Consul & Rubicon - Russian government approves bill on citizenship for foreign investors

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25.02.2014

Russian government approves bill on citizenship for foreign investors

         The Russian government's legislative commission has approved a bill on granting citizenship to foreigners who invest more than 10 million rubles (over $281,601) in Russia, or who have a Russian diploma and have worked here for at least three years, according to the government's official website.

         “Self-employed entrepreneurs who have worked in Russia for at least three years with annual business revenue of more than 10 million rubles, as well as investors who own at least 10% of a Russian company with the charter capital of at least 100 million rubles ($2.9 million), can apply for Russian citizenship,” Kommersant newspaper wrote earlier.

         Under current legislation, only foreigners married to a Russian national or stateless persons who were born in the former Soviet Union can file for citizenship. The bill's authors propose using the European experience of a simplified procedure for granting citizenship.

          Under the bill, this procedure can also be used by foreign students who received a Russian diploma as of July 1, 2002 and have worked in Russia for at least three years before applying for citizenship.
The draft law will be considered by the government at a later date.

          Currently, only foreigners married to a Russian citizen or those who were born in the former Soviet Union and are stateless qualify for the speeded-up procedure. Nearly 136,000 foreigners obtained Russian citizenship in 2013, according to the Federal Migration Service. That was up from about 96,000 in 2012.

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Consul & Rubicon, Law firm LLC was founded by the attorneys at law & consultants & trustees in bankruptcy practicing in the field of insolvency & restructuring and liquidation of enterprises in 30 May, 2006 (the main state registration number 1063435051107, taxpayer identification number 3435078350, code of tax registration's reason 343501001, location is Russian Federation, Volgograd oblast (former name Stalingrad), city Volzhsky, Lenin prospectus, Building 20, office 11 (Office Center "Staraya Ploshchad"), 404130). During 13 years the companie's specialization is liquidation and bankruptcy of enterprises. The contact person is Dmitry Zipunnikov, attorney at law since 2008 & trustee in bankruptcy since 2011. Please, feel free to phone +79023627056 or send e-mail konrub@bk.ru or WhatsApp calling +7-902-362-70-56. Time zone of our location is Volgograd time (UTC+4).

Method of liquidation	Description (solution to the problem)	Cost	Period
Change of the registration address and the founders & management of the enterprise	This is a quick procedure: change of the founders/shareholders of the company is performed by way of selling the stock/shares to a new owner while the company keeps existing. The sales and purchase transaction must be notarized to confirm the legal capacity of the new owner. From the moment of the state registration of the changes to the constituent documents the former owners cease to bear any liability for the current activities of the company.	cost basis 145 000 rubles	35 days
Reorganization of the enterprise by way of consolidation or merger with another company	The main advantage of this method is as follows: In the event of successful completion of the reorganization procedure the former enterprise shall be considered to have ceased its activities upon making the respective entry into the Uniform State Register of Legal Entities. All its liabilities shall be transferred to its legal successor, including outstanding ones and those that have not been identified at the time of the reorganization.	cost basis 415 000 rubles	4 months
Involuntary bankruptcy of a debtor	If a company already has indebtedness to the budget and/or other creditors and no possibility to redeem it, then the bankruptcy of the debtor is the only legal way to liquidate the company, write off its indebtedness and avoid the liability of its founders and managers. The only thing that the company needs to do is to find a liquidator and a receiver who will be loyal to the debtor from the members of the self-regulating organization of court-appointed professional receivers.	cost basis 350 000 rubles	12 months
Voluntary liquidation of an enterprise by the decision of its founders	Generally, voluntary liquidation is acceptable for organizations with either limited activities or totally inactive. It is also suitable for organizations that are ready to undergo tax audit, i.e. that are sure that their accounting records are well-kept and none of their contractors were “fly-by-night” companies.	cost basis 60 000 rubles	4 months

Method of liquidation	Pros	Cons
Voluntary liquidation of an enterprise by the decision of its founders cost basis 60 000 rubles. Date of performance 4 months	Obtaining a certificate of official liquidation. Ability to pre-decide the fate of the assets. Legal "death" of the firm. Lack of succession to the obligations and debts. If formal procedures are carried out correctly, the liquidation can not be regarded as invalid.	A lot of bureaucratic procedures Considerable expenses: payment services of a lawyer, accountant, liquidator, the repayment of debts to the budget and creditors. Long-term project: more than 4 months Compulsory tax audit. You must provide a certificate from the Pension Fund about the debts' absence.
Change of the founders and management of the enterprise cost basis 145 000 rubles Date of performance 35 days	No tax audit. Reasonable cost of services. Short period of time: 20-30 days. The signing of the act of reception - the transfer of documents. Notarization of the transaction. The company is removed from the tax records	The company is not excluded from the Uniform State Register of Legal Entities (USRLE). The risks of vicarious liability. The problem of finding a firm's buyer (although it is rather a problem of law firm).
Reorganization of the enterprise by way of consolidation or merger with another company cost basis 415 000 rubles Date of performance 4 months	No tax audit. The company is excluded from the Uniform State Register of Legal Entities (USRLE) as in official liquidation Short period of time compared to the official liquidation: 3-4 months. If formal procedures performed correctly, the reorganization can not be regarded as invalid.	The firm has a successor It is necessary to place an ad about reorganization in the Bulletin of state registration and wait 2 months. For reorganization in the form of merger it is necessary to get certificate of no debt from the Pension Fund for each of the participants in the reorganization.
Involuntary bankruptcy of a debtor cost basis 350 000 rubles Date of performance 12 months	You will have the opportunity to appoint the bankruptcy commissioner and control the bankruptcy procedure The сompany is immediately declared bankrupt and the stage of receivership is entered The company's debt is officially extinguished The company will be excluded from the Uniform State Register of Legal Entities (USRLE) by the decision of the Arbitration Court The firm has no successors	Significant costs on the bankruptcy commissioner Risks of vicarious liability for late filing of a bankruptcy petition.
Mandatory removal of inactive legal entities from the Uniform State Register of Legal Entities (USRLE) by the decision of tax authorities cost basis Free of charge Date of performance from 1 to 5 years	The company is excluded from the Uniform State Register of Legal Entities (USRLE). The firm has no successors If formal procedures performed correctly, the firm's deletion from the Uniform State Register of Legal Entities (USRLE) can not be regarded as invalid. Free of charge	The decision about non-performing firm's deletion from the Uniform State Register of Legal Entities (USRLE) can be accepted only by the tax inspection: not the fact that such decision will be accepted In order to create the possibility of firm's deletion from the Uniform State Register of Legal Entities (USRLE), firm should not work: this is confirmed by the lack of reporting and transactions on your checking account within one year

Call us:	office phone +7 (8443) 41-28-81 mobile phone +7-902-362-70-56
Contact us:	e-mail: konrub@bk.ru.
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