Due Diligence

Due diligence in Russia is usually more focused and limited. Avoiding a “full-scope” due diligence is not uncommon and due diligence against certain warranties (or specific matters outlined by the purchaser’s team) is more frequently required. Conducting a supplier due diligence is worth looking into depending on sizes of deals and companies.

Company due diligence in Russia can be performed on several levels depending on the type of transaction and what the investors want to achieve. Russian company due diligence can be divided into three categories:

– commercial due diligence that can display the business model, the industry and the market the company operates in
– financial due diligence when the tax filings and the financial situation of the company can be checked
– legal due diligence when the company’s documentation is checked for any possible legal liabilities

For the acquisition of a Russian target company normally all three categories of due diligence are used but each to certain depth and at times as thorough as possible.

Besides commercial and legal due diligence, the financial and tax due diligence have special importance in Russia. Sellers normally do not accept to bear the tax risks resulting from the past. Therefore the legal certainty is too low and the Russian tax authorities argue from time to time without a real legal basis.

俄罗斯尽职调查平常是有限的和有重点的。 避免 《全面性》尽职调查也不是罕见的。通常对某些保证(或者对买方团队提出的具体事项)要求进行尽职调查。进行供应商尽职调查是值得研究的,取决于交易和公司的规模。

俄罗斯公司尽职调查可以在几个等级上执行,取决于交易的类型和投资者的目标。
俄罗斯公司的尽职调查可分为三等级:

– 商业尽职调查可以可以显示业务模式、行业和公司经营的市场
– 财务尽职调查可以检查公司的税务申报和财务状况。
– 法律尽职调查可以检查公司的文件是否有任何可能的法律责任。

为了收购俄罗斯目标公司,通常使用所有三种类型的尽职调查,但每一种都应尽可能深入,有时尽可能彻底。

除了商业和法律尽职调查意外,在俄罗斯财务尽职调查和税务尽职调查也是特别重要的。 卖方通常拒绝受到过去产生的税收风险。因此,法律确定性太低。俄罗斯税务当局不时对此提出异议,但事实上它们没有真正的法律依据。

Legal note: There is no legislation in Russia that regulates due diligence acitivites. However, there are several Federal Laws that regulate what may be part of business intelligence search and collection. Those include:

Federal Law N 144-FZ of August 12, 1995 on “Operational – Search Activities”

Federal Law N 149-fz of July 27, 2006 on “Information, informational technologies and the protection of information”

Federal Law N 152-FZ of 27 July, 2006  on “Personal Data”

The Russian Federation Law N 2487-I of March 11, 1992 “About private detective and security activity in the Russian Federation”