According to the Russian legislation, all companies incorporated here must register their daily accounting activities and respect the Russian law with the help of our accountants in Russia. The fiscal and commercial law requires companies to submit their accounting documents once in a financial year, which corresponds to the calendar year. If you want to open a company in Russia, our company formation specialists in Russia can present to you the legal requirements for accountancy procedures. We can also offer accounting in Russia for foreign investors.
Quick Facts | |
---|---|
Who requires accounting services in Russia | If you want to register a company in Russia and develop activities, you need to align with the accounting requirements. |
Applicable accounting legislation | – Russian Accounting Standards (RAS), – International Financial Reporting Standards (IFRS) |
Types of accounting services we offer | – bookkeeping, – payroll, – annual financial statements, – tax returns, – debt monitoring |
Tax advice and compliance (YES/NO) | Yes |
We offer support for tax registration | Yes |
Financial planning for company owners | On request |
Risk assessment and evaluation | On request |
Types of audit services | – internal, – external, – financial, – compliance, – operational |
Tax minimization methods available | – tax credit planning, – charities, – retirement plans, – selling investments that lost their value |
Personalized financial consultancy services | On request, for company formation in Russia |
Investment consultancy for high-net-worth individuals | On request |
Financial and analysis reports for companies | Dedicated plans, if solicited |
Human resources services available (YES/NO) | Yes |
Expertise provided by certified accountants (YES/NO) | Yes |
Free case evaluation for companies (YES/NO) | Yes |
Types of HR services | – human resources administration, – employment recruitment, – preparation, and registration of work contracts with the relevant authorities |
Services of a CPA in Russia | – payroll, – bookkeeping, – preparation of tax returns, – debt monitoring, and more |
Is debt monitoring a part of an accounting package? | A qualified accountant in Russia can provide great and useful insights into debt management approaches for businesses registered here. |
Follow-up and analysis | Our Russian accountants can create different financial reports after audits. The results can be presented to the company management. |
Sustainability | Our accountants in Russia can use specific financial data for issuing varied reports that can accurately present the income and expenses of the firm. Particular recommendations referring to sustainable activities can be suggested and implemented. |
What is source usage? | Verifying internal business resources and proposing different strategies to increase efficiency. |
Bank payments | We can handle daily bank payments in the company. |
Inventory management | Tracking products, goods, and assets in a firm, by using dedicated platforms and data for future audits. |
Accounting services for startups in Russia | We provide dedicated accounting services for foreigners opening startups in Russia. |
Accounting services for sole proprietorships in Russia (YES/NO) | YES |
Preparing monthly and quarterly VAT declarations (YES/NO) | YES |
Year-end closing approvals and books | Our Russian accountants can close and sign the accounting books at the end of the tax year. |
Tax year in Russia | 1st of January – 31st of December |
Benefits of outsourced accounting services | – affordable prices for outsourced accounting services, – dedicated solutions, – personalized offers |
Why work with our accountants in Russia? | – professionalism, – transparency, – efficiency, – tailored accounting packages |
The accounting department of a company requests for the original version of a document, with a signature and blue round stamp. Below you can find extra details about accounting in Russia:
Our company formation agents in Russia can provide you with more information on accounting in Russia. You can also ask for payroll in Russia and discover the following infographic:
Accountants in Russia hired after you set up your business activities will spend a large proportion of time registering documents related to the financial situation of your personnel. Under the Russian employment law, all companies must pay their employees twice a month. When taking a holiday, the salary received by the employee in that time will be calculated according to the average income received in the last twelve months.
The accounting department must register, for each employee, a table showing the days in which the employee was on duty, the days of absence and illness. Our accountants in Russia can provide you with further details on this subject.
If you decide on externalizing the accounting in Russia for your company, you should talk to our team of professional accountants in Russia and find out more about the support we can offer. Below, you can find a few of the accounting services we can offer:
Our team of accountants in Russia can handle a wide range of financial matters for companies with establishments in Russia, in complete respect with the International Financial Reporting Standards and also local legislation. You can benefit from complete accounting services and a tailored offer if you get in touch with one of our experts.
If you need guidance on this topic, the following video presentation might help:
Bookkeeping involves monitoring all the payable/receivable accounts of a company, issuing invoices, plus the management of banking operations, primary documents processing, cash management, effecting payroll and many more. Having structured and updated financial records is extremely important for a company in Russia, and this helps in issuing all sorts of financial reports. Journals and ledgers, petty cash books, daybooks and all sorts of varied income statements can be kept and verified by a team of accountants in Russia that you can hire for your business. We will also add that booking represents a significant part of the accounting services we can provide for your business in Russia, so feel free to talk to one of our specialists and find out extra details. We can also give information about payroll in Russia.
Payroll is another important part of the accounting regulations for companies in Russia. Distributing the electronic payroll records, calculating the payroll taxes, preparing to deliver the salaries for employees, plus other duties are part of payroll services provided for your company in Russia.
It is quite beneficial to externalize payroll services for your business in Russia and rely on the support of a professional accountant that can take care of such aspects for your firm. It is good to know that payroll in Russia is not expensive, however, these will be established in accordance with the number of employees, size of the company, etc. We remind you that a personalized offer can be provided by our team of accountants in Russia if you send us your requests and other details. Also, if you are interested in company registration in Russia, feel free to talk to us.
RAS refers to the Russian Accounting Standards, also called the Russian Accounting Principles (RAP). RAS is the regulatory body of all financial accounting and reporting standards in Russia that is used by the tax authorities in this country. Cash flow statements, balance sheet, and other income statements are part of RAS. If you need more details in this matter, please feel free to solicit our help and guidance. Our accountants in Russia can provide in-depth support about RAS and about payroll in Russia.
