Provides references to local service providers and other professional associations.
While professional services are expensive, attempts to avoid such expenditures can be penny-wise and pound-foolish. In Russia's unsettled commercial environment, early and ongoing advice on tax and legal issues will ultimately mitigate administrative and compliance costs over the long-run. Russian commercial regulations are contained in thousands of presidential, governmental and ministerial decrees. These decrees and laws often overlap or conflict, and determining tax obligations is a complex task. Moreover, Russian accounting practices differ from Western standards and the adoption of international accounting standards is still far from complete.
In Moscow and St. Petersburg, there are many offices of major Western accounting, legal and consulting firms blending the skills of Russian and foreign professionals. Competent smaller firms also operate under Russian or U.S./European management. U.S. firms should avail themselves of locally based specialists familiar with issues confronting Western firms in Russia. The U.S. Commercial Service in Russia maintains a roster of local attorneys and accounting firms in our list of Business Service Providers. The American Chamber of Commerce in Russia is also an alternate source of contacts and information.