Banking. Credit, investment and financial consulting (lecture notes)

Lecture notes, cheat sheets
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Banking. Credit, investment and financial consulting (lecture notes)

Lecture notes, cheat sheets

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Credit, investment and financial consulting

Credit consulting - provision of consulting services in the field of attracting credit and investment financing for legal entities and individuals.

The range of problems solved by consulting is quite wide. And the specialization of companies providing consulting services can be different: from a narrow one, limited to any one direction of consulting services (for example, audit), to the widest one, covering a full range of services in this area. Accordingly, each specialist (or each firm) working in this field, puts the concept of consulting in its own meaning and gives it its own shade, determined by the direction of a particular company.

Credit consulting, according to Shevchuk Denis Aleksandrovich, is a new type of business that is actively spreading today. Taking into account the ever-increasing interest of our clients in funds attracted from outside for business development, an objective need arose for the development of such a type of service as loan consulting.

According to Denis Shevchuk, Deputy General Director, Vice President of "Credit Broker INTERFINANCE" (MORTAGE * BUSINESS LENDING), Website: http://www.deniskredit.ru, the offer of various loan programs by banks is also growing. Each of them not only offers the client special conditions, but also requires him to provide a completely specific set of documents and guarantees. It is becoming more and more difficult for a potential recipient of a loan to navigate independently in this area and it is becoming easier to get lost in this stream.

Let's try to define consulting in the broadest sense of the word.

Consulting is a kind of intellectual activity, the main task of which is to analyze, substantiate the prospects for the development and use of scientific, technical, organizational and economic innovations, taking into account the subject area and client problems.

Consulting solves the issues of management, economic, financial, investment activities of organizations, strategic planning, optimization of the overall functioning of the company, doing business, research and forecasting sales markets, price movements, etc. In other words, consulting is any assistance provided by external consultants, in solving a particular problem.

The main goal of consulting is to improve the quality of management, increase the efficiency of the company as a whole and increase the individual productivity of each employee.

When do clients turn to a consulting company for help?

According to popular belief, the services of external consultants are used primarily and primarily by those organizations that find themselves in a critical situation. However, assistance in critical situations is by no means the main function of consulting. In what cases and who turns to a consulting company for help?

Firstly, in cases where an enterprise with a reliable status plans to restructure the entire system, associated either with expansion, or with a change in the form of ownership, or with a radical change in the spectrum of the enterprise's activities and reorientation to more promising and / or profitable business areas .

Secondly, in cases where an enterprise with a reliable status, in order to assert its position in the market and create the necessary image in the eyes of potential partners, turns to the services of a consultant (for example, an auditor), conducts an audit of its activities (for example, an audit) and then makes its results public.

Thirdly, in cases where the enterprise is in a critical situation (or even on the verge of collapse) and is unable to get out of this situation on its own due to the lack of experience and internal resources for an adequate and timely response to the current situation. The services of a consultant (consulting firm) in this case are of the nature of crisis consulting.

Professional consulting services have been provided in Russia for more than ten years. Despite such a long period, a clear understanding of why to invite consultants and whether they should be invited at all, among potential consumers of consulting services has not yet developed. The reason for this is largely an inadequate understanding of what consultants can and cannot do, when it makes sense to invite them, and what are the necessary conditions for successful cooperation with consultants.

According to Denis Aleksandrovich Shevchuk, the main task of consultants is to assist clients in solving their managerial problems.

They can solve this problem in several ways:

▪ Find a problem and suggest solutions. In a situation where the client realizes that he has a problem, but cannot determine what exactly it is, what its true causes are, consultants can analyze the situation and identify the problem and the reasons for its occurrence, as well as develop and offer the client ways to solve it . This is the so-called expert consulting, when consultants themselves do all the work to identify and solve the problem.

▪ Help the client find the problem himself and determine ways to solve it. There are situations when a client is ready to identify a problem and solve it, but lacks some methodological support to successfully implement his intentions. Then consultants can provide the client with this methodological support and go with him all the way from identifying a problem to solving it.

This approach is called process consulting, i.e. consulting in the course of the client's management activities.

