If you did everything correctly in the previous steps, the Federal Taxation Service will accredit you within 15 working days from the date of submission of the package of documents. During no more than 5 working days, the FTS will send or issue an information list on making an entry to the State Register of Accredited Branches, Representative Offices of Foreign Legal Entities, confirming the fact of accreditation.
At practice, the FTS doesn't always comply with the established deadlines, that's why be ready that the actual deadline may be longer, but not significantly.
You can check the accreditation using the FTS service.
Now it remains to get the following:
- A certificate of registration in the tax inspection;
- Notifications on registration in the off-budget funds – FSS and PFR;
- It will be also required to open an account in a Russian bank for the performance of calculation transactions and to order a seal;
- Prepare the necessary documents for problem-free entry of foreign employees to the RF. Organize maintenance of bookkeeping and tax accounting.
According to pp.2 p.2 art.6 the Federal Law of 06.12.2011 No.402-FZ "On Accounting", a branch of a foreign company has the right not to maintain accounting pursuant to the Russian standards, but at that perform accounting of incomes and expenses for the purposes of taxation only in compliance with the RF laws.
This means that representative offices of foreign companies can perform accounting according to the International Financial Reporting Standards (IFRS), which are now largely used for the maintenance of accounting in Russia.
If a company chooses to perform accounting pursuant to Russian standards, it should be considered that accounting in the Russian Federation doesn't completely coincide with international accounting and reporting standards, whereas it has its own specific features.
Whichever option is chosen by a foreign organisation, it will need a local specialist or an outsourcing company, possessing the required knowledge and experience.