Officially known as the Russian Federation, Russia is the largest country in the world and retains up to 30% of the world’s natural resources. Naturally, its economy relies heavily on oil, natural gas and precious minerals. It is a major exporter of mineral fuels, iron, steel, fertilizers, gems and precious metals among others. It is the seventh largest economy in the world and is easily accessible by land and sea. Additionally, Russia has signed Double Tax Treaties with approximately 80 countries. Following are just a few reasons why entrepreneurs deem starting a business in Russia, a viable option.
Russia has a strategic location as it shares its borders with many countries, which proves to be an advantage for dealing across borders.
The workforce available in Russia is highly skilled and educated.
It provides access to one of the largest markets in the world.
The availability of natural resources is bountiful.
REQUIREMENT TO OPEN A COMPANY
Number of Shareholders (1-50)
The minimum share capital is RUB 10,000 of which 50% should be paid up at the time of incorporation
Locally registered office address
No regulatory requirement for a Local Nominee Director but it is advisable to appoint one in order to reduce extensive time-consuming procedure of Company Incorporation
Notarized Foundation Documents
Memorandum of Association
Articles of Association
Passport Copies of the Directors
Drafting all the documents pertaining to incorporating a Limited Company in Russia
Provision for a local registered address
Nominee Director services for the first year
Obtaining State Registration Number and Tax Registration Number
Assistance in opening a Corporate Bank Account
Auditing, Accounting, and Taxation Services (if required)
The approximate time taken for the extensive procedure for company registration in Russia is 3 weeks.