Negocios En Rusia

Doing business and investing in the Russian Federation 2009

Doing business and investing in the Russian Federation

PWC

Doing business and investing in the Russian Federation 2009

This guide has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this guide without obtainingspecific professional advice. No representation or warranty (express or implied) is given as to the accuracy, timeliness or completeness of the information contained in this guide, and, to the extent permitted by law, PricewaterhouseCoopers, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining toact, in reliance on the information contained in this guide or for any decision based on it.

2 I PricewaterhouseCoopers

Foreword
I am pleased to present you with the 2009 edition of our guide, Doing business and investing in the Russian Federation. This guide addresses some of the broader questions you may have regarding operating or investing in a business in Russia. Russia has been one ofthe fastest growing economies in the world, and despite the difficult times, there continue to be significant business opportunities in Russia. Sustained growth over several years is an indication of the significant potential of the Russian market. Many of the key factors driving this growth, such as rich natural resources and a well-educated work force, will continue to be present when the marketsrecover. PricewaterhouseCoopers has been advising companies and individuals on how to establish themselves in Russia for many years. We have extensive knowledge and experience in all major business sectors, and have advisors in all major industries ready to assist you. I hope that you find this guide interesting and useful. If you have any questions or comments, please do not hesitate to contactme or one of my fellow partners.

Peter Gerendasi

Managing Partner PricewaterhouseCoopers Russia

PricewaterhouseCoopers I 3

Doing business and investing in the Russian Federation 2009

Office locations in Russia 1. Russia: country profile
1.1 1.2 1.3 1.4 1.5 1.6 1.7 Introduction Government structure Legal system People Economy Foreign trade Tips for business visitors

6. Businessentities
6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 Legal framework Choice of entity Forms of business entities Joint-stock company Limited liability company Full and limited partnership Branches Representative office

7. 2. Business environment
2.1 2.2 2.3 2.4 2.5 Business climate International agreements Legal environment Regulations for business Property market

Labour relations and social security7 .1 7.2 7.3 7.4 Labour relations Working conditions Social security system Foreign personnel

10.3 Taxable income 10.4 Deductibility of expenses 10.5 Related-party transactions, TP 10.6 Foreign exchange 10.7 Tax computations 10.8 Energy, specifics utilities and mining 10.9 Other taxes 10.10 Branch versus subsidiary 10.11 Holding companies 10.12 Thin capitalisation rules

11. Taxation ofindividuals
11.1 11.2 11.3 11.4 11.5 11.6 Territoriality and residence Taxable income Non-taxable income Deductions Taxation of non-residents Tax compliance

3. Foreign investment
3.1 Foreign investment 3.2 Privatisation

8. Accounting and audit requirements
8.1 Accounting 8.2 Chart of Accounts 8.3 Audit requirements

12. Value-added tax (VAT)
12.1 12.2 12.3 12.4 12.5 12.6 12.7 12.8 Scope ofVAT Zero rating Exempt supplies Taxable amount Non-deductible input VAT VAT incentives Simplification measures VAT compliance

4. Banking, finance and insurance
4.1 Banking system 4.2 Foreign currency market and foreign currency rules 4.3 Specialised financial institutions 4.4 Capital markets

9. Tax system and administration
9.1 Tax system 9.2 Direct and indirect tax burden 9.3 Principal...