Reference
The Ministry of Economic Development has drafted this document as part of the National Business Initiative aimed at improving the investment climate in the Russian Federation and specifically at fulfilling sub-clause “d” of Clause One of the President’s Executive Order No 596 of May 7, 2012 on long-term state economic policy.
The goal of the road map is to reduce the processing time and the number of procedures in registering a limited liability company (hereinafter referred to as LLC) as the main institutional and legal form of medium- and small-sized business.
The document-endorsed measures are directed at improving the procedures of interaction between the registering authority and the applicant; introducing predominantly online registration; streamlining inter-departmental cooperation and informing entrepreneurs about state registration procedures. These measures provide for the following:
- the option to submit forms for state registration through a mediator, notably, a registration agent (a notary, attorney or bank);
- the option for an LLC to be more flexible on charter capital payment (within two months of registering an LLC), in order to reduce the costs of doing business at its inception;
- the option to use standard charters to register an LLC;
- quicker exchange of information between the registering authority and state extra-budgetary funds;
In addition, these measures allow legal entities to do without a stamp before their state registration and cancel the obligation of these entities and sole proprietors to inform tax bodies and state extra-budgetary funds about opening and closing bank accounts.
Implementation of these measures will allow Russia to improve its Doing Business ratings with the World Bank.