Over the past few years, Western investment funds have been leaving the Russian real estate market - against the backdrop of a recession in the economy and sanctions, the risks are increasing, follows from the JLL report. As an example, she cites the Finnish Sponda, which back in 2013 announced its intention to sell Russian projects. This year, the situation reached its peak: the Austrian Immofinanz closed a deal to sell five Moscow shopping centers with an area of ​​over 500,000 sq. m. m. The American fund Heitman is curtailing its activities in Russia: it is completing the sale of the only asset here - the office tower of the Metropolis complex near the station. metro station "Voikovskaya" in Moscow. Atrium European Real Estate, whose papers are traded on the stock exchanges of Vienna and Amsterdam, put up for sale the entire Russian portfolio of seven Park House shopping malls in Moscow and the regions. Who comes instead?

In 2017 alone, investors from Asia spent over $20 billion buying real estate in Europe and the US, according to JLL. They did not bypass Russia either. The Chinese Fosun Group, together with the Russian Avica Management Company, bought the famous Voentorg on Vozdvizhenka, and the Arab Mubadala Development, together with Russian fund direct investment - 84,000 sq. m of warehouses in "PNK Park - Bekasovo" in the Moscow region "PNK Tolmachevo" in Novosibirsk. The Chinese Vanke Group continues negotiations on the purchase of up to 51% in one of the largest owners of Moscow offices - O1 Properties.

Asian and Middle Eastern funds, unlike European ones, have so far been less represented on the Russian real estate market, and their interest has been limited to one-time acquisitions, notes Olesya Dzyuba, head of the JLL department. The situation was aggravated by the crisis of 2014, when the real estate market stopped, adds Svetlana Kara, managing partner of Capital Global Partners: investors were interested in a yield of 30% more than the market could offer.

Now their interest is so great that for the last two years, JLL has held every second meeting with companies from Asia and the Middle East, Dzyuba notes. If in 2015 out of $540 million foreign investment Western capital accounted for more than 95%, then almost 30% of the invested $ 700 million is Asian and Middle Eastern money, Irina Ushakova from CBRE calculated. Funds from Asia and the Middle East began to look closely at Russian assets as many years ago, Kara recalls, but transactions did not happen en masse due to long approvals. For them Russian market unconventional - it took time to study and search for objects, the partner confirms Colliers International Stanislav Bibik.

Now you can buy high-quality or even trophy assets at a very attractive price, and their capitalization will definitely grow by medium term Kara says. Price Russian assets low, confirms Dziuba. In addition, according to her, Chinese investors are trying to diversify their investments against the backdrop of a slowdown in China's economy and a weakening yuan. In addition, against the backdrop of sanctions, Russia itself is actively cooperating with the countries of Asia and the Middle East in many areas, she concludes. Therefore, for example, Fosun is not limited to the real estate market: now the company's priorities are projects in the field of infrastructure, logistics, healthcare, Agriculture, food production, etc., lists Executive Director Fosun Russia Tanya Ann Ternavskaya. These investments will definitely be more significant, she notes.

It is difficult to overestimate the advantages of attracting investments. This includes additional funding for large projects, and the exchange of experience, and access to modern technologies and new ways of organizing production. A foreign investor also benefits from investing in the economy of another country. In order to represent their interests in the Russian Federation, the depositor must understand their rights and restrictions imposed by local legislation.

Foreign capital influences national economy, but the consequences can be not only positive. The disadvantages of investing include:

• suppression of local production;
• degradation of traditional sectors of the economy;
• lack of motivation to develop their own technologies;
• harm to the environment due to the organization of "dirty" industries, etc.

And at the same time, the Russian economy is positively affected by:

• growth in investment;
• efficient use of natural resources;
• increase in the number of jobs;
• expanding the range of products;
• currency inflow;
• additional funds to finance state programs;
• strengthening the international reputation of the Russian Federation;
• interest of new investors, etc.

To cut negative consequences, Federal Law No. 160-FZ “On Foreign Investments in the Russian Federation” was adopted. It contains the concept of a foreign investor and foreign investment, discusses the mode of operation of companies and other aspects of the issue.

Foreign investor: definition

To be precise, it is necessary to distinguish between the terms "foreign" and "foreign" capital. In the first case, we are talking about the funds of foreign investors invested in the Russian economy, and in the second case, the property of Russian investors placed abroad. Thus, a foreign investor is a citizen of another country, a stateless person, or an organization belonging to another state.

Investments are classified according to their sources of origin, form of ownership and can be:

• private (carried out by private enterprises, organizations, banks or individual citizens);
• state (loans and credits provided by a country or a group of states).

The property of a foreign investor in the Russian Federation can be represented as:

• currencies;
• real estate;
• movable property;
• property or corporate rights;
• a joint venture with Russian investors;
• intellectual property;
• valuable papers;
• rights to conduct economic activity(use of natural resources, land plots and other valuables)
• services;
• information.

As stated in the aforementioned law, the civil legal capacity of a foreign investor-legal entity is determined by the legislation of the country where it is established. The same applies to individual citizens, stateless persons, international organizations and other states. This means that they must be entitled to engage in foreign business activities in accordance with the laws of their country and comply with the requirements contained in federal acts.

Who can be an investor

To the question whether a foreign entity can be an investor, Russian legislation a positive answer is given.

The right to receive the status of a subject investment activity can not only investors, but also contractors, customers, users of facilities capital investments and other persons, including foreign ones.

You can become an investor only if the area of ​​investment is included in the list, statutory. Investment of foreign capital is impossible in some objects of civil rights due to restrictions in circulation in the Russian Federation.

For example, the following areas of investment are not available to foreign investment:

1. Acquisition of patents, licenses, trademarks of foreign firms.
2. Purchase of securities owned by foreign companies or individuals.
3. Export of goods.
4. Investing in enterprises located outside the Russian Federation.

If a legal or natural person is one of those considered under Russian law as a foreign investor, it is sufficient that they exist in legal forms recognized as valid in their country of origin. Federal law does not require that they legal form corresponded to the forms of organization of legal entities accepted in Russia.

Main objects of investment

A foreign investor has the right to invest in the territory of the Russian Federation in any form not prohibited by law. He can take part in the privatization of objects of state and municipal property by acquiring rights or a share of ownership in the authorized capital of the company, buy shares, invest in joint ventures, issue loans to legal entities, etc.

