The requirements for SMEs are changed

The Federal Law №313-FZ of 03.08.2018 introduces amendments to the Federal Law «On development of small and medium-sized enterprises in the Russian Federation».

The amendments removed restrictions on a limit share (49%) of foreign legal entities in the authorized capital of small and medium-sized enterprises (SMEs).

This refers to the foreign legal entities related to small and medium-sized enterprises, which are not registered in offshore zones. In addition the procedure for identification of foreign legal entities as the SMEs is defined. Audit companies make a conclusion based on legally confirmed criteria: average employees number and turnover.

Meanwhile, it is introduced, that in order to maintain the Unified register of SMEs, once a year the audit companies should submit the list of limited liability companies to the Federal Tax Service of Russia. The list should contain the companies with foreign legal entities as shareholders as of January 1 of the current calendar year. The list will be formed by audit companies based on the analysis of statements provided to the tax authorities in countries where they were established.

The Law also clarifies the procedure, regulating the annual inclusion of information on joint stock companies in the Unified register of SMEs on the basis of data received by the Federal Tax Service of Russia from share registrars.

Besides, business partnerships can now be classified as SMEs.

The Law also empowers NAO Federal Corporation for Development of Small and Medium Enterprises to provide services for the development of SMEs, including the information, marketing, financial and legal support of SMEs and individuals intending to start commercial activities.

The Federal law has already entered into force with the exception of certain provisions, which will come into operation from 01.12.2018.

At the same time, the Federal Law №322-FZ of 03.08.2018 amending the Federal Law «On insurance of deposits of individuals in banks of the Russian Federation» and other legislative acts of the Russian Federation was adopted. According to the amendments, from 01.01.2019 the deposit guarantee scheme will include the small businesses contained in the Unified register of SMEs.

The funds of small enterprises do not pass the insurance procedure in case they are placed in deposits certified by deposit certificates or placed in subordinated deposits. Herewith, banks are obliged to keep records of liabilities to depositors in such a way as to provide the ability to determine funds on the same balance accounts being or not being subject to insurance.

Banks are also obliged to update information on depositors - small enterprises.

The right to compensation for deposits for small enterprises arises under the condition of registration in the Unified registry of SMEs as of the occurrence of the insured event.

As of 10.08.2018, 5922420 entities employing 16053300 workers are registered in the Unified register of small and medium-sized enterprises of the Russian Federal Tax Service. Detailed information about activities of the registered companies is available by subscription to the systemGlobas