Sole proprietors’ accounts will be insured

As is known, small and medium business forms the lion share of the GDP in developed economy. Our country is eager to follow the same way that is why from time to time we can hear officials speaking of the small business support, creation of the open business landscape, improvement of legal system in this field, necessity of administrative restrictions liberalization and so on. At the same time, according to Federal Tax Service for January-September of 2013 more than 759 thousands sole proprietors have gone out of business, including due to decision on termination of activity – 745,8 thousands; due to court decision on declaration of sole proprietor bankruptcy – 1,1 thousand.

These figures are eloquent of the fact that everything goes not so well in this field now. Frequently, bankruptcy of the credit organization, where the sole proprietor has accounts, is the reason for the business termination. In opposition to household deposits, accounts of sole proprietors are not insured in the Deposit insurance system (DIS). Not every sole proprietor, as well as any other average citizen, could estimate reliability and risk of the bank.

Therefore, ombudsman for protection of entrepreneur rights Boris Titov and ombudsman for protection of entrepreneur rights in the banking sector Mikhail Mamuta commenced amendment of the law «On insuring of natural persons’ deposits with the banks of the Russian Federation». It is expected that accounts of sole proprietors will be insured. Thus, according to this initiative, the insurance similar to household deposits insurance would cover sole proprietors’ accounts, opened in the banks – members of Deposit insurance system.

Such amendments seem to be quite reasonable and logical. Under the conditions of country’s stagnation and uncertainty in future, they are to give positive signal to the business landscape. Moreover, according to estimates of the Ministry of Economic Development, total sum of sole proprietors’ assets on accounts in the banks numbers is just 1,2% of household deposits volume. It will actually make no impact on DIS.

Information agency Credinform is preparing to issue an independent methodology for identification of the bank financial condition that will help entrepreneurs to estimate the degree of reliability of bank and extent of cooperation with credit organizations.