Create a Company in the Fishing Sector in Russia
Create a Company in the Fishing Sector in RussiaUpdated on Saturday 15th December 2018
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Foreign investors or companies seeking to explore other than the oil and gas and agriculture industries in Russia, can set up ventures in the fishing sector which is one of the largest economic branches of the economy. The main laws related to the Russian fishing sector are implemented at federal or regional levels.
There are several types of business one can establish in the fishing industry in Russia, aquaculture being on the of the most successful ones. Our lawyers in Russia can offer information on the legislation related to setting up a fishing company here.
How to register a fishing company in Russia
In order to start a business in the fishing sector in Russia, a local or a foreign enterpriser must first register a company with the Companies Registrar. Joint ventures are also an option for foreign companies seeking to explore the Russian fishing industry in collaboration with a local company. Our law firm in Russia can assist with the incorporation of the company which will operate in the fishing sector.
After the company is set up, the owner must purchase and register the commercial boats which will be used in the company’s activities.
Licenses for carrying out fishing activities in Russia
The Ministry of Environmental Protection and Natural Resources is the main body in charge with licensing the activities of fishing companies in Russia. The Federal Agency for Fishery is in charge with supervising Russian fishing companies.
There are various types of fishing licenses a company can apply for, special permits which are issued by the Fisheries Executive Body. Commodity and industrial fishing are just two of the types of activities a fishing company can engage in. However, separate licenses are required to each type of activity. The fishing license, no matter the type, has a 3-year validity period.
A concession agreement for the water body which will be used by the Russian fishing company must also be signed with the Ministry of Environmental Protection.
Russian fishing businesses must also comply with certain regulations related to the sale of their products.
For full information on the special requirements related to commercial fishing activities in Russia, please contact us.