06.02.07

In March of 2007 the government of the Russian Federation will be considering a draft bill which will change the procedure for state registration for legal entities.

Summary of the draft bill:

1. Duration of registration procedures will be 30 days (in the case of changing a name or location, or registered capital of legal entity).
2. The tax authorities have the right to extend the duration of registration procedures in cases where a new entity is founded, if changes are made to administration, founding members and/or registry holders for up to 20 additional days. In addition, after the 5 working days allowed for the inspection of documents, the Federal Tax Service (FTS) may postpone the registration process and demand additional time for a more thorough inspection of documents.
3. A new database is being planned by the FTS which will allow tax authorities to check the existence of addresses stated in documents.