▪ Teach the client how to find and solve problems. Creating a system of practical knowledge in the client, a mechanism that allows him from now on to find and solve his problems is the essence of the third approach, called educational consulting.

With this approach, the consultant does not participate directly in the process of finding and solving problems, but only trains the client and checks the correctness of the "homework".

In practice, all three approaches often intersect and complement each other. Emphasis shifts depending on what the client most needs: to find a solution to the problem for him, or to help him solve the problem, or to be taught how to solve it.

Determining the extent of this need, as well as the need to involve consultants in general, depends on a number of factors:

▪ Time. As a rule, any problem introduces its own time constraints. Depending on how much time is available to solve a particular problem, a choice is made in favor of one approach or another. Typically, expert consulting is the fastest way to solve a problem if the invited consultant has proven methods for solving such problems.

▪ Labor resources. Each problem requires labor resources spent on its solution. When the scale of the problem is large enough, it can be quite difficult to allocate people who will be exclusively focused on solving it, given that all of the client's full-time employees have their own day-to-day responsibilities as part of the ongoing business. At the same time, hiring and maintaining a special staff of specialists in case of every problem, as some companies sometimes prefer to do, is not economically feasible.

Consultants in this case are an additional workforce that is available when needed and removed when the need has passed.

▪ Money. Hiring consultants requires costs. Depending on what financial resources the client can allocate to solve the problem, one or another counseling approach is chosen. As a rule, training consulting is the cheapest way to solve problems if the client has the necessary labor resources and time to train them.

▪ Knowledge. The level of specialized knowledge is no less a critical factor than time or money. Of course, knowledge can be obtained through self-education.

However, the degree of consolidation of knowledge and the skills of their practical application will be different in this case. It is no coincidence that the effectiveness of full-time education is higher than that of distance learning. In addition, self-education is learning from your own mistakes, while by attracting consultants, you can learn from others.

▪ Objectivity. The consultant provides an independent, outside perspective on the client's problems. Due to his independence, he is free from cliches and prejudices that the client has developed over the years of his activity and which are often themselves sources of problems. The consultant may ask questions that the client himself does not think about because, due to established habits, he does not consider them questions. Finally, the consultant is a disinterested person in the sense that his only interest is the most effective solution to the client's real problems and he has no interests of his own within those problems.

It should also be noted what a consultant cannot or should not do for a client and why they should not be invited (on the example of INTERFINANCE, www.denisshevchuk.narod.ru, www.interfinance.ru):

▪ Decision making. The consultant, as a rule, cannot make decisions for the client. The client himself is responsible for his business, responsible to the owners, contractors, staff and himself, and he is the one to make the final decisions. The consultant only offers possible solutions, gives recommendations on the optimal solution, but does not make the decisions themselves.

▪ Playing with the law. The consultant cannot and under no circumstances should give the client recommendations that are contrary to current legislation. Any recommendation, the implementation of which brings the client into conflict with the law, is a threat to the client’s business and in itself creates a serious problem.

Thus, the consultant cannot and should not, by solving some problems of the client, create other, sometimes more serious problems for him - problems with the law.

▪ Participation in conflicts. The consultant cannot and should not participate in the client’s internal conflicts. An extremely unethical situation is when some people in the client’s management invite consultants in order to “overthrow” others. The consultant must always rise above personal or group conflicts, act as an independent arbiter, and seek solutions that are beneficial to the business as a whole, and not to individuals or groups of individuals.

▪ Formal results. The purpose of consulting assistance is to solve the client's problems, and not to write a consulting report. The task of a consultant should not be to create reports that are beautiful in form and empty in content, “candy wrappers” that are used to create the appearance of useful management activities. Therefore, you should not invite a consultant to write such a report, which will then be stored in a desk drawer and taken out from time to time for display - this is too expensive and an unjustified way to make an impression.

Based on the above, it is possible to formulate cases when it is necessary to invite consultants. Generally speaking, consultants should be called in when there is a managerial problem that the client wants to solve. However, the participation of a consultant is especially effective in the typical situations listed below:

▪ When the problem is complex, systemic in nature. If the scale of the problem is such that to solve it it is necessary to carry out radical comprehensive changes in the management system and business building principles, it is best to invite outside experts who will bring fresh ideas and provide the necessary labor resources. Solving complex problems usually requires significant labor and specialized knowledge.

