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Entrepreneurs Can Choose From Many Types of Companies in Russia

Incorporate Company in Russia

One of the largest economies in the world, Russia gives you access to a vast market. Russia itself is a country with a population of 144.5 million and it neighbors with 14 other nations. Thus, the geographical location of Russia gives business owners plenty of areas to span on. Undeniably, it is the country to establish a business if you want growth. However, to incorporate company in Russia is fairly a confusing task, especially for foreigners. Therefore, you will need professional assistance to simplify the process.

 

Types of Companies in Russia

  • Sole Proprietorship
  • Partnership
    • General Partnership
    • Limited Partnership
  • Limited Liability Company
  • Joint Stock Company
    • Closed Joint Stock Company
    • Open Joint Stock Company
  • Branch or Subsidiary
  • Representative Office of a foreign company

Among the different types of companies in Russia, the Limited Liability Company and Joint Stock Company are the most appealing for foreigners.

Limited Liability Company

The Russia term for an LLC, Obshchestvo s ogranichennoy otvetstvennostyu, or OOO needs a minimum share capital of RUB 10,000. Shares generate the funds in an LLC. Remember that there can be no more than 50 shareholders.The Russia term for an LLC, Obshchestvo s ogranichennoy otvetstvennostyu, or OOO needs a minimum share capital of RUB 10,000. Shares generate the funds in an LLC. Remember that there can be no more than 50 shareholders.

There are three major boards of a limited liability company in Russia.

  1. General Meeting: Takes the major company decisions
  2. General Director: Day to Day Decisions
  3. Board of Directors: For executive decisions

Joint Stock Company in Russia

A joint stock company is also another popular business entity for foreigners in Russia. Generally, a Joint Stock Company is larger than an LLC. There are two types of Joint Stock Companies in Russia.

  1. Open Joint Stock Company – An open joint stock company needs a minimum share capital of RUB 100,000. The shares are freely transferable to the public.
  2. Closed Joint Stock Company – In a closed joint stock company, the minimum share capital is RUB 10,000. The shares are freely transferable to the shareholders. The key word here is ‘shareholders’, as there are no public shares in a closed joint stock company.

For many investors, a joint stock company is the way to go if the number of shareholders in an LLC exceeds 50.

 

Can a Foreigner Operate a Sole Proprietorship in Russia?

The answer is yes — foreigners can also run a sole proprietorship in Russia. A Sole proprietorship doesn’t have minimum financial requirements or such. However, foreigners don’t really register this type of entity because of the risk factor even if it is the simplest type of business entity in Russia.

 

How Much Time Does it Take to Incorporate Company in Russia?

The time it takes to incorporate company in Russia depends on the type of the company and knowledge of the process itself. However, working with 3E Accounting and completing all the necessary paper works will shorten the procedures. We can register your Russia business in no more than two weeks.

It isn’t such hard work to incorporate company in Russia if the process goes well. But of course, you need professional help to register a business in Russia without hassle. Contact 3E Accounting for the easiest Russia business registration at the most affordable price.