It is customary to divide investments into:

1. Direct (deposits of individuals / legal entities who fully own the company or control at least 10% of the shares / authorized capital of the company).
2. Portfolio (acquisition of less than 10% of shares, shares, promissory notes, bonds related to the authorized capital of the company).
3. Other (investments that do not belong to the mentioned categories of capital investment: loans from foreign investors and other receipts of funds belonging to international financial organizations, governments of foreign states).

Over 60% of revenues are concentrated in the Central Federal District. By a wide margin (8% and 10%), it is followed by the Ural and North-Western federal district. Worst of all is the situation with the investment of facilities operating in the North Caucasus (0.03%).

According to statistics, direct investments are the most popular (over 40% of funds), the second place is occupied by the third category of investments (about 37%). Intermediaries help foreign investors analyze the market for possible deposits in Russian enterprises.

One of the ways to attract large investments in the Russian economy is a production sharing agreement (PSA), thanks to which oil and gas production remains the main object of investment. They account for almost 90% of all foreign investment.

If an investor plans to become a subsoil user, he takes part in a tender (auction), which is held federal authorities. Having received a certain plot for use, he must sign an agreement that specifies:

• terms of cooperation;
• the procedure for the division of products;
• the term for granting the rights to conduct work;
• obligations of the investor in relation to hiring contractors, carriers, workers.

A foreign investor who has entered into a production sharing agreement acquires the rights to develop a subsoil area, for example, a mineral deposit. It provides for a special taxation procedure (profit tax and regular payments for the use of subsoil).

The PSA consists of two stages: the investment period (only making payments) and the return of capital (taxes and payments). At the second stage, the products are divided into compensatory and profitable, and the investor begins to return the money spent. If each party to the agreement acts within the framework of the requirements specified in the law, the investor is guaranteed stable working conditions, and the state receives the agreed share of production.

Legal status of a foreign investor in the Russian Federation

As follows from the provisions federal law Russian Federation, foreign investors have the same legal status as Russian ones. In addition, the state promises that the legal regime for the activities of foreign investors in Russia will be favorable for investors from abroad. They can:

• independently determine the volume and direction of deposits;
• enter into agreements with other investors;
• own and dispose of objects and results of investments;
• transfer under an agreement/contract the rights to make and results of capital investments;
• control the intended use of funds;
• freely withdraw funds outside the Russian Federation in foreign currency;
• unite own funds with the capital of other investors, etc.

The state policy in the field of foreign investment is implemented by the Government of the Russian Federation. This is the authority:

• determines measures to control the activities of subjects;
• is in charge of imposing prohibitions/restrictions on investments and publishes bills;
• decides which projects have priority;
• regulates the interaction of investors with individual subjects of the Russian Federation;
• creates and coordinates programs to attract new investments.

Along with the law "On Foreign Investments" legal status foreign investors in the Russian Federation is regulated by numerous provisions and by-laws.

The most significant include paragraph 4 of article 1 of the first part of the Civil Code of the Russian Federation of November 30, 1994, art. 210 of the Arbitration Procedure Code of the Russian Federation dated May 5, 1995 and Part 2 of Art. 433 Code of Civil Procedure of the RSFSR dated 06/11/1964.

In addition, there are also international (often bilateral) agreements that stipulate aspects of mutual recognition of the rights and obligations of legal entities, determine their status, modes of operation.

It is customary to distinguish two main types of regimes: absolute and relative, but the second classification is more often used. The most common schemes can be considered national treatment and the principle of most favored nation.

What does national treatment mean?

According to the Investor Protection Convention, signed on March 28, 1997, national treatment applies to foreign investors. The principle of this legally binding provision is established by international treaties and agreements, as well as federal legislative acts.

The national regime provided for foreign investors in the Russian Federation assumes that citizens of another country, stateless persons and legal entities have the same rights and obligations as Russian citizens and companies.

This principle is enshrined in Civil Code and the Constitution of the Russian Federation.

When determining legal status foreign investors national treatment is the main principle. It is most often applied to:

• copyright and related rights;
• economic activity of foreign investors;
• goods of foreign production;
• free access to the judiciary;
• legal assistance;
• social security.

The government establishes the limits of application of this principle, taking into account the interests of the country, as well as in order to exclude the abuse of their rights by foreign investors. The following types of exemptions for foreign investors are distinguished: incentive and restrictive exemptions. The specified measures and privileges are established by the Russian legislation.

What is the principle of most favored nation

Unlike national treatment, which blurs the line between the rights of foreign and domestic investors, the most favored nation principle equalizes the position of foreign organizations and foreign citizens. At the same time, the privileged legal regime, in particular, provides foreign investors of one country with the same rights that investors of another state received. All of them have the right to count on privileges for the import of equipment and raw materials, exemption from customs taxes and duties, and so on.

Investors who invest in underdeveloped sectors of the economy, enterprises located in hard-to-reach regions with underdeveloped infrastructure and requiring large capital investments can take advantage of this regime.

Restrictions provided for foreign investors

In order to prevent the occurrence of devastating consequences for the state economy, in the Russian Federation there is a set of measures that control the process and areas of capital investment. So, in Russia it is practiced:

• a ban on the admission of foreign investors to strategic sectors of the economy;
• procedure for accreditation, notification and licensing;
• a ban on conducting activities in certain areas of the economy;
• mandatory share participation of the state in enterprises financed by a foreign investor;
• establishment of a special fiscal regime;
• application of concession agreements;
• control of all types of activities of a foreign investor related to the development of subsoil and natural resources.

In addition, state bodies monitor compliance with the requirements for the depositor.

banking

The Russian authorities do not object to the investment and foreign companies in the authorized capital of domestic banks. However, if earlier the maximum share of capital reached 50%, then from January 2016, in accordance with the procedure specified in Art. 18 of Law No. 372-FZ “On Banks and banking» the maximum volume of such deposits was 13.44%. This figure is due to the obligations assumed by the Russian Federation when joining the WTO.

Some foreign investments are not taken into account when determining the quota. According to the Central Bank of Russia, the share of participation of foreign capital will be calculated annually.

In media business investing

Since 2016, amendments to the law on funds have come into force mass media. According to this document, the share of foreign capital in the Russian media cannot exceed 20%, although before that time it was 50%.

These amendments affected about 1,000 media outlets with foreign shareholders. Restriction forced large companies revise the structure of shareholders or change owners. The changes affected the STS Media holding, the print media (the Russian edition of Forbes, Vedomosti, The Moscow Times). NBC Universal and AMC Network left the market.

Participation in the insurance business

Insurance is a special branch of the economy, the purpose of which is not only to protect the property interests of Russian citizens and legal entities, but also to create a strong business environment, without which it is impossible to the economic growth. The insurance business contributes to strengthening financial system RF due to constant investments in the economy, including foreign ones.

