In 2022, the Federal laws, adopted last year in Russia, come into force concerning disclosure of beneficial owners of foreign international companies and financing from the state budget for Russian companies with foreign shareholders.

BENEFICIAL OWNERS

Starting 01.01.2022, international companies carrying out activities in Russia are obliged to disclose data on their shareholders, beneficial owners and СEOs, including information on private individuals or public companies directly or indirectly holding 5% or more in the foreign international company. Relevant amendments are made to the Tax code of the Russian Federation under the Federal Law No. 100-FZ dated 20.04.2021.

FINANCING FROM THE RUSSIAN STATE BUDGET

Additional restrictions on receiving investment and subsidies from the state budget for companies with foreign shareholders are presented. The amendment is made to the Budget Code of the Russian Federation under the Federal Law No. 384-FZ dated 29.11.2021.

In particular, only those legal entities where offshore foreign companies directly or indirectly hold less than 25% of the capital can now apply for financing from the state budget. Previously, the required shareholding was 50%.

At the same time, shares traded at organized auctions will not be taken into account when determining stake of shareholding.

According to the Information and Analytical system Globas there are currently over 9 thousand companies in Russia, where one of the foreign shareholders holds up to 25% of the capital.

About Credinform Information agency Credinform is a local Russian provider of the highest quality service for credit risk management and company intelligence when doing business in and with Russia. Freshly investigated credit reports on Russian companies and sole entrepreneurs are available online. Online solution – the Information and Analytical system Globas https://globas.credinform.ru/en-GB/Home/Auth  includes up-to-date, credible and reach data on Russian companies based on over 20 local public sources.

Source:  Credinform