Russia

The ISO code of Russia is RU according to the ISO 3166 standard. The local name of the country is Rossiya. Russia capital city is Moscow. People in Russia speak the Russan language. On 8 October 1480, Russia emerged as a sovereign political entity. In the year 10/08/1480, Russia emerged as a sovereign political entity. The largest city in Russia is Moscow.

Russia has different time zones. They are UTC +02:00 (USZ1 - Kaliningrad Time), UTC +03:00 (MSK - Moscow Time), UTC +04:00 (SAMT - Samara Time), UTC +05:00 (YEKT - Yekaterinburg Time), UTC +06:00 (OMST - Omsk Time), UTC +07:00 (KRAT - Krasnoyarsk Time), UTC +08:00 (IRKST - Irkutsk Time), UTC +09:00 (YAKST - Yakutsk Time), UTC +10:00 (VLAT - Valdivostok Time), UTC +11:00 (MAGT - Magadan Time), UTC +12:00 (PETT - Kamchatka Time).The internet country code top-level domain (ccTLD) for Russia is .ru. Other domains assigned to Russia are .рф, .moscow, .москва. The International dialing code for Russia is 7. People in Russia drive on the right side of the road. Total land area of Russia is 17,098,242 km² (approx. 6,601,638 mi²). Russia is not a landlocked country. It means that is is bordered by at least one major body of water.

Russia is located in Europe. Russia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Russia faces various issues, including air pollution from heavy industry, emissions of coal-fired electric plants, and transportation in major cities, industrial, municipal, and agricultural pollution of inland waterways and seacoasts, deforestation, soil erosion, soil contamination from improper application of agricultural chemicals, scattered areas of sometimes intense radioactive contamination, groundwater contamination from toxic waste, urban solid waste management, abandoned stocks of obsolete pesticides.

Doing business in Russia

We offer various corporate services in Russia jurisdiction. These services can serve both, people coming from Russia and foreigners. If you plan on doing business in Russia you might be interested in contacting us.

To find out about starting your business in Russia click on company formation in Russia.

To find out how to open a bank account in Russia and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Russia.

Choose preferred service below or continue reading to find out more about Russia.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Russia

The total population of Russia is 143,964,709 people. In Russia, the population density is 8.42 people per square kilometer (22 per square mile). Because of this statistic, this country is considered to be very sparsely. The ethnic diversity is almost uniform according to a fractionalization scale which for Russia is 0.2452. Russia has approximately 11643276 foreign immigrants. The median age is approximately 38.9 years. In Russia, 53.27 in every 100 people use internet. Russia has a Human Development Index (HDI) of 0.778.

The majority religion of Russia is Christianity, Russia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Russia.

Culture of Russia

People in Russia speak the Russan language. According to data on inbound tourists in Russia, 30,792,000 tourists arrive in the country each year. The first McDonalds in Russia was opened on 31 January 1990, and it was located in Pushkin Square, Moscow. One of the most popular national dishes of Russia is pelmeni. To read more click on culture of Russia.

Geography of Russia

Russia is considered to be a vast nation because of its total area. Its total land area is 17,098,242 km² (approx. 6,601,638 mi²). Russia is located in Europe. Its capital city is Moscow. Russia has 14 neighbouring countries. Its neighbours include Azerbaijan, Belarus, People's Republic of China, Estonia, Finland, Georgia, Kazakhstan, North Korea, Latvia, Lithuania, Mongolia, Norway, Poland, and Ukraine. Total length of land borders of Russia is 22408 kilometers (~8,652 miles).

The highest point of Russia is Mount Elbrus, with its official height being 5642 m (18,511 ft). Including land mass and EEZ, the total area of Russia is approximately 24,664,915 km² (~9,523,133 mi²). The most notable natural resources found in Russia are oil, natural gas, coal, strategic minerals, rare earth elements, timber.To read more click on geography of Russia.

Economy of Russia

The currency of the country is Russian ruble. The symbol used for this currency is ₽, and it is abbreviated as RUB. 5.2% of population in the country are unemployed. The total number of unemployed people in Russia is 7,486,165. Each year, Russia exports around $515 billion and imports roughly $341 billion. The Gini Index of the country is 42. Russia has a Human Development Index (HDI) of 0.778.The Global Peace Index (GPI) for Russia is 2.954. Russia has a government debt of 31.2% of the country's Gross Domestic Product (GDP), as assessed in 2012. Russia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals, all forms of machine building from rolling mills to high-performance aircraft and space vehicles, defense industries (including radar, missile production, advanced electronic components), shipbuilding, road and rail transportation equipment, communications equipment, agricultural machinery, tractors, and construction equipment, electric power generating and transmitting equipment, medical and scientific instruments, consumer durables, textiles, foodstuffs, handicrafts.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Russia is $3,576,841 billion. Each year, consumers spend around $1,089,144 million. The ratio of consumer spending to GDP in Russia is 0%, and the ratio of consumer spending to the world consumer market is 2.53. The corporate tax in Russia is set at 20%. VAT in Russia is 18%. To read more click on economy of Russia.

Infrastructure of Russia

Infrastructure quality in Russia is rated to be at 2.59. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Russia, 100% of the population has access to electricity. There are 14,865,000 internet hosts in Russia. Russia has 1218 airports nationwide.

The logistics performance index of Russia is 2.69. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 2.85. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

To read more click on infrastructure of Russia.

Politics of Russia

Russia, is a federal semi-presidential constitutional republic. With regard to political and civil freedoms, Russia is 3. Citizens in Russia experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Vladimir Putin.

According to the World Bank Group, the government effectiveness index of Russia is -0.08. This indicates that the government of Russia is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Russia before considering any business maneuvers.In Russia, the legislative power is vested in a Federal Assembly. The Global Peace Index (GPI) for Russia is 2.954. The strength of legal rights index for Russia is 6. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. Russia is a member of the United Nations (UN). On 24 October 1945, it joined the UN at it inception date as a full member state. Russia is one of the original UN member states who founded the organization. Russia is a member of the World Bank. To read more click on politics of Russia.

Environment of Russia

Russia emits 12.6 metric tons per capita of CO₂. 8149300 km² of Russia's territory is covered in forests. and forest land comprises 48% of all the land in the country. To read more click on environment of Russia.

Company formation in Russia

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Russia.

When establishing a company in Russia, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Russia that will affect the establishment and growth of one's business. Contact us or click on company formation in Russia to read additional information when setting up a business.

Bank account opening in Russia

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Russia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Russia, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Russia or contact us.