The draft law provides for reducing the timeframe for the state registration of legal entities and individual entrepreneurs from five to three days.
The draft federal law On Amending the Federal Law On State Registration of Legal Entities and Individual Entrepreneurs (hereinafter, the draft law) was submitted by the Ministry of Economic Development, pursuant to a directive from the Russian Government.
The registration of companies in countries with top ratings in the World Bank’s Doing Business Index (New Zealand, Australia and Singapore) takes not more than three days.
The draft law provides for reducing the time and simplifying the state registration process in the creation of a legal entity and the acquisition of entrepreneur status by an individual. The timeframe is being reduced from five to three days.
The timeframe for the state registration of changes in the statutory documents of a legal entity remains unchanged.
The draft law is designed to create a favourable environment for starting a business and attracting foreign investment.
The draft law was considered and approved at a meeting of the Russian Government on 16 April 2015.