▪ When the problem is of a one-time, situational nature. If a client is faced with a problem that is caused by a combination of specific circumstances and is not of a recurring, routine nature, and also requires a prompt solution, it is more effective not to create internal organizational capacity to solve it, but to carry out a one-time invitation to consultants. At the same time, inviting consultants to solve routine, everyday tasks, i.e., to carry out current management activities, is not effective.

▪ When there are differences in views on a problem and how to solve it within the client's management or between management and owners. In this situation, consultants are the optimal independent arbiter, capable of objectively assessing the problem and offering objectively justified ways to solve it.

▪ When solving a problem could have serious consequences, including strategic, financial or social ones. This is a situation similar to the previous one, with the only difference that in this case the cost of solving the problem and the associated responsibility are quite high. Therefore, the client's management may require independent expert support for identifying and solving the problem. Sometimes this is a way for the client to share responsibility with the consultant, not in terms of making a decision, but in terms of developing it.

There may be other situations when it is better to invite a consultant. The common criteria for all of them are:

▪ Presence of a problem;

▪ Lack of time or human resources to solve the problem;

▪ Lack of special knowledge to solve the problem;

▪ High price issue.

There is no need to say that the invited consultant must be a conscientious professional - this is a prerequisite. However, there are a number of fundamental factors that determine the success of the client's interaction with consultants:

▪ Correct selection of a consultant. No consultant can know everything. Some consultants are good for solving certain types of problems, others are good for others.

Therefore, the right selection of a consultant for a specific problem is extremely important. It should be borne in mind that a well-known name does not always guarantee the correct selection. There are many highly specialized and simply obscure consultants that the client may not know about until he encounters a problem that requires their participation. The main thing here is to evaluate the methodology and practical experience that the consultant offers to solve the client's problems.

▪ Communication. The consultant and the client must use a similar conceptual framework or, in other words, speak the same language. Otherwise, a situation may arise when the consultant, using his analytical tools, will be able to identify the problem and find ways to solve it, but the client may not understand the consultant’s recommendations. Therefore, it is necessary to agree in advance on the meaning of those concepts and terms used by both the client and the consultant.

▪ Level of training. Recommendations are effective only when implemented. But in order to use the consultant’s recommendations, the client sometimes needs to have an appropriate minimum level of training. Just as the implementation of even a detailed technological process requires a certain level of technical training, so the implementation of the most detailed management recommendations requires a certain level of management training. If such a problem arises, additional measures must be taken to ensure such preparation.

▪ Understanding goals and objectives. There are situations when the client is unclear about what exactly he wants, but he is determined to achieve it. This usually leads to the most serious problems in the client's interaction with the consultant. Therefore, it is necessary to jointly decide on goals and objectives, and only then start working.

Thus, the second part of the question formulated in the title of this article can be answered as follows: you need to study in any case - knowledge will never hurt, even if (one might say - especially if) consultants are invited (using the example of INTERFINANCE, www.denisshevchuk. narod.ru, www.interfinance.ru).

According to Denis Shevchuk, Deputy General Director, Vice-President of "Credit Broker INTERFINANCE" (MORTAGE * BUSINESS LENDING), the training itself, without the practical application of the acquired knowledge, is worth little. When was the last time any of the top managers of enterprises had the opportunity to attend a serious educational course? And what part of the knowledge they have gained is actually applied today in everyday management practice? When working with consultants, regardless of the type of consultation, knowledge is directly embodied in practical activities, or, conversely, acquired in the process of solving specific problems.

In any case, the decision on the first part of the question - to invite or not to invite consultants - remains with the client. Consultants, as always, can only give the necessary recommendations, which was done in this article.

According to Denis Shevchuk, Deputy General Director, Vice President of INTERFINANCE Credit Broker (MORTAGE * BUSINESS LENDING), the service of obtaining financing from credit institutions is in demand among enterprises implementing investment projects, the cost of which significantly exceeds the cost of projects implemented earlier, and also in the absence of own experience in bank lending (www.deniskredit.ru).

