Start business – Open a company in Russia

The best way for a foreigner to start a business in Russia is to register a company. The procedure for setting up a business in Russia has been actively simplified by the government. Today the process usually takes just three days and is not significantly different for a foreigner compared to a Russian citizen.

Founding a Limited Liability Company (LLC) is considered the most convenient form of business activity. You need to fill the application form. Foreign nationals need to provide a notarized passport translation. The validity of your signature on the application form should be notarized, after that it should be submitted to the relevant tax body.

You will require a legal address, a charter, and a minimum starting capital of 10,000 rubles (120 EURO). You should also specify a general director of the LLC (this might be a foreign national with work permit) and be ready to regularly prepare and submit monthly accounting reports. Then it is possible to set up a bank account for the company.

There are many advantages of this type of business: easier to borrow large amounts from banks, easier to work with contractors, private investors can enter the business, LLC can be subject to 6 (six) percent tax.

Related: Open a llc company in Russia