Reference
The draft law amending Article 90 of Part I of the Civil Code and Article 16 of the Federal Law On Limited Liability Companies provides for changing the Russian legislation by terminating provisions on the prior payment of share capital of limited liability companies and the requirement on the opening of a temporary accumulation account for the payment of share capital. To preclude any malpractices by the company’s founders following the termination of the requirement on the opening of a temporary accumulation account for the payment of share capital, the timeframe for the full payment of share capital is to be reduced from one year to two months from the date of state registration.
These changes in the procedure for paying share capital have been proposed to reduce the time needed to start up a new business.
