the Venture and Investment Market. In addition, the country’s development strategy focuses on boosting investment and positioning Tashkent as an international financial hub.
“Russia remains a key partner for the region. The Central Asian economy is highly accommodating – particularly in Uzbekistan – which makes doing business there especially comfortable,” Andrei Zavorin adds.
The Sultanate of Oman is another destination gaining popularity. The country offers a relatively high standard of living, a favorable tax environment, and strong opportunities for attracting investment. It is also possible to establish a company with 100% Russian ownership. In addition, entering the Omani market is often easier than in Dubai or Saudi Arabia due to lower competition and growing interest from the Omani side.
“Oman was once a major empire, controlling the Persian Gulf, the eastern coast of Africa, and parts of India. Establishing operations in the Sultanate effectively opens access to both Arab and African markets,” notes Vasil Mazitov, Chairman of the International Association for Territorial Development.
A gateway to Europe
Russian startups can also access global markets through more familiar and accessible jurisdictions. One such pathway is through Belarus, notes Yulia Bashko, Chair of the Belarusian Association of Trackers and Business Consultants. The country hosts the High-Tech Park (HTP), one of the largest IT clusters, where more than a thousand foreign companies operate, with around 60% of their exports directed to Europe and the United States. The HTP operates under English law, with all the corresponding implications, and the country permits cryptocurrency exchanges, cryptocurrencies, and tokens, the expert adds. Visa and Mastercard are also widely accepted.
A favorable tax environment is another key factor. As Yulia Bashko notes, Belarus stands out in this regard – “it’s hard to find anywhere else offering such tax conditions.”
Serbia could also act as a gateway to Europe for startups. The friendly country maintains zero customs duties on its borders with China, Russia, and European markets, Valery Kardashov adds. One clear advantage of location is the lower cost of hiring skilled professionals – an especially important factor for tech startups, where payroll is one of the largest expenses. At the same time, local professionals maintain a high level of expertise, and projects launched within the country can be rolled out quickly.
“Serbia offers Russian companies a faster and more straightforward route to working with European markets compared to relocating directly to the EU, particularly given the challenges posed by unfriendly countries,” Valery Kardashov emphasizes.
In addition, startups that localize in Serbia often find it easier to attract international investment. The country’s venture capital framework is highly flexible for global investors, allowing participation through holding structures and offering clear exit opportunities via mergers and acquisitions.
Path to investor
According to Oksana Dutova, Vice President for Global Investment Promotion at AI Global and TESLA Alliance (Serbia), international exhibitions and conferences remain one of the most effective ways to enter foreign markets. For startups, these events provide not only visibility and PR exposure but also direct access to industry networking, opportunities to negotiate with representatives from various countries, and even the chance to secure foreign direct investment on the spot.
However, projects should carefully select events based not only on their industry focus but also on their stage of development. For instance, within the Gitex ecosystem, early-stage startups may find the Expand North Star forum particularly suitable, as it caters to projects at different levels of maturity. Oksana Dutova also highlights that Gitex events take place annually across regions including the Middle East, Africa, Central Asia, and South Asia, with this year marking their first expansion into the Russian-speaking market in Kazakhstan.
Venture priorities
Participants in the discussion stressed that expanding Russian startups internationally does not diminish the importance of strengthening the domestic venture capital ecosystem. According to Vladimir Gamza, Chair of the Council for Financial Markets and Investment at the Russian Chamber of Commerce and Industry, venture investment is a key driver of human capital development and, consequently, the nation’s sustained economic growth. This contrasts with earlier eras, such as the 19th century, when mineral resource development dominated investment priorities, or the industrial surge of the 20th century.
“A global innovation race is already underway, and only those countries that succeed in this competition will emerge as leaders,” Vladimir Gamza notes.
While he acknowledges that current investment in human capital remains insufficient, he also points to significant growth potential. Russia, for example, still has a substantial money supply, estimated at 230 trillion rubles.
“The country’s financial resources are more than adequate; the key task is to create an effective mechanism to allow for channeling savings into productive investment,” Vladimir Gamza concludes.