Area within the territory of Russia subject to special legal regulations, which generally involve tax, customs and other benefits, created in order to attract foreign direct investment and develop such areas of economy as technology innovation, tourism, production etc.

Contract between a buyer and a seller, under which the seller undertakes to transfer title for certain goods (with the given name and quantity) to the buyer, and the buyer is obliged to accept the goods and provide payments for them.

Monthly payment made to the employee every fortnight, which may not be set below the minimum wage established by Federal law (however higher rates may apply at a regional level). In addition, the employee may also receive statutory (e.g. for working in special climate conditions), or other benefits at employer’s discretion.

Mechanism aimed at motivating the debtor to duly perform its contractual obligations.

Civil-law contract between contractor and client under which the former undertakes to provide services to the latter for payment.

Monies payable to the employee in the event of termination of his or her employment.

Unit for accounting the participation in a legal entity’s charter capital. In a JSC, a share represents a part of the legal entity’s stock; in an LLC shares refer to the percentage of the contribution (e.g. money) directly made to its charter capital. 

An owner of a legal entity and one who holds shares in a legal entity, and generally enjoys voting rights.

Agreement between all or some shareholders of a legal entity regulating issues of its managing, dispute resolution, sale of shares etc.

Period of time when an employee is unable to work due to illness, or the need to take care of a sick relative. Employees are entitled to a full or partial reimbursement of their salary during the sick leave, which is performed by the employer, at the expense of the Russian Social Insurance Fund.

Inability to meet creditors’ claims within three months from the moment when they were due.

Contributions payable in respect of individuals engaged under employment or civil-law contracts to the State Pension Fund, Social Insurance Fund and the Federal Medical Insurance Fund. The base for social insurance contributions is calculated based on the remuneration received by individuals in cash or in-kind under employment or civil-law contracts. They are payable in addition to the employees’ salary (and in total amount to approximately 30% of the employee’s salary).

Individual who conducts business activities without creating a legal entity and is registered in EGRYUL.

Reorganisation procedure whereby a section of a legal entity is split off as a separate business.

(i) Supervision (nablyudenie),(ii) Financial rehabilitation (finansovoe ozdorovlenie),(iii) External administration (vneshnee upravlenie), (iv) Liquidation procedure (konkursnoe proizvodstvo), (v) Amicable arrangement (mirovoe soglashenie). 

Public register with information on real estate objects, including land plots, buildings, structures, premises and other facilities that have undergone cadastral registration.

Duty levied on an exhaustive list of services generally provided by state authorities, such as bringing a court action, incorporation of a legal entity, services of a notary public etc.

Compulsory registration of the right of ownership, other proprietary interests and encumbrances (e.g. mortgage, long-term lease agreement, easement etc.).

First compulsory stage of insolvency proceedings aimed at valuing the debtor’s assets and compiling a list of creditors, which includes an appointment by court of interim manager, whose primary aim is to preserve the debtor's assets while conducting its financial audit. The debtor‘s management remains in place with limited authority.

Highest court within the judicial hierarchy, which heads the systems of both, courts of general jurisdiction and commercial (arbitrazh) courts, but may not interfere with the Constitutional Court.

Type of security, where a legal entity or an individual undertakes to perform a third-party’s obligation if the latter is in default.