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New registration rules for legal entities in Russia

Russia
27/06/2002
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As notified in April, a new regime for the registration of legal entities in Russia takes effect on Monday 1 July 2002. In brief, the new regime:

  • should substantially reduce the time required to register a new company - at present, it can take up to six months
  • will require fewer supporting documents to be submitted
  • sets out a definitive list of those grounds on which an application can be rejected
  • identifies the Tax Ministry as the proper registration authority for most types of company
  • establishes the Tax Ministry as a "one stop" shop for practically all of the registration process
  • provides that incorporation will occur upon registration of the company with the Federal Registry of Legal Entities
  • requires all pre-existing companies to provide certain corporate information (name, legal address, details of shareholders) to the Tax Ministry prior to 31 December 2002: failure to comply may constitute good grounds for liquidation.

Almost all practitioners agree that the registration process will initially take considerably longer as officials and customers alike get used to it. Despite this, and with the exception of the requirement for existing companies to re-register or face liquidation, the changes have been widely welcomed.

For further information please contact David Griston at [email protected] or on 00 7 095 2585000

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