Set-up Your Company in Russia
With a complex market, starting a business in Russia can be challenging and calls for a deep understanding of the local legislation, trade and customs rules, and other essential matters. For any business to take advantage of the powerful economy; NNRoad can help you establish a legal presence in Russia while taking full responsibility for all the rules and regulations involved.
Business entities you can open in Russia
1) Limited Liability Company (OOO)
To set up a Limited Liability Company in Russia you must have a minimum share capital of 10,000 roubles ($130), one director, and one shareholder. The shareholder can be of any nationality, but the director must be a Russian resident.
2) Joint Stock Company (OAO)
Similar to the OOO, the Joint Stock Company needs to have one director and one shareholder. You can create the company with a minimum capital of 10,000 roubles ($130).
3) Branch and Representative Office
Companies from abroad can establish branches and representative offices. The limitation is for rep offices that cannot conduct any commercial activity, but only market research or promoting the business of the parent company.
Our Company Formation Service Includes:
- Confirm the selection of a business entity type and shareholder structure in accordance with the Russian Company Act.
- Guiding and preparing legal registration documents like an Application form for company registration, Articles of Association, and other incorporating documents if needed and filing them with Trade Register.
- Advise on the initial capital amount, if applicable.
- Translations of documents into Russian as required.
- Assist with registration of the company with the relevant Tax Authorities.
- Registration with Moscow Center.
- Support with after company setup services.
- Assist in getting company stamps.
- Bank Account Opening assistance.
PEO/Employer of Record in Russia
Hire employees in Russia while NNRoad handles all employer liabilities. No local entity needed.
As an Employer of Record; NNRoad will employ the staff on behalf of your company in Russia so that you do not need to set up a legal entity in Russia. If you have already selected a candidate or require an employee in Russia, NNRoad will assist you through employment laws thereby, eliminating all the risks involved.
NNRoad's PEO/Employer of Record Service in Russia Includes:
- Engaging employees through local labor contracts including contract administration, engagement, extension termination, and conversion to a permanent hire.
- On-boarding and off-boarding employees following Russian labor law practice.
- Registration of employees with the social security board and with the tax office.
- Complete payroll solution and mandatory benefit administration.
- Employee management according to local laws, including employee record, timekeeping, bonus, and allowance management, expense and claims, and leave employee database management.
- Preparation and execution of salary tax payments.
- Payment management, including invoicing customers/clients and salary payments.
Paying your staff in Russia can be complex and time-consuming, exposing you to compliance failure. Outsourcing your payroll management to NNRoad will lower the cost and reduce all the risks and liabilities involved as we will provide you with all the necessary guidance and will look after all the management required for the smooth running of your Payroll and HR process in compliance with Russian laws.
- Registering and de-registering the necessary company and personnel information for payroll calculation in compliance with local rules.
- Registering all local employees with the social security board, if required.
- Calculation of gross salary, salary deductions, such as social insurances, unpaid leaves, etc., and net salary based on information provided by the Company including irregular payments such as incentive/bonus, allowance, paid/sick leaves, etc. if applicable.
- Preparation of regulatory employee data forms.
- Pro-rata calculation for people who join/resign.
- Providing a monthly payroll summary to the Company.
- Obligatory reporting (2-NDFL, 6-NDFL, Staff number report, 4-FSS, SZV-M, CZV-Stazh, P-4).
- The monthly issue of electronic pay-slips.
A foreign business might face many challenges relating to Russian accounting legislation. Maintaining your financial transactions and records according to the local rules and standards could lead to an extra burden on your company. NNRoad can help you in preparing and filing all required reports and also help with tax reporting to authorities. You can trust and rely upon our experienced who will look after all the accounting and reporting services.
- Full set accounting services in compliance with local legislation and accounting standard.
- Preparation of Monthly or bi-monthly reports to different government authorities.
- Processing primary documents like Invoicing.
- Reporting of statutory taxes like VAT, social taxes, etc., funds like a pension.
- Monthly and Annual Tax Declaration.
- Submission of statutory reports before Tax Authorities and other state authorities with compliance to local law.
- Consolidation accounting and preparation of group financial statements.