Setting up a Business

Legal Forms of Organizations

• Forms of organizations established at SFIT are determined by SFIT regulations (Art. 12(3) of Law No. 136).
• Founders may be legal entities and individuals regardless of residency or any other form of connection to a foreign state (Art. 12(4)).
• Individual entrepreneurship conditions are determined by SFIT regulations (Art. 12(3)).

Licensing

• The managing company determines the procedure for issuing registration permits and the list of licensed activities (Art. 17(1) of Law No. 136).
• A person licensed under SFIT regulations may carry out activities without obtaining additional KR licenses and permits (Art. 17(2)).
• Licensing of SFIT entities is regulated exclusively by Law No. 136, not by general KR licensing legislation (Art. 12 of Law No. 137).

Recognition of Existing Organizations

• Any organization established under KR law may be recognized as a SFIT entity in accordance with SFIT regulations (Art. 12(6) of Law No. 136).
• An organization established in accordance with KR legislation may be recognized as a Tamchy SFIT entity through redomiciliation. Redomiciliation does not constitute a reorganization and does not entail legal succession; the rights of the organization and the rights of third parties, including rights of participation in the organization, are retained in full.

Permitted Activities (Art. 16 of Law No. 136)

• Financial, banking and investment activities.
• Insurance and reinsurance activities of all categories.
• Operations in the financial, stock, commodity, and virtual asset markets.
• Management of funds and assets, investment fund activities, Islamic banking.
• Fund administration, fund consulting, asset management.
• Pension fund and credit organization activities.
• Brokerage activities in insurance and financial markets.
• Financial agency, investment advice and services of all types.
• Casino and gambling activities.
• Provision of classification and appraisal services.
• Professional services (audit, accounting, taxation, consulting, legal).
• Activities of holding companies, trusts and similar structures.
• Travel agencies, event and leisure organization.
• Healthcare services.
• Other commercial activities not prohibited by KR legislation.

Prohibited Activities (Art. 16(2) of Law No. 136)

• Exploration and extraction of minerals.
• Production, repair or sale of weapons and ammunition.
• Production or sale of radioactive, nuclear, and other hazardous materials.
• Import, storage, production or sale of narcotic and psychotropic substances.
• Production of alcohol, tobacco products, and fuel and lubricant materials.