During the last several years, Russia has amended various laws and also reduced the burden related to the company registration procedure which has made the country more appealing to foreign investors. With its economy performing well thanks to industries such as the oil and gas and agriculture, Russia also offers investment opportunities to those interested in exploring other sectors. Among these is the information technology industry which has undergone several changes which have made it more appealing. Foreign investors interested in starting an IT business in Russia must comply with the new Federal Law on Information Technology and Information Protection which was amended in 2006.
Our lawyers in Russia can offer information on the IT Law.
The registration procedure of an IT business in Russia is the same as for a business in any other industry. In order to ensure a smooth company registration procedure, the owner can appoint a law firm in Russia to carry out the process. Once the incorporation documents are prepared, the bank account opened and the share capital deposited, the IT company can be registered with the Russian Companies Registrar. Following that, specific licenses must be obtained.
Most IT companies in Russia will develop software programs which imply gathering data about individuals and companies. The new IT Law contains specific provisions about the processing and maintenance of such sensitive data and requires companies to protect this information.
Also, to be able to operate, a Russian IT company will need the right telecommunication infrastructure for which it will need a special license from the Ministry of Communications and Mass Media. The company may also register one or more domain names with the Network Information Center.
In certain cases, IT businesses must comply with the intellectual property legislation applicable in Russia. They are also allowed to patent the programs they design or register trademarks.
For full information on the services an IT company may provide in Russia, please contact us. Our attorneys in Russia can also assist foreign investors with the company registration procedure when establishing an IT company in this country.
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