#2. New Stage of Reforms of the Civil Code of the Russian Federation: Contractual Law

Dear readers,

I am glad to introduce a new issue of our corporate edition Korpus Prava. Analytics.

The main subject of this issue is the amendments to the Civil Code of the Russian Federation concerning the contractual law. These innovations are considered positively in the professional environment as they are timely in the established law enforcement practice. You will find the most important and interesting changes in our magazine.

We have continued one of the topics of the previous issue and have touched upon the changes concerning the rules of corporate law again. It has been six months since the new corporate and legal structure of business entities was implemented and, of course, the changes have triggered many questions. We have selected the most significant ones and our Senior Lawyer Olga Kuramshina has answered them and made her recommendations. In this issues, you will be able to familiarize yourself with the status of special economic zones in Russia; we have also touched upon such a permanent event as a judicial reform in the Russian Federation as well as risks and advantages of life insurance in Russia.

The specialists of Korpus Prava will acquaint you with the advantages of choosing Cyprus as a jurisdiction for registration of intellectual property and how Cyprus fights against money laundering.

As before, we respect criticism and requests from our readers, that is why you are always welcome to send us your questions and suggestions. Please, feel free to contact us in any way convenient for you and we will try to consider all your suggestions.

Have a good read!

Artem Paleev
Managing Partner
Korpus Prava

CONTENTS
Alexey Oskin

Deputy Director

Tax and Legal Practice

Korpus Prava (Russia)

Quite recently material amendments have been introduced to the Civil Code of the Russian Federation, precisely to its part dedicated to corporate and real rights. However, the section of the first part of the Civil Code of the Russian Federation devoted to the contractual law remained untouched by lawmakers.

Yana Karausheva

Ex-Junior Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

The key principles for organization of the special economic zone are common for the countries of the Customs Union. The main privilege, which residents of the SEZ enjoy, lies in the opportunity to apply customs procedures of the free customs zone to goods imported to the territory of the SEZ.

Irina Otrokhova

Chief Compliance Officer

Corporate Services

Korpus Prava (Cyprus)

Rendering corporate and fiduciary services in Cyprus is a regulated type of activity, which requires licensing. License for rendering such services is issued by a regulatory authority, Cyprus Security and Exchange Commission (“CySec”).

Yana Karausheva

Ex-Junior Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

For determining location for service rendering it is essential who is the client: a party being the VAT payer or not. If a client is the VAT payer (hereinafter we shall refer to such operations as B2B), location for service rendering shall be deemed his/her location.

Tatiana Frolova

Leading Lawyer

Korpus Prava Private Wealth

The basis of life insurance began its formation in 1663 when English entrepreneur James Dodson collected all data on different London cemeteries, calculated the average age of deceased, their number per year and applied this statistics for calculation of insurance premium.

Anna Senchenko, LL. M.

Leading Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Since December 2013, deoffshorization of Russian business has been one of the most popular tax topics. At the beginning of the previous year, the Ministry of Finance published a letter describing prevailing schemes of tax mitigation using advantages stipulated in agreements for double taxation.

Olga Kuramshina

Ex-Leading Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

As we have written in special annual edition of Analytics, in September 2014 radical amendments  were introduced to the Russian civil law concerning corporate law provisions. The lawmaker has significantly revised structure of types of legal entities operating in the Russian Federation, and introduced new terms previously unfamiliar to the Civil Code

Leonid Kunin

Ex-Senior Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Judicial reform in Russia is a permanent event, it never ends with anything. Those who are at least slightly familiar with the history of Russian court proceedings know that in fact this is a history of judicial reforms smoothly evolving from one into another.