The implementation of such projects may include a work plan to increase the investment attractiveness of the enterprise as a Borrower.

A team of consultants, which includes diversified highly qualified specialists (financiers, lawyers, economists, marketers, etc.), can provide the client with a full range of services - from preparing a business plan to finding and identifying a financial source (bank, investment company, investment fund, private investors, etc.) in order to assist enterprises and organizations - potential borrowers - in preparing documents for obtaining a loan, choosing forms and methods of lending, searching for investors and arranging financing.

The consulting services and products offered by the Credit Agency (credit broker) are as close as possible to the requirements of investors - banks and other credit institutions and investment companies.

Actively cooperating with various banks, The credit agency offers clients the organization of financing - search and selection of banks for lending to investment projects, financing the development of production, its reorganization and technical re-equipment, as well as obtaining loans to replenish working capital.

As part of the Credit consulting service, we offer support for the procedure for obtaining a loan, namely:

▪ general familiarization with the lending market in Moscow

▪ provision of information and selection of the most optimal loan program and bank

▪ assistance in collecting and preparing a package of documents for obtaining a loan

▪ agreeing on a package of documents with the bank and submitting an application for a loan

By applying for a loan consultation, you will not only save precious time spent searching for a suitable program, but also receive the most reliable information about the bank and the conditions for obtaining a loan, which often differs significantly from that provided by the bank for advertising purposes.

Business lending, according to credit broker employees, despite the unstable state of the economy, involves the possibility of some banks making a decision in a short time (from 1 to 10-15 days), before opening an account, accounting for management (unofficial) reporting, a group of companies. Crises are not a hindrance if you use the advice of professionals.

Despite the crisis in the Russian economy, most business lending experts agree that this banking sector in Russia will develop.

Let us consider in detail the currently existing business financing opportunities.

Legal entities:

All types of loans, including:

▪ overdraft (unsecured loan against turnover, up to 50% of average monthly receipts to the account from third-party counterparties, excluding payments to ourselves within a group of companies);

▪ loan to replenish working capital;

▪ loan for business development;

▪ loan for the purchase of a business;

▪ loan for the purchase of real estate (including commercial mortgage);

▪ loan for the purchase of equipment;

▪ loan to cover cash gaps;

▪ credit line;

▪ factoring;

▪ leasing;

▪ pawn business lending;

▪ bank guarantees.

▪ investments in Russian enterprises (including investments in new companies (up to a year) in Moscow).

Applying to credit brokers who have experience in full-time work in banks (preferably in senior positions in specialized divisions), allows you to conduct an express analysis of financial statements and potential creditworthiness, increase maximum lending limits (amounts), optimize taxation, increase credit attractiveness and speed up consideration applications, get the opportunity of priority preferential consideration of applications in banks.

For individual entrepreneurs:

▪ loan;

▪ credit line.

Adjustment factors (discount) applied within the framework of business lending programs (According to Deputy General Director Denis Aleksandrovich Shevchuk):

Real estate objects (buildings, structures, individual premises in a building, unfinished capital structure): no more than 0,8.

Equipment: no more than 0,7.

The subject of pledge may be office and computer equipment, as well as personal property of individuals. Pledge valuation of office and computer equipment, personal property is carried out by a loan officer on the basis of a visual inspection, study of documentation and information on the market value of similar objects and application of a correction factor of not more than 0,6 to the market value.

In the case of a pledge of equipment, trade pavilions (registered as temporary structures) may be considered along with technological, production, etc. equipment. Their collateral value is assessed by applying a correction factor of no more than 0,6 to the market value.

Vehicles: no more than 0,7.

Goods in circulation (goods, finished products, etc.): no more than 0,6.

For goods in circulation, as a rule, the purchase price of these goods by the pledgor without VAT (for purchased goods) / production cost of goods (for goods of own production) is taken as the market value. At the same time, the issue of the competitiveness of this price in the market must be studied by a loan officer.

