What you Need to Know about Establishing a Startup in Russia

Starting up a new enterprise in a different country can be an exciting prospect for enterprising entrepreneurs; however, it needs to be undertaken with a little bit of caution. Before moving to and establishing a corporation in a country you need to think about your investment chalk out a business plan and evaluate the risks.

Registration of a legal entity will be complicated in a new nation; which is why you need to hire a Russia law firm to better explain to you the peculiarities conducting trade in the region. Such firms offer you a lot of advice and information about the field you wish to operate in.

• Deciding on the Type of Concern

While many small time entrepreneurs prefer to register as a Sole Proprietor, there are others who opt for a limited liability company registration in Russia despite the many documents needed. The taxes are higher for LLC’s as well; however they are a much better option when you happen to be engaging in business with a Russian partner.

In case you are seeking to complete the incorporation you might want to turn to a firm offering legal services to foreigners. Sound legal council does wonder by helping entrepreneurs learn about raising the capital required to start their business.

• The Documents Required

One of the most important things to be mindful of is the kind of documents required to obtain company registration in Russia. In order to attain a Sole Proprietor License there needs to be a notarized translation of a foreigner’s passport. Along with this, a temporary or permanent residency permit needs to be submitted together with a receipt for the state duty of 800 rubles. Do remember that for any business to function in the country, entrepreneurs need to have a corresponding visa and residence permit.

Most of the times people who wish to engage in setting up a business in Russia have neither the knowledge nor the documents they need to build and register a new organization in the country.

• Dealing with Bureaucratic Obstacles

A with any country, there are sure to be certain corruption risks and bureaucratic policies or officials. The kind of political climate in the nation prevalent also has a big effect on the thriving industries. Undertaking a lease of premises requires undergoing lots of inspections by the fire department, sanitary and epidemiological division, etc.

However, all these types of hurdles are not always necessary; you can avoid a lot of hassles by taking sound advice from your lawyers who should preferable be residents of Russia. It would be wise to hire a Russia law firm specializing in offering help to startups so they can make a smooth transition to incorporation and smooth functioning.