One of the greatest economies in the world, Russia also has a sizable local marketplace. Overseas entities who want to start an enterprise in the nation are drawn by the economic opportunities of the nation. The nation has several special economic zones that promote investments in industries like manufacturing, research and development, transportation, and tourism.
Russia continues to enact regulations that welcome international investment, notably in commercial sectors like innovation or technology, despite the perception that it poses some difficulties.
A step-by-step manual for establishing a legal entity
You can still create a business in the country even if you are an international resident, a person without nationality, or an agent of an overseas business. The details provided below may assist you in completing the registration procedure and incorporating the company.
- Selecting a business framework
Limited liability companies, open joint stock companies, and closed joint stock corporations are the most prevalent statutory bodies in Russia with foreign investment. In each of these situations, the sum of the owners’ inputs is the maximum amount of debt that they are liable.
Compared to a sole proprietor or partnership, establishing and maintaining a public joint stock firm, closed joint stock firm, or limited liability corporation needs more statutory management. On the other hand, if you are a partner or a sole proprietor, you can use your private resources to pay off any remaining debt generated by your firm.
After deciding on the best business legal structure, you should determine the name and location of the organization. Based on your corporate site you will select suitable registering headquarters, where you should submit the files for company formation.
- Creating the governing documents
The founders of the company should draught and submit the foundational papers in line with Russian law. The full name of the business, the initials and seals of the owners, and the investment amount should all be included in the foundational paperwork. Additionally, internal management matters and legal duties must be included in the document. The initial accord and any amendments thereto shall also be referred to.
The documents that must be prepared along with the foundational papers are:
- Request form
- Proof of capital investment
- Details of owners
- Name and location registration of firm
- Payment proof of state charges
- Submitting the necessary paperwork
The choice concerning the number of nonprofit groups and the formation of businesses is made by the designated tax department. You must submit the necessary paperwork to the licensing tax agency in the region where your new company will be located.
The necessary paperwork can be submitted in one of three ways: in person at the registration office, via mail, or electronically. The registering body must review the provided papers within no more than five business days of receiving them. Then they either decide to register your firm with the government and make the necessary entries in the State Register or decide to deny the registration.
- Receiving the registration documentation
If the inspection of your records has cleared effectively, on the day assigned by the filing agency you can take out the mentioned documents:
- The Formation Certificate
- The Tax Certificate
- One copy of foundation records
The documents will be sent to your company’s registered address if you did not request them through the registration authority.
- Establishing a bank account
You are permitted to create an account with any bank of your choice after you have the registry papers. Keep in mind that you must provide your bank information to your tax office within one week of the date a financial account is opened.
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