Company Director

There is a wide-spread erroneous idea that 'a foreigner can’t be a Director of Russian company without a work permit'. This is not accurate. A foreigner may register a company in his name, occupy director’s position and open bank accounts. However, in order to operate a company beyond this point, a work permit is needed. The problem may be solved by delegating powers (PoA) (*) without needing to obtain a work permit.

(*) PoA needs to be issued outside of Russian Federation.

Company Charter may tailor Director’s (or BoD’s) election period, terms of appointment by shareholders, and specific powers, and other key bylaws of a company. We recommend to spend some time discussing the charter. Don’t go ahead with a 'generic one’. A Company may be managed by a Director, by an Attorney (based on PoA), or by Managing Company. There are pros, cons and myths for every option.