The state strictly regulates the activities of foreign entities in the insurance industry, the insurance supervisory authorities control the volume of the market for these services (quotas for the allowable share of foreign investment).

The quota is calculated as the ratio of the contribution of the investor and their subsidiaries in the authorized capital of insurance companies (IC) to the total authorized capital of the IC. As stated in paragraph 3 of article 6 of the Law "On the organization of insurance business in the Russian Federation", if the specified quota is more than 50%, the insurance supervisory authorities do not license the activities of insurance companies that are subsidiaries in relation to the main investor organizations or those in which the share of investors in the authorized capital exceeds 49%.

The same document states that foreign investors can pay for their shares in insurance companies only in Russian rubles.

In diamond mining

The territories where diamond deposits are located are included in the list of subsoil plots of federal significance, so only licensed companies will be able to obtain the right to develop.

As follows from the amendments to the federal law "On Subsoil", access to deposits is provided to companies in which investors from abroad control no more than 25% of the capital.

Previously, this threshold was 10%, but in order to attract strategic foreign investors in the extractive industries, concessions had to be made. Although the increase in the share of foreign investors in the management of the company will not allow them to make key decisions, these changes will stimulate the process of studying the subsoil and the production of the mineral resource base of the Russian Federation.

Investing in strategic companies

Russian legislation does not prohibit investors from investing in the form of buying shares (shares) in authorized capitals business entities (COs) of strategic importance, and other transactions that give them control over such companies. In November 2014, the President of the Russian Federation signed a draft amendment to the law dated April 29, 2008 No. 57-FZ, which simplifies the investment procedure, but at the same time prescribes:

• coordinate the transaction with the Government Commission (Article 7);
• notify authorized body executive power about the transaction being made (Article 14).

The notification procedure is contained in the Decree of the Government of the Russian Federation dated 27.10. 2008 No. 795 and provides for the transfer of data on the company that owns shares (stakes) in the CW, and on the persons controlling it.

In the field of land use

The principle of national treatment extends to questions of property rights. In general, investors can buy and alienate property, pledge it, own and use it on the same terms as Russian citizens and legal entities, but with some restrictions.

As a rule, these restrictions affect the ownership of land. Chapter 1 of Law No. 101 “On the turnover of agricultural land” states that such persons cannot acquire ownership of land included in the list of agricultural land.

Benefits for depositors

Tax incentives are another way to stimulate foreign owners of capital. Providing foreign investors with preferential loans or loan guarantees is an excellent financial motivation for them.

The amount and conditions for granting benefits depend on the share of the investor in the authorized capital of the organization. According to Art. 5. the law "On Foreign Investments in the Russian Federation", if an investor owns 10% or more of a share in the authorized capital of an organization, then when reinvesting, he can enjoy all the benefits listed in this law. Similar conditions apply to Russian companies that receive the status of an organization with foreign deposits.

In addition, incentives for foreign investors may be of a non-tariff nature. For example, if a company's capital consists of 30% foreign investment, it has the right to export manufactured products without a license.

Regional benefits

The federal authorities allow the self-government bodies of the constituent entities of the Russian Federation, within their powers at the regional level:

• provided foreign investors with benefits and guarantees;
• financed and otherwise supported the investment projects of foreign investors.

To do this, they can use local budget resources, budgets of subjects of the Russian Federation and non-budgetary material resources.

Tax concessions for residents of special economic zones

About the rights of foreign investors

A foreign investor has considerable freedom of action on the territory of the Russian Federation. For example, he

have the right to acquire shares of commercial organizations and government securities, take part in the privatization of property, lease land, use real estate and Natural resources countries. Moreover, Russian legislation contains the basic guarantees of the rights of foreign investors in the territory of the state.

In accordance with the laws of the Russian Federation, a foreign investor has the right to take out of the country property and information originally imported into Russia as a foreign investment.

In this case, the principles of quotas, licensing and application of other measures of non-tariff regulation of foreign trade activities do not apply to it.

Let us consider in more detail the basic rights of foreign investors.

Subrogation

The main problem of international investment law is to ensure the protection of deposits. No investor investing in unstable Russian economy, is not immune from the application of restrictions or measures of forced withdrawal: nationalization, requisition, etc.

To some extent, the rights of a foreign investor can be protected by the principle of subrogation, which operates in the investment legislation of the law of individual countries and international law.

Risks can be political/non-commercial (military action, civil unrest, nationalization and other forms of forced seizure of property). Typically, investment insurance in this case is carried out by state or international insurance companies acting on behalf of the capital-exporting country.

Investment Guarantee Scheme at the national and international levels implies the conclusion of an insurance contract between the investor and the guaranteeing body.

Compensation for requisition or nationalization

In general, the property of depositors cannot be seized, requisitioned or nationalized. Investors-depositors have the right to demand compensation for losses incurred due to illegal actions or inaction of state bodies and officials.

When property is requisitioned or nationalized, a foreign investor is paid total cost requisitioned property and other losses. If the circumstances in connection with which the requisition is made no longer apply, the foreign investor may apply to the court with a demand to return the remaining property. At the same time, he is obliged to return the amount of compensation received, taking into account the losses from the decrease in the value of the property.

Compensation for the withdrawal of investments provided by foreign investors must be paid as soon as possible, without undue delay.

Application of the stabilization clause

The taxation of investors is characterized by the action of a "stabilization clause" - an important guarantee of investments, directed against the tightening of the tax burden. This feature of taxation is taken into account and applied by the courts considering disputes related to the protection of foreign investors.

The application of a stabilization clause to a foreign investor protects the interests of the investor from tightening the laws of the recipient country regulating the investment regime. If the national legislation changes in a direction unfavorable for the investor, he can count on a delay in the application of these changes.

The stabilization clause was first discussed in Art. 14 of the Law of the RSFSR of June 26, 1991 "On investment activity in the RSFSR". Its application in the new Foreign Investment Law is subject to a number of conditions. This principle:

• applies to commercial organizations with foreign investments in the amount of at least 25% in the authorized capital and to investors / organizations that have invested in priority projects.
• is applied when the total tax burden or the regime of prohibitions and restrictions on foreign deposits is tightened compared to the total tax burden and the regime in force at the date of commencement of project financing;
• guaranteed during the payback period investment project(no more than 7 years from the date of the start of capital investment in the project).

