The Board of Directors of En+ Group approved the decision to change the place of registration of En + Holding Limited from Cyprus to Russia after the adoption of the law on special administrative regions
The Board of Directors of En+ Group principally approved the decision to re-domicile its Cypriot “daughter” En + Holding Limited in Russia, follows from the message En+. The re-domicile of an offshore company means the procedure of changing its legal address from one jurisdiction to another while maintaining its legal status and corporate structure.
En+ explained the decision by the adoption in Russia of the law on special administrative regions (SAR), that is, a kind of offshore in the country. The En+ report notes that the new law provides conditions for the transfer of the place of registration of non-Russian companies to Russia, and the change of jurisdiction will allow the company to take advantage of the new legislation.
“The group was one of the first to support progressive Russian legislation, which made it possible to optimize our ownership structure, and plans to become one of the first major international Russian companies to take advantage of the new provisions on SAR after they have been legislated,” explained Lord Gregory Barker, Chairman of the Board of Directors of En+ Group. Management of the company to carry out additional analysis of the possible redomiciliation in accordance with the Russian law on SAR.
Earlier it was reported that UC Rusal may become a resident of SAR in Primorye or Kaliningrad.
The package of laws on the creation of special administrative regions (SAR) on Russky Island in Primorsky Krai and on Oktyabrsky Island in the Kaliningrad region was signed by Russian President Vladimir Putin on August 3, 2018. In accordance with the adopted laws, only foreign legal entities will be able to apply for residency on the Islands. Minimum investment in Russia should not be less than 50 mln RUB for six months. Special tax rates on income received by foreign companies in the form of dividends are set at 0%.