INGUSHETIA

The Republic of Ingushetia is situated in the Northern Caucasus. The territory of the country is 3,570 square kilometers.

Population is approximately 280 thousand people. The official languages are Russian and Ingush.

The Republic of Ingushetia is a subject to Russian Federation (RF).

Currency unit is Russian Rouble.

 

1

Corporate Law
  1. RF Federal Law “On the International Business Center Ingushetia”, 1996;
  2. The decree of the Republic of Ingushetia President “On the International Business Center Ingushetia”, 1996

2

The form of tax-free company

International Business Company (IBC), hereinafter referred to as the “Company”; two types of companies are possible:

  1. A limited liability company (LLC);
  2. A joint stock company (JSC)

3

The official status of the company

The company is under the jurisdiction of RF but non-resident of RF

4

Permitted activities

Any activity not prohibited by RF law and the legislation of the country where the company is operating.

5

Prohibited activities

Any commercial transactions in the territory of RF and make settlements in Russian Roubles except the payment for services of a secretary company

6

Taxation

The Company is free from any taxes and duties in the territory of RF

7

The period of registration

Within 24 hours

8

The possibility to buy a shelf company

Yes

9

The name of the Company

Should not be identical or similar to any existing one.

The name may be written using the Cyrillic or Latin alphabet.

The name should have the words: “Limited”, “Corporation”, “Incorporated”, “Societe Anonyme”, or the abbreviations “Ltd.”, “Corp.”, “Inc.”, “SA”, etc.

Should not contain the words: “Russia” or any of its derivatives, as well as “Assurance”, “Bank”, “Trust” or other words and word combinations having the same meaning.

10

The documents required for the registration
  1. The application to register
  2. The foundation agreement
  3. The Articles of Association

11

Who signs the incorporation documents?

Shareholders

12

The minimum size of the Company’s share capital

LLC: USD 1,500

JSC: USD 15,000

13

Payment of the share capital

May be paid in any hard currency by depositing on a banking account;

for a LLC – should be fully paid in by the moment of registration;

for a JSC – at least 10% by the moment of registration, the remainder should be paid by three equal annual installments or earlier upon the shareholders’ wish

14

The proposed share capital

For a LLC: USD 1,500 divided into 1,500 shares with the face value USD 1 per share;

for a JSC: USD 15,000 divided into 15,000 shares with the face value USD 1 per share

15

Shares

Currently only the issue of registered shares is possible, both with and without the face value

16

Shareholders:

-- minimum number

-- nominee shareholders

 

a single private individual or corporate entity, RF non-resident

permitted

17

Possible changes to the Articles of Association/ directors/ shareholders structure

Yes. The changes to the foundation documents, the structure of shareholders/ directors should be filed with the Register within 14 days after they are accepted. After that the changes come into effect.

18

Whether the law provides non-disclosure of the information on the Company

RF laws guarantee that the anonymity of the owners is retained as well as the commercial secrecy, except cases when they violate the legislation of RF and the international law, according to the court decision

19

Directors:

-- minimum number


-- ethnic origin and nationality

-- status

 

A single private individual or corporate entity, either a resident or non-resident of RF

No requirements

All rights except those especially reserved for shareholders by the Articles of Association and/or the law

20

Whether the Company’s director may issue a power of attorney to any third person

Yes

21

Banking accounts of the Company

The Company may open an account with a single Russian bank, i.e. ÀÊÁ “ÁÈÍ” (Moscow) or with any other bank located outside RF

23

The existence in the territory of the Ingushetia of:

-- registered office

-- secretary company

 

 

Obligatory

Obligatory, it should be a RF resident and have a license

23

The period of tax exemption

20 years

24

Holding of shareholders/ directors meeting

The meetings may be held in any part of the world, it is also possible to hold meetings by using communications. The minutes of the meetings may be kept in any place.

25

The requirement of:

-- the accounting

-- preparing the annual report

 

-- submission of the auditors’ opinion

 

None

Yes, it should contain the information on the directors, the business and the statement that the business is not conducted in the territory of RF

None

26

The information available upon request of any third parties

Memorandum of incorporation, the Articles of Association, the name of the registration agent and the registered office

27

Documents kept in the registered office

The register of shareholders and directors, the imprint of the seal

28

Currency control

None