Min: Russian firms to register in local offshores in future

ST. PETERSBURG, Sep 21 (PRIME) -- Russian companies will receive the possibility of registering in special administrative regions with a number of restrictions in the future, Economic Development Minister Maxim Oreshkin told reporters on Friday.

“Everything will be done gradually. I think there will be no problems in the future for Russian companies to switch to such a regime of work, especially when a tax regime, which exists there for holding companies, should be spread on the entire territory of Russia. Once we spread this regime on the entire territory of Russia, I think that Russian companies will be allowed to register in special administrative regions,” he said.

In July, the Federation Council, the parliament’s upper house, approved a package of laws allowing Russians to re-register offshore companies, which they control, in special administrative regions of Russia to minimize possible repercussions from sanctions of foreign states.

The laws determine aspects of functioning of the special administrative regions on Russky Island near Vladivostok and Oktyabrsky Island near Kaliningrad, allowing for re-domiciliation of foreign companies to the Russian jurisdiction, and allow the companies to acquire a status of an international company.

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