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For the first time, a contribution in form of cryptocurrency, more specifically Bitcoin, was made to authorized capital of a Russian company. The Russian company applied twice to the Federal Tax Service (hereinafter referred to as the FTS) in order to register changes in authorized capital. The reason for the…
Working on website redesign, VALEN has managed to make it look more modern as well as to maintain its corporate style. Renewed website allows its visitors to keep track of news in business, finance and law. This information is available in «News» section. The «Practices» section represents a full range…
On November 1, 2019, legislative amendments came into force on the simplification of procedure for granting temporary residence permit (TRP) and a permanent residence permit (PRP) in Russian Federation to certain categories of foreign citizens. Permanent residence permit has become unlimited Previously, permanent residence permit was issued to a foreign…
Today, the use of electronic digital signature is quite a significant issue for foreign partners in Russian business. However, there is an opportunity to sign contracts-online using digital signature via electronic trading platform «Business-market», developed by MCCI. At the same time now, there are no any legislative restrictions for such…
The Ministry of Finance of the Russian Federation is considering the possibility of dividing cryptocurrencies for its further legal regulation. Thus, Cryptocurrency should to be divided into the following types: technical tokens for maintaining the system functioning; virtual assets-bitcoins; Digital financial assets or ICO (Initial coin offering – a form…
Ministry of Finance proposes following amendments to Russian tax legislation: Criteria for recognizing citizens as tax residents will change. Now in Russia it is necessary to spend less than 183 days a year in order not to be considered as Russian tax resident and not to pay taxes. According to…
Minister of Finance suggested that fines should not be applied to small and medium-sized companies if they committed an offense for the first time. If inspection body identifies an offense that was voluntarily eliminated by the company, in this case it should receive a warning only. Relevant practice will have…
On July 26, 2019, Russian Central Bank has published recommendations that can help companies to avoid blocking of their assets. Account can be blocked, if bank will suspect company in money laundering. The recommendations of the Central Bank are: Always communicate tax authorities and your bank about changes in the…
The Russian State Duma has adopted amendments to Law on «legal status of foreign citizens in Russia» and a number of other legal acts of the Russian Federation in simplifying the procedure of granting a residence permit and a temporary residence permit to certain categories of foreign citizens. The bill…
On July 15, 2019 the Russian Government introduced a draft law that will change the Law on notaries. Due to this draft law, companies and individuals will be able to receive some notarial services remotely, in electronic form. The list of such services includes: A certification of documents translation; Securing…
Lawyers start to develop the system of taxation of digital assets. The preparation of this system is going to be realized before the adoption of a special law in order to avoid problems in practice when applying the General rules of taxation on the matter of virtual assets. The meeting…
In June 2019 Valen opened partner office in Munich, thereby strengthening the company’s presence in Germany. Similarly to the head office in Moscow, partner office will be specialized on the practices of corporate, civil and agreement law, as well as provide services related to tax consulting. New office address –…
President of the Russian Federation Vladimir Putin has ordered introduction of a universal single-entry e-visa for foreigners arriving in Russia from 1 January 2021. E-visas will be single-entry and short-term, for up to 16 days. In addition, this visa will be universal: its holder will be able to enter the…
Current Russian Civil Code states that exclusive intellectual property right may belong to one person or to several persons jointly. It means that if intellectual property has several proprietors, they are entitled to dispose of it only in a joint tenancy mode, i.e. it is necessary to obtain consent of…
New rules for paying “Google tax” – VAT that is paid by foreign companies which provide electronic services to Russian customers – have entered into force in Russia since January 1, 2019. Previously this tax was paid by the customers instead of foreign companies-sellers. Now, according to the new rules,…
System of financial messages transfer (SFMT), Russian analogue to SWIFT, is in operation since late 2014. Almost 400 companies have been connected to it as at April 2019. According to current legislation, only Russian banks and their clients as well as foreign credit institutions and international organizations could be SFMT-members…
