Foreign companies will have to report on their beneficiaries | News -

Foreign companies will have to report on their beneficiaries

From January 1st of 2022 all foreign companies working on the Russian market, including those not registered as a legal entity (funds, trusts, partnerships, etc.), will be obliged to report to the Federal Tax Service on their founding members, managers and beneficiaries.

Information on indirect participants is also subject to reporting, in case a person’s or company’s share in the company is more than 5%.

Previously this procedure was mandatory only for companies, who owned real estate in Russia.

Reports are due to submission until 28th of March, otherwise the company will be fined 50 000 RUB.

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