4 March 2022: TMF Group exits all Russian clients
TMF Group has today announced its decision to stop services to all Russian clients.
We act as the first line of defence for our clients in ensuring that they meet the standards required of them by regulators. We are also the first line of defence for the jurisdictions we operate in, ensuring that investors, their sources of funding and the structures they use are legitimate.
We have a global compliance team monitoring and acting on sanctions against Russian individuals and organisations daily. As parties are added to sanction lists, TMF Group immediately suspends any service to them pending a discussion with any relevant regulator to determine the appropriate course of action. So far that has had a limited impact on operations, with only 0.15% of TMF Group mandates affected by sanctions.
TMF Group has an office in Kyiv employing 57 Ukrainian nationals. We are assisting them in every way we can in the most difficult of circumstances. Given the extraordinary situation in Ukraine, TMF Group has made a policy decision in solidarity with the Ukrainian people to exit all work for Russian clients around the world. TMF Group has offices in Russia helping our North American, European and Asian clients operate there and will continue to maintain services to them.
Read the announcement in full.
Our core areas of expertise
TMF Group Russia has a strong international management team of around 200 specialists in accounting, law, tax, payroll and HR, serving clients locally and internationally. We provide a full range of corporate services to help you to reduce risks, be compliant, better control your costs and simplify your operations.
In Russia, the TMF Group is a pioneering player in structured financial services, having been the first to enter the market in 2006. We now have a team of 35 lawyers and accountants based in Russia and our operations are backed up by a solid IT infrastructure.
We provide the full scope of administrative and accounting services for domestic securitisation deals with different types of assets, as well as offering tailored support for trans border transactions.
With our strong presence in Russia, two new offices were opened in the first quarter of 2015 in Voronezh and Kirov. This expansion in our geographic footprint enables TMF Group to support client business and projects in Moscow, St. Petersburg and the regions.
Many of our team of chartered accountants hold the ACCA or other professional qualification. They have experience in serving clients from a variety of industries including pharmaceuticals, fashion, automotive, technology, e-commerce, telecommunications and food.
Our team of professionals have a strong knowledge of the local market and will use their expertise to work with you in all areas of your business.
Our full range of services include:
- Accounting and Tax services: We take care of local statutory bookkeeping, full consolidated accounts and management reporting to relevant local and international standards. We also help you manage your tax and reporting obligations.
- Capital Markets Services: We provide support to capital market transactions at local level and on a global scale. We help to manage and administer a wide range of transactions, from a complex multi-tranche securitization to a project finance transaction or a syndicated loan. We can also help direct lenders in need of support to administer their loan portfolio.
- Global Entity Management services: We provide support at every stage of your business lifecycle. Our multi-disciplinary expertise - in corporate secretarial, regulatory compliance, fiduciary services and more - is your outsourced answer to managing and maintaining entities across borders.
- HR and Payroll services: We help you to apply and implement international policies in employment contracts and handbooks, and pay your staff in compliance with local law.
Local services:
In addition to our global portfolio of services* our Russian offices provide additional support for specific local requirements. This includes:
Deoffshorisation in Russia
In early 2015, Russia’s new Deoffshorisation Law came into force via amendments to the Russian Tax Code. This law ensures that both individuals and companies classified as Russian tax residents,file the Foreign Ownership Notification form.
Entities affected are: Controlled Foreign Companies (CFC), Beneficial ownership, Tax residency, Real estate rich, Russian CFC compliance for corporate and private clients.
TMF Group in Russia can help you with:
- filing of foreign ownership and CFC notifications and tax returns together with financial statements of CFCs
- CFC accounting services, corporate administration and corporate real estate administration services
- corporate secretarial services including local corporate compliance services, health checks, registered address, registration of legal entities and reorganisation, liquidation/winding up services and management company services.
Specific projects:
- internal review of accounting, payroll and HR documentation
- health and safety services: ensure safe labour conditions and labour protection at each working place
- personal income tax declaration for residents and non-residents
- support with physical inventories
- we can also assist you with the preparation of information packages on controlled transactions to tax regulatory bodies and reporting on related parties according to the transfer pricing regulations.
Recent awards:
- TMF Group Russia is the 3rd largest Financial Consulting Company in Russia, according to RAexpert
If you’d like to find out more about how we can work with you to ensure business success, please contact us.
*Availability of our global portfolio is country dependent. Make an enquiry if you'd like to find out more about our specialised, professional expertise.