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Lawmakers reluctant to toughen responsibility for offshore companies

17:06 03/04/2012

MOSCOW, April 3 - RAPSI, Sergei Feklyunin. The draft law on amendments to the Civil Code, which was introduced by President Dmitry Medvedev to the State Duma, does not include regulations on increasing charter capital or toughening responsibility for offshore companies acting in Russia, according to the draft law made available to the Russian Legal Information Agency (RAPSI/rapsinews.ru).

The draft law proposes keeping the minimum charter capital for businesses at the current level of 10,000 rubles ($300) for LLC companies and 100,000 rubles ($3,400) for joint stock companies.

The draft law was developed by a task group headed by Veniamin Yakovlev, a presidential aide who chairs the Codification and Civil Legislation Modification Council. The authors proposed increasing the charter capital to 300,000 rubles ($10,000) for LLCs and 1 million rubles ($34,000) for joint stock companies.

Yakovlev's group also proposed prohibiting offshore companies from exercising business activities in Russia unless they reveal information about their founders and beneficiaries.

However, none of these novelties were included in the draft law submitted to parliament.

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Lawmakers reluctant to toughen responsibility for offshore companies

17:06 03/04/2012 The draft law on amendments to the Civil Code, which was introduced by President Dmitry Medvedev to the State Duma, does not include regulations on increasing charter capital or toughening responsibility for offshore companies acting in Russia.
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