Want to expand your business to Russia as a foreigner? You are in luck. Russia, the largest country in the world, is prime for new foreign investments. The country has massive untapped business potential, presenting your company an opportunity to enter the market. Here are some useful resources to help you enter the market successfully.
Expanding Your Business in Russia as a Foreigner
Entering your company in a new market, especially one in a different country, requires documentation and other essential processes like registering the business, finding an appropriate business name, and so on.
Here are a few helpful steps to guide you when expanding your business to Russia as a foreigner.
1. Get the Right Immigration Status
To be able to expand your business to Russia as a foreigner, you will need the appropriate immigration status. And so, it is important to check if your current immigration status allows you to start a business in Russia. If you do not have one yet, you will need to decide if you need a residency or work permit.
2. Decide How to Register Your Business
When expanding your business to Russia as a foreigner, you have the following options:
- Register as an individual entrepreneur or sole proprietorship.
- Register using a Branch or Representative Office (RO).
- Establish a Russian Legal Entity as a —
- Limited Liability Company
- Partnership, or
- Public or Private Joint Stock Company.
Decide on a Local Company Name
This is an important part of expanding your business to Russia as you want to make sure that your business name is available and not already in use. Additionally, you will need an address for your business when registering it.
4. Prepare Documentation
The Russian Legislation states that the founders of a business looking to open or expand to Russia will need the following documents:
- Full company name as well as any abbreviations that may be used
- Names and signatures of the founders
- Amount of shareholder contributions plus the nature of these contributions
- Business plan as well as rules of the company
- Legal responsibilities
This process may differ based on the type of legal structure you choose to register your business under.
5. Register Your Business with the FTS
Next, register your business with the Federal Tax Service (FTS) by sending them the following documents:
- Registration form with notarized signatures (R200)
- Copies of foundation papers
- Proof of legal status as the business founder
- Receipt of state registration fee (R4000)
If your application is accepted, then your business will be registered for tax purposes and you will receive the following documents:
- Certificate of State Registration
- Tax Certificate
- Tax ID number
- Copy of foundation papers with the mark of the registering authority
- Extract from the Common State Register of Legal Entities
6. Open a Bank Account
Opening a Russian bank account is the next important step in expanding your business to Russia as a foreigner. To open a business account, you will need:
- Notarized copy of signatures for the account (R200)
- Documents confirming the identity and authority of the signatures on the account
- Tax Certificate
- Russian business license
- Founding papers
7. Get a Russia Phone Number
Next on the agenda is to get a Russian phone number. You can purchase Russian numbers from a virtual phone service provider like Global Call Forwarding. Russia toll free numbers will give locals within Russia the option to call your business for free, no matter where you are located. Local Russia numbers let them call you for regular local calling charges.
Investing in Russian phone numbers will help you get in touch with locals, business contacts, and institutions as you prepare to move your business to Russia and build local networks. Have calls routed to any number or location of your choice with international call forwarding.
8. Advertising & Promote Your Business
Finally, you can start promoting your business as an international business. Consider using international SEO and digital and social media advertising to boost your business’ international visibility.
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