Due to problems with money transfers, many Russian businessmen started to set up businesses in CIS member states, including Uzbekistan. "Kommersant" writes.
Due to the removal of the SWIFT international payment system, Russian banks have no choice but to look for new opportunities abroad. And on top of that, the number of currency transfers was limited to 1 million dollars for individuals.
“The most popular destinations for Russian business are Uzbekistan, Kazakhstan, Armenia and Kyrgyzstan. In these countries, you can open a business and continue settlements with foreign counterparties in foreign currency,” Natalya Salnikova, a lawyer at Alps & Chase says.
According to a lawyer, some people consider opening a business in another country as an opportunity to expand their activities and explore new markets. Others use companies established abroad only as currency centres.
"Before, it was possible to remotely open accounts for any business in the banks of the CIS countries. Now Kazakhstan, Armenia, Uzbekistan and Kyrgyzstan strictly stipulate that a company owner must come in person and present its activities in detail.
If a businessman considers the country as a transit country for his business and does not actually operate in its territory, opening a bank account will be refused," says Salnikova.
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