Uralchem JSC, Moscow, said its holding companies, Uralchem Holding Plc and CI-Chemical Invest Ltd., formerly registered in Cyprus, have been re-domiciled to Russia.
Uralchem said the decision to re-register the structures that hold the shares of the Uralchem, JSC, company was made taking into account the role of the company “as a backbone enterprise” of the Russian chemical and fertilizer industry, and with the aim of increasing tax efficiency for the benefit of both the company and the Russian budget.
“Currently, conditions are being created in the Russian jurisdiction for the successful development of legal entities that own production assets,” Uralchem JSC Deputy CEO and CFO Igor Bulantsev said in a statement.
“For the first time in many years we have reached that milestone when the registration of companies in our homeland becomes more attractive than anywhere abroad, not only from the organizational, but also from commercial and taxation points of view,” he said.
As a result of the re-registration, Uralchem Group’s entire asset management chain is located in the Russian Federation. Tax revenues from the group’s former foreign assets will now also go to Russia’s state budget, the company said.