Use of investment income

A foreign investor may freely use his income and profits on the territory of the Russian Federation for any purposes that do not contradict Russian law. The transfer outside the Russian Federation of income, profits and other funds received in foreign currency, as well as the reinvestment of the profits received by non-resident investors are among the basic rights of depositors.

Investment income is:

• profit, dividends, interest;
• amounts of money received in fulfillment of obligations under contracts and other transactions;
• funds received by the investor after the liquidation of the company or the alienation of the invested property, property rights and intellectual rights;
• compensation under Art. 8 of the Foreign Investment Law.

How is the legal regulation of foreign investment carried out

In connection with the possible occurrence of problems in investment law, the legislation of the Russian Federation regulates legal relations in the field of investing foreign capital. Foreign investors and commercial organizations that have received investments are subject to general and special rules tax legislation Russia (Tax Code, federal laws, instructions of the Ministry of Taxation and the State Tax Service of Russia.).

Legal relations in this area are also coordinated by international treaties. At the same time, it should be taken into account that the norms of international agreements are more important than the requirements of Russian legislation.

International legal regulation of deposits

The main documents in the field of investment activity are the Washington Convention (03/18/1965) "On the Procedure for Settling Investment Disputes between States by Foreign Persons" and the Seoul Convention (10/11/1985) "On the Establishment of the Multilateral Investment Guarantee Agency".

The Seoul Convention mechanism for protecting the rights of foreign investors allows them to insure their deposits with the Multilateral Investment Guarantee Agency (MIGA) against loss of investment as a result of:

• wars/civil unrest;
• nationalization;
• violation of the contract by the recipient state (in the field of concession agreements);
• prohibition of the state on the conversion of local currency into freely convertible.

In the event of the occurrence of these conditions, MIGA pays compensation to the investor and takes over the right of claim to the host state. The private law conflict becomes a public law dispute between the agency and the recipient country. Volume insurance compensation determined by the terms of the country's agreement with MIGA.

Domestic investment regulation

Foreign investors have almost the same rights as residents of the Russian Federation. State guarantees of legal protection of the activities of foreign investors in Russia are regulated by the Federal Law of July 9, 1999 No. 160-FZ (as amended on July 18, 2017) “On Foreign Investments in the Russian Federation”.

National regulation is based on the use of administrative and civil law, as well as special laws governing investment activities.

Russian legislation provides foreign direct investors with guarantees based on mutual interests, ensures non-discrimination, contains numerous provisions on protection against various kinds of risks, specifies in detail the conditions for the nationalization of private property, and provides favorable tax, customs and administrative benefits.

It should also be mentioned what guarantees of the rights of foreign investors are contained in the Constitution of the Russian Federation. According to the provisions of Part 4 of Art. 15 of this document, international treaties are an integral part legal system countries. This means that treaties with other states on the promotion and mutual protection of investments, agreements on the avoidance of double taxation signed by the Russian Federation, and other normative acts are called upon to guarantee foreign investors.

Ways to resolve disputes in Russia

If foreign investors have disputes regarding the implementation of investments and entrepreneurial activity on the territory of the Russian Federation, proceedings are conducted in accordance with international treaties of the Russian Federation and federal laws in:

• court;
• arbitration court;
• international arbitration (arbitration court).

It should be borne in mind that there is no single international procedure governing the consideration of investment disputes, as well as generally recognized and generally applicable law.

Antitrust Law and Foreign Depositors

Foreign investors are required to comply with the antimonopoly legislation of the Russian Federation. This means that they will not allow unfair competition and restrictive business practices to occur. Such actions include:

• Creation commercial organization With foreign investments or a branch of a foreign legal entity for the production of goods in high demand, and subsequent self-liquidation in order to introduce a similar product of foreign origin to the market;
• malicious agreement on prices / distribution of markets for goods / participation in bidding (auctions, competitions).

Has Russia Really Become More Attractive to Foreign Investors Over the Year: Video

Traditionally, to attract foreign investment and improve investment climate, used to provide investors with guarantees and benefits.

In the Federal Law "On Foreign Investments in the Russian Federation" No. 160-FZ of July 9, 1999 No. benefits for foreign investors are otherwise referred to as exemptions of a stimulating nature (clause 2, article 4). It also provides that incentives for foreign investors can be established in the interests of social economic development RF.

Under the provision of benefits, this case, it is advisable to understand the more favorable conditions (regime) established by the authorities of the Russian Federation for the implementation of any action (or type of activity) for the subject (category of subjects) against normal conditions implementation of actions for other similar entities. The proclamation of guarantees must be a form of acceptance by the state, through the appropriate authorities, of obligations to the subject (in our case, the subject of investment activity).

The meaning of the adoption of the Law "On Foreign Investments" is to determine the basic guarantees of the rights of foreign investors to investments, the income and profit received from them, as well as to determine the conditions for the entrepreneurial activity of foreign investors in the territory of the Russian Federation.

For foreign investors in Russia, the Law "On Foreign Investments" No. 160-FZ establishes the following basic guarantees:

1. Guarantees of legal protection of foreign investors on the territory of the Russian Federation. (Art. 5);

2. Guarantees of use by a foreign investor various forms making investments in the territory of the Russian Federation (Article 6);

3. Guarantees for the transfer of rights and obligations of a foreign investor to another person (Article 7);

4. Guarantees of compensation in case of nationalization and requisition of property of a foreign investor or a commercial organization with foreign investments (Article 8);

5. Guarantees against unfavorable changes for a foreign investor and a commercial organization with foreign investments in the legislation of the Russian Federation (Article 9);

6. Guarantees to ensure the proper resolution of a dispute that arose in connection with the implementation of investments and entrepreneurial activities in the territory of the Russian Federation by a foreign investor (Article 10);

7. Guarantees for the use in the territory of the Russian Federation and the transfer outside the Russian Federation of income, profits and other lawfully received sums of money(Art. 11);

8. Guarantees of the right of a foreign investor to unhindered export outside the Russian Federation of property and information in documentary form or in the form of a record on electronic media that were originally imported into the territory of the Russian Federation as a foreign investment (Article 12);

9. Guarantees of the right of a foreign investor to purchase securities (Article 13);

10. Guarantees for the participation of a foreign investor in privatization (Article 14);

11. Guarantees for granting a foreign investor the right to land plots, other natural resources, buildings, structures and other real estate (Article 15).

This list is not exhaustive. According to Art. 17 of the Law "On Foreign Investments", the constituent entities of the Russian Federation and local governments, within their competence, can provide benefits and guarantees to a foreign investor, provide financing and provide other forms of support for an investment project carried out by a foreign investor, at the expense of the budgets of the constituent entities of the Russian Federation and local budgets as well as extrabudgetary funds.

