Company for russian resident

[AdTech]

Hi guys,

We're running a digital marketing agency. Our income is 50k-100k monthly.
Please suggest, what's the best jurisdiction+payment solution for RUSSIAN resident as a company owner?
Our business was based in Ukraine and then we moved to Russia (huge mistake) and all our business just crashed.

Any advise/solution/business offer would be appreciated.

 

[KDX]

AdTech said:
Hi guys,

We're running a digital marketing agency. Our income is 50k-100k monthly.
Please suggest, what's the best jurisdiction+payment solution for RUSSIAN resident as a company owner?
Our business was based in Ukraine and then we moved to Russia (huge mistake) and all our business just crashed.

Any advise/solution/business offer would be appreciated.
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Can you not relocate?

If I were you, I would quickly relocate to a better jurisdiction. Are your clients from Russia too?

 

[AdTech]

KDX said:
Can you not relocate?

If I were you, I would quickly relocate to a better jurisdiction. Are your clients from Russia too?
Click to expand...

Unfortunately relocation is not an option. My clients are from US and Israel. I'm not even looking for cut taxes or hide the name, just to make business in normal jurisdiction that will allow me receive and send wire transfers without any obstacles. I have papers, invoices, everything and my clients are stable and reliable companies.

 

[KDX]

AdTech said:
Unfortunately relocation is not an option. My clients are from US and Israel. I'm not even looking for cut taxes or hide the name, just to make business in normal jurisdiction that will allow me receive and send wire transfers without any obstacles. I have papers, invoices, everything and my clients are stable and reliable companies.
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You need to figure out what BANKS are willing to deal with you (the UBO). I'd imagine most don't want to deal with Russian citizens or residents at this time. One user here is currently trying to get a resident card so he can prove he doesn't live in Russia for the financial institutions. As for jurisdictions, most kind eill work. But again, the problem lies in the EMI/Banks.

You could try opening a resident bank account in Dubai but... I don't know really.

 

[CyprusLawyer101]

Have you looked into Cyprus as a possibility? Where do you currently bank?

 

[EV3]

A couple of Russian companies I worked with, were getting sanctuary from either Chinese or HK banking.

 

[AdTech]

EV3 said:
A couple of Russian companies I worked with, were getting sanctuary from either Chinese or HK banking.
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Chinese bank accounts can't be opened remotely. Need to visit them physically.

 

[EV3]

AdTech said:
Chinese bank accounts can't be opened remotely. Need to visit them physically.
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Unfortunately , I do not know where you're located in Russia. However ICBC in Moscow branch has been quite helpful.

P.s I'm only sharing my personal experiences and can not guarantee about yours since I have no detailed knowledge on your case

Last edited: Apr 11, 2022

 

[AdTech]

EV3 said:
Unfortunately , I do not know where you're located in Russia. However ICBC in Moscow branch has been quite helpful
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I'm in Moscow. The questuon is if they're under russian banking regulation.

 

[Sols]

From what I've seen lately, many Russian entrepreneurs have had success setting up in Kazakhstan, Georgia, and Azerbaijan. Don't know the exact details and inner workings, though.

Toggle signature
This is the probably the answer to your question.

 

[AdTech]

Sols said:
From what I've seen lately, many Russian entrepreneurs have had success setting up in Kazakhstan, Georgia, and Azerbaijan. Don't know the exact details and inner workings, though.
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This option is exists but I prefer to get out from this region 🙂 All former USSR countries are not stable, not familiar with kind of business we're running (digital) and also could limit companies under russian residents in future.

 

[EV3]

AdTech said:
I'm in Moscow. The questuon is if they're under russian banking regulation.
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It depends on the jurisdiction of your entity.

If you're not in a rush and looking for a long term stability, WFOE is a way to go and once it's approved you can open NRA in Moscow.

There's also other way to do it through HK based company but it's more risky.

 

[RealDude]

Is it still allowed to do business with the enemy (west, unfriendly countries) in Russia?

 

[AdTech]

Not 100% clear. Looks that you can receive funds by not sanctioned banks but not to send them anywhere abroad.

 

[JimBeam]

Traditionally, Russian folks are welcome in Cyprus and it was possible to setup company and bank without traveling there. Not sure how the current situation is.
Other option is Dubai. I just met with some Russian folks in Dubai setting up company for some adtech stuff as well...

I guess that Russian passport is not welcome in many countries right now and even in these two you may face problems.
Also, depends how quick do you need things done as this can take a while in both countries to get things going (up to a couple of months).