According to the laws in Russia, joint-stock companies must publish the accounts with the help of an audit. In the case of companies with an annual turnover exceeding RUB 400 million or RUB 60 million in balance sheet assets, yearly audited financial statements are solicited. An internal auditor in Russia can take care of this aspect, so please feel free to solicit help.
Accounting services are important to any kind of company in Russia. All the financial activities in a firm must be recorded with the help of journals, payroll accounts, sales contracts, balance sheet, and other important documents. An accounting department knows the flow and how to achieve the company’s targets from this point of view. Instead of dealing with a whole accounting department in your company, you should hire the services of a dedicated firm. Our accountants in Russia can help you, so make sure you address your inquiries to our team.
The Ministry of Finance and the National Bank of Russia are the institutions that oversee all the financial matters related to businesses in this country. This also refers to the accounting requirements that each company needs to respect. Entrepreneurs in Russia must consider the services of an accounting firm before the operations are started. Our specialists can provide assistance and complete support in this matter.
The tax regime in Russia is appealing to most foreign entrepreneurs having businesses in this country. The corporate income tax is set at a 20% rate, but there are tax exemptions for specific activities developed in Russia. 18% of the corporate tax is sent to the regional administrations in Russia, while the 2% rate is used by the government. The standard VAT rate in Russia is 18%, but lower VAT is applicable to particular types of products and services.
Both local and foreign entrepreneurs can consider and adopt the available tax minimization methods in Russia to cut down the amount of taxes in the company. A long-term dedicated financial planning is a great solution for investors in Russia who will know from the start what kind of tax minimization tools might be appropriate. Subscriptions and credit rates paid in advance, property repairs, and anticipated gifts for employees can be part of a tax minimization plan in the company. You can discuss with our accountants in Russia and find out more about the taxation in Russia and also about the proper tax minimization tools for your company.
Accounting is important in business. Outsourcing this type of service comes with various benefits. If you use the services offered by our accounting firm in Russia, you will receive the following:
Our accountants in Russia offer complete packages of accounting services, tailored to the needs of customers. Our experts know the legislation in force and also the changes that are being made. In addition, each company benefits from the services of a contact person.
Hiring an accounting firm in Russia involves certain costs. These are calculated based on:
This information must be provided from the beginning in order to be able to set the costs for the accounting services provided. Once we initiate the first discussion about collaboration, we can consolidate a contract that includes cost issues. Our accounting firm in Russia is at your disposal if you have a company in this country. We offer specialized services and the support of our accounting experts.
In exchange for an in-company accounting department, it is recommended that you consider the services of an experienced company. Basically, you will benefit from a one-stop service provider for the company you own.
Each client has special business needs, so they can rely on individual approaches and personalized services. Bookkeeping, payroll in Russia, HR management are among the most important services offered by an accounting firm in Russia.
Once you get in touch with our accountants in Russia, you will receive information about the services offered for the company. In addition to those described above, customers can also access the following services:
Every company has its own business rules, and accounting takes these aspects into account. We remind you that you can call on the accounting services of our company if you want to set up a company in Russia.
Our team of accounting experts in Russia has experience in this field and can offer specialized advice. Owners of companies wishing to benefit from accounting services in Russia can rely on the efficiency and professionalism of our team. We are here to provide all the necessary support to those looking for complete accounting services.
1. Can I ask for externalized accounting services for my company in Russia?
Yes, you can consider outsourcing the accounting services for your business in Russia instead of hiring an entire department and involve different costs. You can speak to our team of advisors in Russia for extra details.
2. Can I get help for tax registration and calculation?
Yes, our experts can handle the tax registration and calculation for companies in Russia, as part of the accounting services we can provide.
3. Does an accountant take care of payments in a company?
Yes, all receivable and payable accounts enter the attention of our specialists who can also handle varied payments, respecting the financial operations in the firm.
4. Can I get payroll services for my company in Russia?
Yes, payroll services are important to any kind of company in Russia. Our accounting services also comprise payroll services, so feel free to send us your requests in this matter.
5. Can I receive bookkeeping services for my business in Russia?
Yes, payroll and bookkeeping are part of the accounting services we can provide for your company in Russia. A personalized offer can be arranged for your Russian business, so feel free to talk to us.
6. Do I get support for annual financial statements?
Yes, companies in Russia must fill the annual financial statements and particular firms with turnover exceeding RIB 400 million/year. Our specialists can help you.
7. What are the professional accountancy bodies in Russia?
The Russian Institute of Professional Accountants (IPBR) and the International Certification Programme for Professional Accountants (CIP) are the main accountancy bodies in Russia. We have a dedicated and experienced team of accountants so feel free to talk to us.
8. What does an accounting report comprise?
A profit and loss account, the balance sheet, and specific notes are comprised of an accounting report. Each firm must have such a report, right from the beginning of the activities.
9. Do small companies in Russia need accounting services?
Of course, no matter the type of company you own in Russia, it is required to hire the services of an accounting specialist. We are here to provide the needed help for your firm.
10. Why choose our accounting specialists in Russia?
We have a dedicated team of accounting specialists in Russia, with experience in a wide range of financial aspects. You can rely on our support and professionalism right from the start.
The Russian business climate is quite appreciated by foreign investors who see Russia as a powerful financial destination with plenty of business opportunities and profits. Manufacturing, tourism, engineering, real estate, and pharmaceutics are representative and well-developed sectors that attract numerous foreign investments each year. A skilled workforce, great transportation and an appealing regime are among the advantages of Russia in front of foreign investors. Here are some facts and figures that explain the economy of Russia:
If you need further information on the accounting documents in Russia, please contact our company formation agents in Russia, who can offer you more details on the accounting procedures.