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Understand the Jurisdictions Setup Requirement Before Proceed Your Russia Company Incorporation Services
Russia today is the seventh largest economy in the world, with most of its wealth sitting in Moscow. Because the country is rich in natural resources, the country has a diverse range of business opportunities to offer investors, thanks in large part to the country’s growing middle-class population.
Doing business in Russia is cost effective, thanks to it being so easily accessible by land and sea, giving business owners – especially international entrepreneurs – the option of selecting the most cost-effective means of transportation. Russia also has the eighth largest workforce in the world, which compared to a lot of other countries, makes hiring labor, cost of living, food and transportation much more affordable.
Types of Business Entities in Russia
To begin the company incorporation process in Russia, investors would first need to familiarize themselves with the types of business entity options that are made available to them. Choice of business entities in Russia include the following:
- A limited liability company (LLC)
- Joint-stock company (JSC)
- A representative/branch office of a foreign company
LLCs and JSCs can be either private or public companies and may conduct any form of commercial activity as long as those activities are not prohibited by the Russian legislation. If those activities are licensed activities, investors would need to acquire the relevant licenses before they can proceed.
The Russia Company Incorporation Process
To begin incorporating a company in Russia, investors would first need to submit an application form with the Russian government, open a corporate bank account, and then obtain a company registration number and tax registration certificate from the Federal Tax Service.
The minimum paid up capital for company incorporation for both LLC and JSCs are approximately 10,000 rubles.
The registration of a Russian legal entity can be broken down into the following timeframe:
- Registration with the Tax Authority (maximum 7 working days)
- Registration at the State Committee for Statistics (2 working days)
- Making the company seal (2 working days)
- Opening of a corporate bank account (depending on the speed of the bank)
The documents that are required from foreign investors incorporating a company in Russia include the following:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Passport and Russian visa (if any)
- Certificate of registration with the Tax Authorities
To incorporate a company in Russia, the business is required to have a legal local address at which the company will be registered at. If the investor does not yet have an office space they would like to lease or rent, they can consider a Virtual Office as an option to start with.
How 3E Accounting Can Help
Company incorporation in a foreign country is no easy task. Especially if you are unfamiliar with the local laws and procedures that are in place which you need to go through. Enlisting the help of professional company incorporation services like 3E Accounting can go a long way towards establishing your business on the right foot from the very beginning. Contact us today and get your Russia company incorporation process started.