WE ARE PRAMOVA!

A non-resident - individual made a decision to invest in the territory of the Republic of Belarus. He independently found an investment object and needed comprehensive assistance not only in acquiring such an object, but also in supporting further economic activity in the territory of the Republic of Belarus.

PRAMOVA specialists provided the Client with legal support for incorporation of a commercial organization in the Republic of Belarus, as well as services for managing such an organization and maintaining its accounting records. PRAMOVA lawyers provided legal support for the asset purchase transaction - a real estate object (a mothballed permanent building and a land plot), including a pre-sale inspection of the object.

Carrying out management functions and maintaining accounting records of the investor's organization, PRAMOVA specialists exercised control over the reconstruction of the real estate object, starting from attracting contractors for these purposes and ending with obtaining permits and putting the building into operation.

PRAMOVA specialists have been providing comprehensive support for the investment projects for more than 3 years.

A Client who carries out transactions in financial instruments traded on foreign exchange markets, due to the sanctions imposed against Belarus, was unable to undergo the annual renewal and certification of his international legal entity identification code (LEI), which contains information on the ownership structure and allows answering the questions of “who is who” in the international financial sector.

PRAMOVA specialists examined the legal basis of the relationship between a company that has the relevant legal entity identifier (LEI) and a foreign organization accredited by GLEIF to issue (extend) LEIs, discussed with the Client the invalidity of the refusal to extend the code due to the sanctions restrictions against Belarus, and recommended the country's resident – investor to take a number of measures to protect his own interests.

When providing legal assistance to the Belarusian investor, PRAMOVA lawyers prepared all the necessary draft responses to the GLEIF-accredited foreign organization, substantiating the validity of the requirement to extend the code to the Belarusian investor for another term.

As part of the legal support for the investor's activities and during the inspection of the Client's internal procedures by the authorized international organizations, PRAMOVA specialists, together with the investor, had success in removing all unsubstantiated claims and restrictions.

The resident of the Republic of Belarus – investor timely renewed his legal entity identifier code (LEI) and on his own initiative changed the foreign provider accredited by GLEIF that renews LEIs.

A resident of the Republic of Belarus – a client of a foreign bank, within the liquidation procedure of that bank, filed a claim of the creditor (depositor) for acknowledgement of the obligations of the liquidated bank and their validity to the creditor on grounds of the presented by the creditor documents. To comply with the regulations on the prevention of money laundering and terrorist financing, the liquidated bank requested from the creditor answers to a number of questions about the source of the depositor's funds and supporting documents

PRAMOVA specialists examined the legal basis of the relationship between the depositor and the bank, the legality and validity of the bank's request, and advised the resident of the Republic of Belarus - the bank's creditor – to implement a set of measures to protect his interests.

When providing legal assistance to the depositor of the liquidated bank, PRAMOVA lawyers prepared all the necessary draft responses to the bank and documents substantiating the legitimacy of the origin of the depositor’s funds.

As part of the legal support of the client during the compliance audit of its activities performed by the liquidated bank, PRAMOVA specialists, together with the bank's creditor, achieved the withdrawal of all complaints to the source of the depositor's funds and unjustified restrictions on them.

The resident of the Republic of Belarus - creditor of the foreign bank received the funds required by him as a creditor in full.

A large equipment manufacturer turned to PRAMOVA experts to verify the accuracy of its financial statements and obtain an auditor’s report.

During the audit, PRAMOVA specialists identified significant tax risks that could result in additional tax charges exceeding 100 ths. rubles. Specifically, risks of understating the income tax base were detected due to incorrect recognition of bonuses given to buyers of products as expenses, excessive director salary, and recognition of interest on controlled debt as expense. Additional tax payments were avoided thanks to the foreign currency translation reserve.

Following the audit results, PRAMOVA experts provided a number of practical recommendations that helped the Client to eliminate weaknesses in the accounting and tax records, as well as to avoid additional charges that could arise during a tax audit.

For the purpose of getting foreign financing, companies must provide a foreign bank with audited IFRS financial statements confirming a number of indicators.

PRAMOVA on a tight schedule conducted an audit of the financial statements under IFRS, additionally confirming the "calculation of the debt service coverage ratio" and "calculation of the cash collection ratio".

In order to save the Client's time and money, a mandatory audit of the financial statements was conducted alongside in accordance with the requirements of the legislation of the Republic of Belarus.

Thanks to the professional work of PRAMOVA experts, the Client managed not only to attract investments in new production, but also to save on interest on a loan received at low rates.