If you are a foreigner that wants to start a business in Russia, then you need to prepare. There are several processes that every foreigner must follow. Once these processes are complete, you will be in a good position to start your business in the country.
Here are the 3 main processes that every foreigner should be aware of while setting up a business in Russia:
- Notarization Of Relevant Documents
Notarization is the process through which all the relevant documents needed for starting a Russian business are vetted and certified. Their records are then kept for reference. A notary public is responsible for supervising this process. It is a method of authentication to assure every concerned party that the business regulations in Russia have been followed.
When you want to establish a business in Russia, you must prepare for the notarization process. Foundation documents for your business must all be notarized. These include the foundation agreement, the charter copy, the copy of the decision to create a Russian company, etc.
Notarization is the first step. But it also takes place during other stages of setting up your business. So, later on, you may need to also notarize your registration and taxpayer identification number certificates as well as bank cards.
And if you are required to submit foreign-documents for your business entity, they may need to be Apostilled also. So, be sure to inquire about that extra step.
- The Registration Of Your Company
Another important process that you must complete is the registration process. It will occur in several stages.
The first order of business is to pay the registration fee. This will be payable to the Russian State Tax Inspectorate. And once your company documents are ready, you will present them to the Federal Tax Service’s registration office together with your state registration fee receipt.
You can file your documents by hand, by post, or by email. Once the documents are received, the authorities will usually 5 working days to determine whether to register you or not. But it can take longer sometimes.
If your business is approved, you will not only be registered to operate, but also for taxation purposes. That means you don’t have to go elsewhere to register with a different tax entity. It is the registration process that enables you to also get the state and the tax registration numbers.
- The Opening Of A Business Bank Account
No matter which business structure you choose, you must have a Russian bank account to do business with. Some business structures require you to have a set minimum capital amount. You must open a business bank account and deposit some or all of your business capital. Then you will have to present the proof of that deposit during the registration process.
To successfully open a bank account for your business, you must present all the relevant documents. Then you will have to wait for anywhere from one to five days for the account to be created.
And at some point, you will need to provide the Federal Tax Service with your business account number. This must happen within 10 days of you opening an account for your business. The institution will then send you a special confirmation letter. After that, you can begin to operate your business in Russia.
If you prepare well, have no issues following the set rules and regulations for businesses, then starting a business in Russia will be a relatively smooth process. Ensure that you have a Russian business visa. You, however, must get the Russian invitation letter first to get the visa you need. Click here to find out how we can help you with that.