The law had been introduced by the Government of the Russian Federation as part of the second package of initiatives aimed at supporting citizens and businesses in the foreign sanctions conditions. The amendments simplify the registration procedures in Russian special administrative regions on the Russky and Oktyabrsky Islands for foreign companies.
The amendments includes adjustment to requirements changes of the date of establishment of a foreign company for registration in the special administrative regions (1 March 2022 instead of 1 January 2018), as well as it will be no more necessary to confirm activities on the territory of several states.
The period during which foreign companies should make investments will also be increased to one year (now it is six months), and up to 30 working days for provision of documents confirming the facts of investments (now such period is 10 working days).
It is also expected to extend for another 10 years, until 1 January 2039, the possibility of applying the rules of foreign corporate law for international companies.
The law also provides for the introduction of temporary easing to the documents for moving to the special administrative regions and the establishment of the possibility of registering international personal funds in the territory of the special administrative regions and registering Russian property there worth at least 5 billion rubles.
In accordance with the amendments, international funds registered in the special administrative regions are divided into public benefit and personal. At the same time, the norms that currently regulate the activities of international funds will apply to public benefit international funds, and independent regulation will be introduced for the activities of international personal funds.
