More than 80 companies moved to Russian offshores in the first half of 2023
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In the first half of 2023, 87 companies moved to special administrative regions (SARs) on the Russky and Oktyabrsky Islands. This is more than in all of 2022. The newspaper reported “News” with reference to the press service of the Ministry of Economy.
In total, 268 organizations are now registered in the SARs. The press service of the Corporation for the Development of the Far East and the Arctic (KRDV) reported that in 2023, 45 companies completed the re-registration process, of which 80% moved from Cyprus, 13% from the British Virgin Islands. The press service of the Kaliningrad Region Development Corporation, in turn, reported that since the beginning of 2023, 72 companies, including Sbermarket, have moved to the SAR on Russky Island.
Experts interviewed by Izvestia believe that the increase in the number of company relocations was due to problems with working in unfriendly countries, as well as restrictions for foreigners in Russia. In addition, the Russian Ministry of Finance expanded the offshore blacklist in June, which also motivates foreign companies with Russian beneficiaries to move to the SAR.
In February, during the announcement of the message to the Federal Assembly, Russian President Vladimir Putin called for the deoffshorization of Russian business. In August, following the results of the St. Petersburg International Economic Forum, Mr Putin instructed accelerate the transfer of assets of companies in key sectors to Russian jurisdiction.
May 16 State Duma in the first reading accepted draft law on a new procedure for “relocation” of foreign companies to the SAR. The document was criticized in the Presidential Council on Codification and Improvement of Civil Legislation. In June, the Ministry of Economy presented a plan for business deoffshorization. It, in particular, provides for tax incentives, protection of shareholders, simplification of “relocation” and fine-tuning the regulation of international funds.
More details – in the material “Kommersant” “A new path will be paved to “Russian offshores””.
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