ACCREDITATION OF FOREIGN COMPANIES WILL BE SIMPLIFIED IN RUSSIA

A draft law that contains a number of legislative changes concerning the accreditation of branches and representative offices of the foreign companies in the country has been submitted to the State Duma.

We are talking about amendments that can be made to Article 21 of the Federal Law "On Foreign Investments in the Russian Federation".

In particular, it is proposed to introduce a so-called procedure for suspension of accreditation, as well as its resumption, subject to the elimination of the violations. For the moment, if a full package of documents is not submitted, the controlling body is forced to deny accreditation, after which the cases of litigation initiated by the companies are common.

Moreover, the draft law contains an initiative to limit the ability of individuals to hold leadership positions in the foreign branches and representative offices. This applies to those who previously created or were a participant of the companies that had signs of fictitiousness.

Additionally, a condition for refusal to conduct accreditation in a situation where a foreign company has debt to the Russian budget is provided in the amendments.

What is more, a provision on the amount of state duty for the procedure duplicating the tax code may appear in the law. Now the cost of such a service is 120 thousand rubles.