01.12.07

Russia's Ministry For Economic Development and Trade is finishing a new draft bill that would change the rules for registering legal entities. The Ministry persuaded the Federal Tax Service and the Ministry of Finance abandon plans to increase the registration process from 5 to 20 days. The additional time had been requested by the tax authorities in order to more thoroughly investigate the documents registering entities submit.

At the same time, according to the draft, registration of address changes for legal entities “must be completed within a period of not longer than five business days following the expiration of 30 days after submission of documents to registering authority.” This interestingly worded thirty-five-day registration is suggested to allow court bailiffs an opportunity to catch illegal companies.

The draft also would require that the founders’ consent for creation of a legal entity, and the consent of the property owners to register the company at their address be notarized.

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