02Aug

Awara Guide on Opening a Bank Account in Asia to Support Your Russian Business. Chapter 2: UAE.

This is the second article in our series on opening bank accounts in reliable jurisdictions. We talked to Aisha from A & A Associate LLC in the UAE about possibilities and benefits of Russian companies to open a bank account in United Arab Emirates. The UAE’s safe banking system, stable local currency, absence of currency […]

Posted by Awara
On August 2, 2022

01Aug

Awara Guide on Opening a Bank Account in Asia to Support Your Russian Business. Chapter 1: China.

Differences, Features, Tips, Pitfalls, and Best Chinese Banks for Russian Companies With a majority of Russian banks being currently disconnected from the SWIFT system, transfers to and from the EU and the US becoming difficult or impossible. US and EU sanctions further impede business transactions between companies of these regions and Russia. How to secure […]

Posted by Awara
On August 1, 2022

18May

Reminder: Notification on the Membership in a Multinational Enterprise Groups and Country-By-Country Data

In the beginning of 2018 Russia began automatic exchange of tax information under the OECD Convention (Organization for Economic Co-Operation and Development) and introduced new reporting requirements for members of multinational enterprise (MNE) groups. What companies does the law apply to? The reporting must be filed by MNE groups with consolidated revenue over RUB 50 […]

Posted by Awara
On May 18, 2022

13May

Western Sanctions and Retaliatory Restrictions by Russia

We have prepared an overview of the most important legislative changes that affect foreign companies and their operations in Russia. We conduct daily monitoring of changes in Russian legislation in order to provide you with the latest information to make timely decisions. 06.05.2022 Restrictions on Payment of Dividends to Foreign Participants С Since May 04, […]

Posted by Awara
On May 13, 2022

01Mar

Annual General Meetings of a Russian Subsidiary in 2022

Remember to Properly Hold and Document the Annual General Meeting of Shareholders of Your Russian Firm This time of the year all Russian companies should hold Annual Shareholders Meetings. Even when a formal meeting is not held it is important to make proper records and documentation of all shareholders’ decisions. Unfortunately, corporations frequently fail to […]

Posted by Eugene Isaev
On March 1, 2022

14Feb

Transfer Pricing Documentation & Reports

We would like to remind you that all Russian companies which performed controlled transactions in the 2021 calendar year must notify the tax authorities by submitting transfer pricing reports by May 20, 2022. Starting from June 1, 2022, tax authorities may request companies to provide the relevant transfer pricing documentation that confirms the transfer prices […]

Posted by Sergey Minyailo
On February 14, 2022

07Feb

Foreign Workers Do Not Have to Undergo Medical Examinations Every 3 Months — Explains the Ministry of Health of the Russian Federation

Earlier, foreign business associations opposed the new rules for medical examination of foreign specialists and their family members above the age of 7. The Ministry of Health reported that their order was misunderstood: the 3 months mentioned in the order do not relate to the frequency of medical checks, but only to the validity period […]

Posted by Awara
On February 7, 2022

31Jan

New Obligations for Companies With More Than 25 Employees

Amendments1 affecting organizations with more than 25 employees took effect in January 2022. Such employers have a number of new obligations. 1) To post the following information on the “Work in Russia” portal: about vacant jobs and vacant positions, about the liquidation of the organization, about the reduction of headcount or staff, and possible termination […]

Posted by Awara
On January 31, 2022

19Jan

Go Virtual – Go Efficient

What’s your strategy for 2022? Is 2022 finally getting us back to some normality, or are we looking into an unknown future? While change isn’t all bad and adapting to new realities can create new opportunities for businesses, caution is key. An optimistic outlook and harvesting the benefits of remote work from the previous year […]

Posted by Awara
On January 19, 2022

18Jan

Russian Statutory Audit: Criteria, Characteristics, and Penalties in 2022

We want to remind you that every company is required under Russian law to conduct statutory audits of 2022 in cases when: indicators in financial statements of the company for 2021 exceed the following limits: revenue is more than 800 million rubles, or the amount of the balance sheet assets exceeds 400 million rubles; the […]

Posted by Sergey Minyailo
On January 18, 2022

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