Parent company Tinkoff was registered in the special administrative region (SAR) of Russky Island, moving from Cypriot jurisdiction. This is stated in the message of the Far Eastern Development Corporation (KRDV).
MKPAO TKS Holding became the 70th company registered in the SAR on Russky Island.
- TCS Group thought about changing the Cypriot jurisdiction in March 2023; a month earlier, the company was included in the 10th EU sanctions package.
- On January 15 this year, the shareholders of TCS Group approved the redomiciliation of the company. A day later, the statement by the head of Tinkoff Bank about the timing of the “move” caused a 4.1% drop in TCS group shares on the Moscow Stock Exchange. It was reported that the new registration of Cyprus TCS Group should be completed in the first quarter of 2024.
- On February 8, 2024, the Bank of Russia decided to register the issuance of ordinary shares of MCPAO TKS Holding, which were listed on the Moscow Stock Exchange.
Residents of the SAR, as noted by the Far Eastern Development Corporation, receive tax and administrative benefits, and the Russian economy receives an influx of additional capital due to the withdrawal of companies from offshore companies. 70 SAR member companies with assets of more than 5.5 trillion rubles already operate on Russky Island under agreements with the KRDV.
According to the agreement with the KRDV, the company is obliged to make investments in the amount of at least 50 million rubles and, if it receives the status of an international holding company (IHC), it will have to meet additional requirements.
Author:
Anastasia Marina
Source: RB
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