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THE PRESIDENT SIGNED THE FEDERAL LAW REFINING A NUMBER OF PROVISIONS OF THE FEDERAL LAW "ON INTERNATIONAL COMPANIES AND INTERNATIONAL FUNDS"

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On Wednesday, February 24, Russian President V. Putin signed a Federal Law specifying a number of provisions on international companies registered in special administrative regions in the Kaliningrad Region and Primorsky Krai.

First of all, the Law provides for the expansion of the geography of countries from which redomiciliation to special administrative regions is possible. Members of the EAG, ATG, ESAAMLG, GAFILAT, MENAFATF, KFATF, GIABA, GABAK groups have been added to the list of states and territories (previously, only FATF and Moneyvel). Such changes will allow companies from more popular foreign jurisdictions such as Belize and the British Virgin Islands to re-register in the SAR.

The law also abolishes the requirement for a foreign legal entity that has submitted an application for state registration of an international company to carry out economic activities in the territory of the Russian Federation at the time of the decision to change the personal law of a foreign legal entity.

The law regulates the issues of “transit” re-domiciliation, which allows a foreign company, which has already undergone the procedure of a change of jurisdiction, to be re-domiciled in the SAR.
In addition, the legal consequences of the reorganization of an international company are determined, as well as a number of technical issues (obtaining information about an international company by a notarized power of attorney).

Federal Law No. 17-FZ of February 24, 2021 "On Amendments to the Federal Law" On International Companies and International Funds "and on the suspension of certain provisions of the Federal Law" On Joint Stock Companies "and the Federal Law" On Limited Liability Companies "is published on The official Internet portal of legal information http://pravo.gov.ru/

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