Russia, officially known as the Russian Federation, is the largest country in the world and is located in Eastern Europe extending all the way to Northern Asia. In addition to being the largest country in the world Russia spans 9 time zones and is the 9th most populous country in the world with an approximate population of 142 million. The capital city is Moscow and the official language is Russian.
Russia is a vast and diverse country. Since the collapse of communism Russia has emerged as a political and economic powerhouse moving from a globally-isolated centrally-planned economy to a market-based, globally-integrated one. The country has vast reserves of oil, natural gas, coal and precious metals. In 2009 Russia was the world’s largest exporter of natural gas, the second largest exporter of oil and the third largest exporter of steel and aluminum. These vast natural reserves and an increase in agricultural exports have contributed to ensuring Russia currently has the twelfth largest economy in the world.
Russia is a member of the UN Security Council, G8 and G20, the Council of Europe and the Organization for Security and Cooperation in Europe and is the leading member of the Commonwealth of Independent States.
Key benefits of company registration in Russia.
Russia has many resources and huge potential which in recent years has led to a significant increase in foreign investment. This has led to local authorities in many of the regions attempting to stimulate the investment environment and form a culture of investment.
There have been several initiatives in order to enhance the investment environment, some of which are outlined below:
- The Development of Regional Investment Legislation – The Republics of Tatarstan and Komi are particularly active along with the Yaroslavskaya Oblast Region.
- Development of Benefits by Local Authorities - Investment is being supported by local authorities through the provision of benefits
- Creating an Advantageous Investment Environment – Increasing the transparency and attractiveness for investment opportunities.
- Actively Increasing Foreign Investment Opportunities – There are certain regions within Russia that are leaders in attracting foreign investment and providing the right climate for foreign investors. The main regions which provide this are Nizhny Novgorod and Nizhny Novgorod Oblast, Orenburg Oblast and the Komi Republic. The regions of Central Chernozem and the Volga are also active in this respect as government support has increased leading to these regions becoming more attractive for foreign capital and investment.
- Formation of Investment Infrastructure – Five regions have established mortgage funds which have increased the regions attractiveness to foreign investors. Mortgage funds are an opportunity to provide state guarantees on the part of the Federation. An example of this is the Reinsurance Company which operates in the Komi Republic. In addition to initiatives such as the mortgage fund other projects are being created such as the development of business centers and the improvement and upgrading of communication systems. There has also been additional emphasis on the improvement of economical justification for investment projects. To strengthen these ongoing programs, it is important to engage banks in this activity and in order to do this the implementation of regional passports has been proposed. These will contain the information necessary for potential investors as Russia’s regions differ strongly regarding investment potential and also risk investment.
The greatest investment potential is located in Moscow and St. Petersburg and in the donor regions due to the vast potential resources and raw materials available.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.
The UK Persons of Significant Control Register & its impact on companies
The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.
Cyprus implements the Hague Convention, legally recognising Trusts as a type of Equitable Law
This year, the Republic of Cyprus ratified The Hague Conventions’ definition of the legislation applicable to trusts and furthering the regulations surrounding their recognition. Cyprus common law now recognises trusts as a unique legal institution under equity.