The insurance sector in Russia is growing and numerous positive changes have been implemented by the local authorities. The Law on Insurance was modified in 2013 and it is important to mention that in 2012 the country became a member state of the World Trade Organization (WTO). As a consequence of the WTO membership, the jurisdiction had to implement new regulations for the Law on Insurance, which can be detailed by our team of company formation representatives in Russia.
Open an Russian company
Businessmen who are interested in opening a company in Russia in the insurance sector will first need to register a legal entity with the local authorities. Investors may set up one of the following legal entities:
• private joint stock company;
• representative office;
• a branch office.
The procedure of company registration in Russia starts by notarizing a standard registration application, which can be completed at a public notary. However, this step is not compulsory, but it is recommended.
It is also necessary to register with the Federal Tax Service, an institution which will provide a state registration number and a tax identification number for the taxpayer. The businessmen are also required to open a corporate bank account for the legal entity and in order for this action to be completed, the company’s founders will have to provide a set of documents, such as the certificate of registration, as well as the company’s statutory documents. Our team of company formation agents in Russia can offer more details on the list of required documents.
Insurance sector in Russia
Following the WTO membership, the insurance market in Russia had to include in its national legislation a set of amendments. For example, the foreign investments quota was increased from 25% to 50%. Investors interested in company formation in Russia in this sector should also know that the applicable legislation no longer imposes residency requirements for the managers of the foreign insurance companies operating here, following the WTO regulations.
When opening a company in Russia in this sector, it is compulsory to obtain a license for the specific insurance activities carried out by the respective legal entity.
Businessmen are invited to contact our team of company registration consultants in Russia for more details on the regulations applicable to insurance businesses.