Prior to accepting property as a pledge, a loan officer, when visiting the place of business, conducts an inspection and verification of the actual availability of property, compliance with data on the quantity and assortment (by type and generic characteristics), checks for the availability of documents confirming ownership. When pledging goods in circulation, certificates of conformity must be checked (selectively, but not less than 10 positions).

Loan amount = collateral amount * discount

The amount of collateral is the liquid market value (which can be sold quickly, usually slightly below the normal market value).

MINIMUM TERMS FOR CONSIDERATION OF APPLICATIONS: from 1-5 days to a month.

FLEXIBLE APPROACH TO COLOR: up to 1000000 rubles without collateral, loans with partial collateral. Any liquid property (including purchased equipment and real estate) is accepted as collateral for other loans. LARGE RANGE OF SUM.

BASIC REQUIREMENTS FOR THE BORROWER:

The presence of a stable and profitable business with a period of actual existence of at least 6 months is mandatory.

The term of official business registration is at least 6 months.

No negative credit history. Absence of facts of non-fulfillment of obligations.

BASIC REQUIREMENTS FOR A BUSINESS OWNER:

Citizenship of the Russian Federation.

Age - from 25 to 60 years old inclusive (for men under 28 years old, the issue is settled with the draft authorities).

No criminal record.

No negative credit history.

Representatives of business today have a sufficient choice among banks that are ready to give "money in growth" and support various business projects. Entrepreneurs only need to be well versed in the conditions and interest rates in order to choose the most beneficial loan program for themselves.

Entrepreneurs are often interested in the question: does the possibility of obtaining a loan depend on the legal form under which a small business is registered. For example, many are sure that there is a prejudice in banks regarding "individual entrepreneurs", it is much more difficult to get a loan with this form of ownership than, say, for a limited liability company (LLC).

However, this setting is far from reality: for banks that are seriously engaged in lending to small and medium-sized businesses, the legal status of the organization does not affect either the number of documents for obtaining a loan, or interest rates, or lending conditions, that is, to all representatives of this sector of the economy. activities are subject to the same requirements.

Some banks have restrictions on other parameters, such as the share of foreign capital, but the form of ownership of the company does not matter. However, there is a limitation for legal entities: the share of the state or non-residents in the authorized capital should not exceed 49%.

The documents that are required for obtaining a loan for small and medium-sized enterprises mainly relate to both the legal status and financial statements. In a bank, for example, you will be required to: a certificate of state registration, a certificate of registration with the tax authority, copies of passports of an individual entrepreneur and guarantors, a copy of the income statement for the last two reporting dates, copies of the pages of the book of income and expenses for 6 months , certificates of the presence or absence of loans in servicing banks.

It is also necessary to provide an extract from the servicing banks on account turnover (debit turnover or credit turnover) for the previous 12 months, as well as information on monthly turnover. Additional documents that banks are often asked to provide are directly related to the company's activities: copies of lease agreements for premises, copies of contracts with buyers and suppliers, copies of documents confirming the ownership of property offered as collateral (contracts, invoices, acts, payment documents, certificates property) and so on.

An individual approach to each legal entity can be explained by a huge number of variations in the parameters of small and medium-sized businesses in modern Russia. Everything is subject to the attention of credit analysts: from organizational and legal documents of the enterprise itself to lease agreements for premises and utility bills. If you divide the documents into groups, then you can select constituent documents, financial documents, documents confirming the ownership of property provided as security, as well as additional documents confirming the conduct of business. Terms of crediting enterprises in each bank are different.

Consideration of an application in banks takes from three working days to several weeks, subject to the provision of a complete package of documents, so enterprises wishing to receive a loan must take this fact into account in advance. Often, clients complain that banks take a long time to consider their applications, but from practice I can say that usually such clients do not follow the instructions of the bank and do not fulfill everything that is asked of them on time, thereby delaying the decision-making process on the possibility of lending.

Due to the focus of most banks on the "individual approach" to each borrower-representative of small or medium-sized businesses, entrepreneurs have the opportunity to vary the interest rate. You should think about obtaining a loan for your company in advance and cooperate as much as possible with credit analysts on issues related to documents: in this case, you can choose the most favorable lending conditions for the company.