Article 6 of the Law "On Foreign Investments" proclaims that a foreign investor on the territory of the Russian Federation has the right to make investments in any form not prohibited by the legislation of the Russian Federation. Such a ban may be nationwide, i.e. for residents and non-residents, or a ban in the form of a restrictive exemption for foreign investors established by federal law of the Russian Federation. The described guarantee was proclaimed in Russia for the first time, and it can be called a novelty, however, the proclamation of another would be contrary to the principles laid down in the Constitution of the Russian Federation (Article 30) and the Civil Code of the Russian Federation (Article 2).

Thus, any investment by a foreign investor in the activities of commercial organizations on the territory of the Russian Federation is unconditionally legal, unless it is covered by a special restrictive exemption provided for by federal law for such a foreign investor, or such an investment is not subject to a nationwide ban under the legislation of the Russian Federation. Resistance or refusal state registration or prior permission of such an investment by state bodies, local self-government bodies are appealed in the prescribed manner.

Currently present current law"On Foreign Investments" a guarantee to ensure proper consideration of a dispute that arose in connection with the implementation of investments and entrepreneurial activities in the territory of the Russian Federation by a foreign investor existed earlier, being formulated as the possibility of applying to Russian courts and arbitration courts (Article 9 of the Law on Foreign Investments in the RSFSR).

Judicial protection is characterized by the fact that the dispute of a foreign investor arising in connection with the implementation of investments and entrepreneurial activities in the territory of the Russian Federation is resolved in accordance with international treaties of the Russian Federation and federal laws in court.

Paragraph 2 of Art. 5 of the Law "On Foreign Investments" establishes: a foreign investor has the right to compensation for losses caused to him as a result of illegal actions (inaction) of state bodies, local governments or officials of these bodies, in accordance with the civil legislation of the Russian Federation. Officials have traditionally been subject to administrative or, in extreme cases, criminal liability.

Article 13 of the Law "On Foreign Investments" proclaims a guarantee of the right of a foreign investor to purchase shares and other securities of Russian commercial organizations and government securities. This guarantee is a logical continuation of a more general guarantee that a foreign investor will use various forms of investment in Russia (Article 6 of the Law "On Foreign Investments"). The acquisition of Russian securities by foreign investors is carried out in accordance with the legislation of the Russian Federation "on the securities market".

In the Law on Foreign Investments, the guarantee of the participation of a foreign investor in privatization is formulated very vaguely. This norm can be called completely referential, although it is unlikely that a guarantee can consist only of references. For example, it is indicated that a foreign investor "may participate in the privatization of objects of state and municipal property." It is “may”, not “right”. That is, no clarity - may participate, or may not participate. Further, a reference is made to the legislation of the Russian Federation on privatization. Thus, it is impossible to state with a sufficient degree of certainty that foreign investors in the Russian Federation are guaranteed the right to participate in privatization.

Since the conditions and procedure for the participation of a foreign investor in the privatization of objects of state and municipal property are established by Russian legislation on privatization, it can be assumed that the regime for the implementation of "privatization activities" by foreign investors is largely different from the regime of ordinary business activities of a foreign investor in Russia.

It is known that states primarily protect the rights of their citizens, so it is logical to proclaim the same guarantees for foreign investors as for domestic investors. However, if a guarantee is proclaimed for a foreign investor that domestic investors do not have, then such a guarantee should be considered as a benefit.

So to the benefits, in our opinion, as mentioned earlier, can be attributed, provided for in Art. 9 of the Law "On Foreign Investments", a guarantee against adverse changes for a foreign investor and a commercial organization with foreign investments of the legislation of the Russian Federation. More simply, it is referred to in the literature as a “stabilization” or “grandfather’s” clause and provides for a non-increase for the subject of the amount of tax and other similar deductions for a certain period after the start of the investment project, even if, according to the law, these deductions increase. The period of stability of the amount of deductions is equal in the Russian Federation to the payback period of an investment project, but is limited to seven years. Thus, the investor knows that even if tomorrow, after the start of investments in the Russian economy, the state introduces “predatory” taxes, he will at least be able to return his own.

Russian investors can count on such a guarantee only in the case of investment activities in the Russian Federation, carried out in the form of capital investments (clause 2, article 15 of the Law "On investments in the form of capital investments").

The stabilization clause in the Russian Federation applies to:

Import customs duties (with the exception of customs duties caused by the application of measures to protect the economic interests of the Russian Federation in the implementation foreign trade goods);

Federal taxes (excluding excises, value added tax on goods produced in Russia);

Contributions to government off-budget funds(excluding contributions to Pension Fund RF);

You can use the stabilization clause:

Foreign investors implementing a priority investment project (subject to intended use goods imported into the territory of the Russian Federation for the implementation of a priority investment project);

Commercial organizations with foreign investments implementing a priority investment project;

Commercial organizations with foreign investments, where the share of a foreign investor in the authorized (share) capital exceeds 25%.

In addition, as noted above, the stabilization clause is valid for investors (including Russian ones) implementing priority investment projects related to investment activities in the form of capital investments.

Another guarantee that makes the regime of foreign investment more favorable is the guarantee of the right of a foreign investor to unimpeded export of previously imported property and information outside Russia (Article 12 of the Law "On Foreign Investments"). It provides for the non-application of quotas, licensing and other measures of non-tariff regulation of foreign trade activities when a foreign investor exports from Russia property and information in documentary form or in the form of recording on electronic media that were originally imported into Russia as a foreign investment. At the same time, non-application of tariff regulation measures in this situation is not guaranteed.

The foreign investor will have to pay the export customs tariff (customs duty).

In addition to the right to export their property and information, a foreign investor is guaranteed the unhindered transfer of money abroad (Article 11 of the Law "On Foreign Investments"). The terms of such a transfer consist in the obligatory preliminary payment of all taxes and fees provided for by the legislation of the Russian Federation on income and profit from investments. The field of this foreign investor either freely uses cash on the territory of the Russian Federation, including for reinvestment, or transfers them abroad. The same article of the Law states that the transfer must be made in foreign currency.

Finally, the Law "On Foreign Investments" provides that privileges for the payment of customs duties are provided to foreign investors and commercial organizations with foreign investments when they implement a priority investment project in accordance with the legislation of the Russian Federation and the legislation of the Russian Federation on taxes and fees (Article 16 of the Law "On foreign investment).

