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MIL OSI Translation. Region: Russian Federation –

02/15/2021

In Russia, they propose to expand the possibilities for the re-domiciliation of foreign legal entities. Thus, it will be easier for foreign companies to change their jurisdiction. Senators plan to consider such a law at the plenary session of the Federation Council on February 17.

The authors of the document propose to allow foreign companies registered in the states and territories that are members of the FATF regional groups to move to Russian jurisdiction.

At present, a foreign legal entity can obtain the status of an international company in Russia only if it is created in a member state or observer of the Financial Action Task Force on Money Laundering (FATF). Or – a member of the Council of Europe Committee of Experts on the Evaluation of Measures against Money Laundering and the Financing of Terrorism (Moneyval). The new law will allow to increase the number of participants in special administrative regions (SAR).

The document actually removes all geographical restrictions for the “migration” of companies to the SAR, the Ministry of Economic Development notes. The status of a member of the CAP gives the right to accelerated registration, exemption from the payment of a number of taxes, preferential rates on dividend income. Thanks to the proposed law, companies from Argentina, Cuba, Brazil, Mexico and other countries will be able to “move” to us.

A source:Parliamentary newspaper

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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