How to Register a Business in Russia

Russia, the largest country in the world, is also a significant player in the global economy. If you are planning to start a business in Russia, there are certain legal procedures you need to follow. In this article, we will guide you through the process of registering a business in Russia.

Types of Business Entities in Russia

There are four main types of legal entities you can register in Russia:

1. Limited Liability Company (LLC): An LLC is the most popular type of business entity in Russia, which is suitable for small and medium-sized enterprises. The LLC has a minimum authorized capital of 10,000 rubles, and the liability of the founders is limited to their share in the company’s capital.
2. Joint-Stock Company (JSC): A JSC is a type of business entity that issues shares to raise capital. It is suitable for large enterprises with more than 50 shareholders. The minimum authorized capital for a JSC is 100,000 rubles.
3. Sole Proprietorship: A sole proprietorship is a business entity that is owned and managed by a single individual. It is the simplest and cheapest type of business entity to register in Russia. The founder has unlimited liability for the debts of the company.
4. Partnership: A partnership is a business entity that is owned by two or more individuals. There are two types of partnerships in Russia – general partnerships and limited partnerships.

Registering a Business in Russia

Step 1: Choose a Legal Entity

The first step in registering a business in Russia is to choose the legal entity that suits your business needs. You need to consider factors such as the size of your business, the number of shareholders, and the liability of the founders.

Step 2: Choose a Company Name

Once you have decided on the legal entity, you need to choose a unique company name. The name should not be identical or similar to the names of existing companies in Russia. You can check the availability of the name on the website of the Federal Tax Service of Russia.

Step 3: Draft the Charter

The charter is a legal document that defines the structure and governance of the company. The charter should include the company name, legal address, founders, authorized capital, and the purpose of the company.

Step 4: Register with the Tax Authorities

The next step is to register with the tax authorities. You need to obtain a Taxpayer Identification Number (TIN) and register for value-added tax (VAT) and social insurance contributions.

Step 5: Register with the State Registration Chamber

You also need to register with the State Registration Chamber, which is responsible for maintaining the state register of legal entities. You need to submit the charter, the company name, and other relevant documents to the State Registration Chamber.

Step 6: Open a Bank Account

You need to open a bank account for your company to conduct financial transactions. You can choose any bank that is registered in Russia.

Step 7: Obtain Licenses and Permits

Depending on your business activity, you may need to obtain licenses and permits from the relevant authorities. For example, if you are starting a restaurant, you need to obtain a license from the Ministry of Health.

Generis Global Can Help

Registering a business in Russia can be a complex and time-consuming process. Generis Global can help you with the legal part of your business journey in Russia. Our team of experienced lawyers can guide you through the legal requirements and procedures and help you register your business smoothly. Contact us today to learn more about our services.

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