One of options sale of residential buildings (apartments) is the conclusion of contracts equity participation in construction (investment) between the developer and the investor company, which subsequently assigns its rights under the contract to individuals. However, with such a model for the sale of real estate, the investor company is faced with the need to pay VAT on its profits, i.e. the difference between the price of the assignment of the right of claim to an individual, and the amount paid under the investment agreement (clause 2, article 155 of the Tax Code of the Russian Federation).

Consider tax implications a situation where such an Investor is a foreign company acquiring claims at an early stage of construction at a price close to the cost.

A foreign company enters into a construction investment agreement with a Russian developer and transfers funds to him. The investment funds transferred to the developer essentially cover only its construction costs and include a very small remuneration for the developer, however, they help to continue construction and start “selling” other apartments at a higher price. business purpose cooperation is evident.

In practice, such a foreign investor also assigns its rights under the contract to individuals through Russian agents or a real estate agency closer to the end of construction. The difference between the amount of the initial investment and the price of the concession is the profit of the foreign investor.

The peculiarity is that such a foreign investor does not have an obligation to pay VAT and income tax in the Russian Federation. Let's figure it out in order.

Realization by a foreign organization of property rights, including residential buildings, is subject to VAT in Russia, in two cases:

• The activity of a foreign company leads to the formation of a permanent establishment in the Russian Federation;
• Although a foreign company does not have a permanent representative office in Russia, the place of realization of property rights is the Russian Federation.

However, the activities of a foreign investor to receive income from the assignment of rights of claim under investment (share participation) agreements will not lead to the formation of a permanent establishment in the Russian Federation, if he does not conclude such transactions through any (branch) in Russia, or a resident agent RF, acting on behalf of and in the interests of a foreign investor (clauses 2, 9, article 306 of the Tax Code of the Russian Federation), except in cases of realizing property rights through a special agent whose main activity is real estate transactions.

Thus, a foreign investor must conclude all transactions through a real estate agency.

A useful tool for financing the Group of Companies can be not only a loan that is used everywhere, but also a factoring agreement. For more information about financing a business with the participation of a foreign company, see this link in our tax book

Second important aspect associated with determining the place of exercise of rights under investment agreement for the purpose of calculating VAT.

Note that in tax code The Russian Federation contains only rules for determining the place of sale of works and services (Article 148 of the Tax Code of the Russian Federation), but there are no provisions explaining how to determine the place of sale of property rights when the seller is a foreign company.

According to the Ministry of Finance of the Russian Federation, the assignment of claims for the purposes of VAT taxation should be considered a service, which means that the rules enshrined in Art. 148 of the Tax Code of the Russian Federation (1). It is difficult to agree with this point of view, since the transfer of property rights is an independent object of VAT on a par with the sale of goods, works, services in accordance with paragraphs. 1 p. 1 art. 146 of the Tax Code of the Russian Federation.

(1) letter of the Ministry of Finance of the Russian Federation dated June 18, 2012 No. 03-07-08/154

But even if the assignment of the right of claim by a foreign organization Russian company to recognize as a service, following the explanations of the Ministry of Finance, the place of sale of such a service is not the territory of the Russian Federation and, therefore, it is not subject to VAT based on the following provisions:

• assignment of the right to claim services (works) directly listed in Art. 148 of the Tax Code of the Russian Federation, does not apply;
• place of sale not specified in Art. 148 of the Tax Code of the Russian Federation, services are determined by the place of activity of the organization providing such services;
• The territory of the Russian Federation is not recognized as the place of the organization's activities if it is not registered in Russia (Clause 2, Article 148 of the Tax Code of the Russian Federation).

This position is confirmed by the letters of the Ministry of Finance of October 17, 2013 No. 03-07-15 / 43359, of June 18, 2012 No. 03-07-08 / 154, of May 19, 2010 No. 03-07-08 / 152 and of June 26 .08 No. 03-07-08/154. Moreover, in the letter of the Ministry of Finance of the Russian Federation dated 10/17/2013, among other operations for the transfer of property rights, the transfer of rights to shared construction objects is directly mentioned, carried out by a foreign organization that is not registered with the tax authorities and does not have a permanent representative office in Russia.

In other words, the Ministry of Finance of Russia does not classify the assignment of property rights under investment agreements (equity participation in construction) to services directly related to real estate and specified in paragraphs. 1 p. 1 art. 148 of the Tax Code of the Russian Federation, the place of sale of which for the purpose of calculating VAT is the Russian Federation. As a result, the risk that tax authorities consider such a concession a service directly related to real estate in Russia, and charge additional VAT, which is very insignificant.

With regard to income tax, income from agreements for the assignment of rights of claim under an investment agreement by a foreign investor to the final buyer is not subject to income tax in the Russian Federation on the basis of paragraph 2 of Art. 309 of the Tax Code of the Russian Federation, provided that the activity of a foreign investor does not form a permanent establishment in the Russian Federation.

An important point in relation to income tax is that a foreign investor, under an assignment agreement, transfers to buyers precisely the property rights to future real estate objects. Such an operation should be distinguished from the sale of goods located in Russia. real estate, which in turn is subject to income tax in the Russian Federation on the basis of paragraph 6 of Art. 309 of the Tax Code of the Russian Federation and Art. 6 international agreements for the avoidance of double taxation. Until the construction of real estate objects is completed and the developer receives permission to put the objects into operation, the objects under construction cannot be called real estate in accordance with the Town Planning Code of the Russian Federation and clause 2 of Art. 2 of the Federal Law "On participation in shared construction". Therefore, the rules providing for the taxation of income from the sale of real estate in the Russian Federation are not applicable to this situation.

The Russian real estate agency, in turn, receives remuneration for its services in finding buyers, which is subject to taxation in the Russian Federation.

Thus, cooperation with a foreign investor at the initial stages of construction allows the developer to get the necessary impetus for construction, and for a foreign investor - in a fairly understandable way to invest and receive income with their taxation only in their country of residence.

1. Guarantee of compensation in case of nationalization and requisition of the property of a foreign investor or commercial organization with foreign investments……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

2. Establishment and liquidation of a branch of a foreign legal entity…………………………………………………………………….……………..7

Literature………………………………………………………….……..13

1. Guarantee of compensation in case of nationalization and requisition of property of a foreign investor or a commercial organization with foreign investments.

Investment protection in the Russian Federation is guaranteed by the state.

All investors, including foreign ones, are provided with equal conditions of activity, excluding the use of discriminatory measures that could prevent the establishment and disposal of investments.

A foreign investor on the territory of the Russian Federation is provided with full and unconditional protection of rights and interests, which is ensured by the Federal Law of July 9, 1999 N 160-FZ "On Foreign Investments in the Russian Federation", other federal laws and other regulatory legal acts of the Russian Federation, and as well as international treaties of the Russian Federation.

A foreign investor who initially imported property and information into the territory of the Russian Federation in documentary form or in the form of a record on electronic media as a foreign investment has the right to freely export the said property and information outside the Russian Federation.

A foreign investor has the right to compensation for losses caused to him as a result of illegal actions (inaction) of state bodies, local governments or officials of these bodies, in accordance with the civil legislation of the Russian Federation.

Investments cannot be nationalized or requisitioned free of charge; they cannot be subjected to measures equal to the indicated consequences. The application of such measures is possible only with full refund all losses caused by the alienation of invested property, including lost profits, and only on the basis of legislative acts of the Russian Federation and the republics that are part of it.

Contributed or acquired by investors target bank deposits, shares or other securities, payments for acquired property, as well as lease rights in cases of their withdrawal in accordance with the legislative acts of the Russian Federation, are reimbursed to investors, with the exception of amounts used or lost as a result of the actions of the investors themselves or undertaken with their participation.

Property insurance against the risk of loss (destruction), shortage or damage to property, risk civil liability and entrepreneurial risk is carried out by a commercial organization with foreign investments at its discretion, and by a branch of a foreign legal entity - at the discretion of the parent organization, unless otherwise provided by the legislation of the Russian Federation.

A foreign investor, after paying taxes and fees provided for by the legislation of the Russian Federation, has the right to free use of income and profits in the territory of the Russian Federation for reinvestment or for other purposes that do not contradict the legislation of the Russian Federation, and to the unimpeded transfer of income and profits outside the Russian Federation and other legally received amounts of money in foreign currency in connection with investments made by him earlier, including:

• income from investments received in the form of profit, dividends, interest and other income;
• sums of money in fulfillment of the obligations of a commercial organization with foreign investments or a foreign legal entity that has opened its branch on the territory of the Russian Federation, under agreements and other transactions;
• amounts of money received by a foreign investor in connection with the liquidation of a commercial organization with foreign investments or a branch of a foreign legal entity or the alienation of invested property, property rights and exclusive rights to the results of intellectual activity;
• compensation provided for in Article 8 of this Federal Law.

The dispute of a foreign investor arising in connection with the implementation of investments and entrepreneurial activities in the territory of the Russian Federation is resolved in accordance with international treaties of the Russian Federation and federal laws in a court or arbitration court or in international arbitration (arbitration court).

The legal regime for the activities of foreign investors and the use of profits received from investments cannot be less favorable than the legal regime for the activities and use of profits received from investments provided to Russian investors, with exceptions established by federal laws.

The property of a foreign investor or a commercial organization with foreign investments is not subject to compulsory seizure, including nationalization, requisition, except in cases and on the grounds established by federal law or an international treaty of the Russian Federation.

In case of requisition, a foreign investor or a commercial organization with foreign investments is paid the cost of the property being requisitioned. Upon termination of the circumstances in connection with which the requisition was made, a foreign investor or a commercial organization with foreign investments has the right to demand in judicial order the return of the preserved property, but at the same time they are obliged to return the amount of compensation received by them, taking into account losses from the decrease in the value of the property.

In the event of nationalization, a foreign investor or a commercial organization with foreign investments shall be compensated for the value of the nationalized property and other losses.

Local self-government bodies of the Russian Federation within their powers in accordance with the Federal Law of February 25, 1999 N 39-FZ "On investment activities in the Russian Federation, carried out in the form of capital investments", as well as other laws and regulatory legal acts of the Russian Federation, and as well as laws and regulatory legal acts of the constituent entities of the Russian Federation, guarantee to all subjects of investment activity:

• ensuring equal rights in the implementation of investment activities;
• publicity in the discussion of investment projects;
• stability of the rights of subjects of investment activity.

An important tool for the protection of foreign investments are bilateral agreements on mutual encouragement and mutual protection of foreign investments, which the Russian Federation has with most countries of the world. The main purpose of such agreements is to provide an equally favorable treatment for investment, to establish the possibility of unhindered export of part of the profits and guarantees against non-commercial risks.

2. Creation and liquidation of a branch of a foreign legal entity.

1. A branch of a foreign legal entity means separate subdivision a foreign legal entity located outside its location and performing all or part of its functions, including the functions of a representative office. A branch of a legal entity is not a legal entity, does not possess its own property, but is endowed with the property of the legal entity that created it, and acts on the basis of the approved regulation. The head of the branch is appointed by the parent organization and acts on the basis of a power of attorney.
The goals of the establishment and activities of the branch correspond to the goals of the establishment and activities of the parent organization - a foreign legal entity. The decision on the need to create and liquidate a branch is made by the parent organization.

2. Establishment of a branch of a foreign legal entity on the territory of the Russian Federation is carried out through its accreditation. The Temporary Regulations "On the procedure for accreditation of branches of foreign legal entities established in the territory of the Russian Federation", accreditation and maintenance of the state register of branches of foreign legal entities accredited in the territory of the Russian Federation, are entrusted to the Accreditation Department of the State Registration Chamber under the Ministry of Justice of the Russian Federation.

Temporary regulation "On the procedure for accreditation of branches of foreign legal entities established on the territory of the Russian Federation" (approved by the Ministry of Justice of the Russian Federation on December 31, 1999) // The text of the provision was not officially published.

For accreditation of a branch of a foreign legal entity, an organization that has decided to accredit its branch in the territory of the Russian Federation shall submit the following documents to the Registration Chamber:

a) a written application on a letterhead signed by the head of the foreign legal entity, indicating: name, legal form, date of registration, location, type of activity and information about business relations with Russian partners, prospects for the development of cooperation of a foreign legal entity, purpose of opening branch of a foreign legal entity and location on the territory of the Russian Federation. The application is made in Russian;

b) the charter of a foreign legal entity;

c) a certificate of registration of a foreign legal entity or an extract from the trade register;

d) decision of a foreign legal entity to open a branch in the Russian Federation;

e) regulations on the branch, which must indicate the name of the branch and its parent organization, the organizational and legal form of the parent organization, the location of the branch on the territory of the Russian Federation and legal address its parent organization, the purpose of establishment and activities of the branch, the composition, volume and timing of capital investment in the fixed assets of the branch, the procedure for managing the branch and other information reflecting the features of the branch's activities;

f) a letter of recommendation from a bank serving a foreign legal entity and confirming its solvency.
If the documents submitted for accreditation are in a foreign language, they must be translated into Russian, notarized and legalized by consular institutions of the Russian Federation or an apostille.

For accreditation of branches of foreign organizations established on the territory of the Russian Federation, National tax in the amount of 60,000 rubles for each branch.

3. When accrediting a branch of a foreign legal entity, information about it is entered into State Register branches of foreign legal entities accredited in the territory of the Russian Federation, as well as the issuance of a certificate of accreditation. The State Register of Branches of Foreign Legal Entities Accredited on the Territory of the Russian Federation is understood as a systematized set of reliable information about branches of foreign legal entities accredited on the territory of the Russian Federation. Accordingly, entering into the State Register of branches of foreign legal entities accredited in the territory of the Russian Federation means including information about a foreign legal entity in an automated database, assigning a registry number, issuing a certificate of the established form and putting a mark on entry in the State Register on the provision on the branch ( clause 10 of the Provisional Regulations). It is the receipt of an accreditation certificate and the entry into the Register of information about a branch of a foreign legal entity that entitles the branch to engage in commercial activities on the territory of the Russian Federation.

In accordance with paragraph 10 of the Provisional Regulations, the certificate of accreditation and entry into the State Register of branches of foreign legal entities accredited in the territory of the Russian Federation shall indicate:

a) full and abbreviated (if necessary) name of the foreign legal entity in Russian;

b) the country of registration of the foreign legal entity;

c) the name of the settlement where the branch of the foreign legal entity is located on the territory of the Russian Federation;

d) the term for which a branch of a foreign legal entity is accredited on the territory of the Russian Federation;

e) certificate number;

f) date of issue of the certificate.

The certificate is certified by the official seal and the signature of the President of the Registration Chamber.

Accreditation of a branch of a foreign legal entity and the issuance of a certificate are carried out for a period of up to 5 years. The period may be extended upon a written application of the management of a foreign legal entity, made thirty days before the expiration of the accreditation period for a branch of a foreign legal entity accredited in the territory of the Russian Federation. At the same time, an annual report on the activities of the branch is also submitted to the accrediting body.

4. Refusal to accredit a branch of a foreign legal entity is possible only if there are goals and grounds specified in the law:

a) the documents required for accreditation are not submitted;

b) inaccurate or incorrect information about a foreign legal entity has been provided;

c) the activity of a foreign legal entity is contrary to the current Russian legislation.

A branch may also be denied accreditation in order to protect the foundations of the constitutional order, morality, health, rights and legitimate interests of others, to ensure the defense of the country and the security of the state.

5. The activities of a branch of a foreign legal entity accredited on the territory of the Russian Federation shall be terminated:

a) after the expiration of the accreditation period, if the foreign legal entity has not applied to the Chamber with a request to extend the accreditation;

b) in the event of liquidation of a foreign legal entity that has a branch accredited in the territory of the Russian Federation;

c) by decision of a foreign legal entity that opened a branch;

d) by a court decision;

e) if the activity of a branch of a foreign legal entity is contrary to Russian law.

Federal Law No. 119-FZ of June 24, 1999 "On the Principles and Procedure for Delimiting the Subjects of Competence and Powers between State Authorities of the Russian Federation and State Authorities of the Subjects of the Russian Federation" became invalid due to the adoption of Federal Law No. 95-FZ of July 4, 2003 "On the Introduction of Amendments and Additions to the Federal Law "On general principles organizations of legislative (representative) and executive bodies State power of the constituent entities of the Russian Federation". Decree of the Government of the Russian Federation of December 21, 2000 N 990 (as amended of July 4, 2003) "On approval of the regulation on the Ministry of Economic Development and Trade of the Russian Federation" became invalid due to the publication of the Decree of the Government of the Russian Federation of August 27, 2004 N 443 "On approval of the Regulations on the Ministry of Economic Development and Trade of the Russian Federation".

6. When accrediting a representative office foreign organization to the registration authority are provided:

a) a power of attorney issued to a representative of a foreign company to negotiate the opening of a representative office of this company on the territory of the Russian Federation;

b) a written statement indicating: the name of the company, the time of its establishment, location, subject of activity, management and management bodies representing the company in accordance with the charter or regulation, the purposes of opening a representative office, information about business relations with Russian partners and prospects for the development of cooperation.

c) charter (in the event that, under the laws of a foreign state, the company does not have a charter, then a document confirming this legal provision, issued by an authorized body, is provided);

d) certificate of incorporation or an extract from the commercial register confirming the registration of the company;

e) the company's decision to open a representative office in the Russian Federation;

e) Bank reference from the country of registration of the company, confirming its solvency;

g) regulations on the representative office of the company;

i) a document confirming the legal address of the representative office (a letter of guarantee with a BTI mark or with a copy of the lease agreement or certificate of ownership attached);

j) representation information card (issued by the Chamber, filled in on a typewriter in 2 copies)
List of documents required for accreditation of representative offices of foreign companies at the State Registration Chamber (approved by the State registration chamber Russia) The text of the List has not been officially published.

7. Unfortunately, domestic regulations speak of the accreditation of branches (in rare cases, representative offices) only of foreign legal entities. However, the Law "On Foreign Investments in the Russian Federation" itself names as a foreign investor not only legal entities, but also organizations that are not under the laws of the country of origin legal entities. It should be agreed that harsh wordings regarding foreign entities whose activities are accredited in Russia not only do not correspond to each other, but also do not take into account the differences between Russian and foreign legislation. For example, in Germany and Switzerland, general and limited partnerships are not legal entities. Thus, there is an urgent need to make appropriate changes to domestic legislation.

Literature

1. Eremeishvili L.A. Some issues of legal regulation of foreign investments in the Russian Federation // State and law at the turn of the century. International Law (Materials of the All-Russian Conference). M., 2000. S. 120.

2. The federal law on foreign investment in Russian Federation dated July 9, 1999 No. 1bO-FZ

3. Analysis of the effectiveness of investment and innovation activities of the enterprise: Proc. allowance for students in economics. specialties / Krylov E.I., Vlasova V.M. - 2nd ed., revised. and additional - M .: Finance and statistics, 2003.

4. Askinadze V.M. Investment Strategies on the securities market, Market DS Publishing House, 2004, Book, 106 pages,

5. Business plan of the investment project: Tutorial. / Ed. V.M. Popov. M.: Finance and statistics, 2001. Pp. 18-56,

6. Guskov N.S. etc. Investments. Forms and methods of their attraction. Moscow: Algorithm, 2001. 384 p.