Significant time savings, and often many other costs, will allow you to get a timely appeal to credit brokers, but only if in the staff of such a company all employees previously worked in banks in senior positions. The abundance of so-called "certified brokers" who listened to advertising lectures in ordinary companies, seriously discredits the profession of a credit broker. Ideally, the more banks a credit broker worked in, the better.

List of documents for the Borrower

1. Questionnaire - application in the form of the Bank.

2. Passport (1) for individuals who are:

▪ business owners;

▪ parties to the transaction (borrower, guarantors);

▪ managers (having the right of first signature) of legal entities included in the Client's group of companies.

For men under 28 years of age, an additional copy of the military ID.

3. Certificate of state registration (3) (making an entry in the Unified State Register of Legal Entities / EGRIP).

4. Certificate of registration with the tax authority (3)

5. Licenses (3) and/or other documents giving the right to carry out activities.

6. Constituent documents (3) (Articles and Memorandum). Additionally, if applicable: Decisions on making changes and/or additions to the constituent documents, as well as certificates of state registration of such changes and/or additions.

7. Documents confirming ownership (3) the personal property of business owners.

Financial documents

1. Financial (tax) reporting (3) with a stamp, or a postal receipt and a description of the attachment, confirming the delivery to the IMTS, as of the last reporting date (for the last reporting period).

1.1.

Balance sheet (Form No. 1) and Gains and losses report (Form No. 2), or

1.2.

Single tax returnpaid in connection with the application of the simplified taxation system, as well as a receipt (payment order) confirming the payment of a single tax for the last period, or

1.3.

Tax return for a single tax on imputed income for certain types of activities, as well as a receipt (payment order) confirming the payment of a single tax for the last period.

2. Income and expense ledger (3) organizations and/or individual entrepreneurs who apply the simplified taxation system or are payers of UTII for the last 3 months.

3. Accounting documents (statements) containing information on receipts to the cash desk and to settlement accounts broken down by banks for 6 months monthly.

4. Breakdown of receivables and payables(1) no later than the 1st day of the month in which the application was submitted.

6. Certificate of commitment (1) in the form of the Bank not later than on the 1st day of the month in which the application was submitted.

7. List of property used in business and inventory items(1) no later than the 1st day of the month in which the application was submitted.

Documents confirming economic activity

1. Contracts (agreements) with main suppliers and consumers (3). At least 6 (at least 3 with suppliers and at least 3 with consumers) with the largest counterparties in terms of settlements.

2. Documents confirming the right to use the premises(3)(warehouse, office, points of sale).

Forms of submission of documents:

(1) Original

(3) A copy certified by the organization / individual entrepreneur

The responsible officer of the Bank may additionally request other additional documents necessary for making a decision on granting a loan.

A business financing option is a loan secured by housing for any purpose, essentially a mortgage option. Quite often, business owners use this product. There are two options: mortgage of an apartment and mortgage of a house (cottage).

The residential building that is the subject of pledge must meet the following requirements:

1.1. be located in a settlement on the territory of which other residential buildings suitable for habitation are located;

1.2. have an access road that provides year-round access to the land plot on which the residential building is located, by motor transport;

1.3. be suitable for permanent habitation;

1.4. have a constant power supply from an external source through the connected network from the power supply organization;

1.5. be provided with a gas, steam or stove heating system, as well as cold water supply;

1.6. be in proper technical condition and not have significant defects in structural elements and engineering equipment, which can subsequently lead to an accident at home;

1.7. pass the cadastral registration, comply with the floor plan issued by the body carrying out the technical inventory of the property, which is determined on the basis of the data of the valuation report made by a professional appraiser;

The land plot that is the subject of pledge must meet the following requirements:

▪ have a permitted use (intended purpose): for gardening, housing or summer cottage construction;

▪ requirements specified in clauses 1.1., 1.2. and 1.9.

General requirements. The subject of collateral can be both the Residential Premises, for the purchase of which a mortgage loan was provided, and the existing Residential Premises.

1. The Residential Premises should not be under arrest or prohibition, should not be encumbered with the right of third parties, with the exception of the right of residence, there should be no disputes regarding the Residential Premises. If a person who is not one of the owners (pledgers) of the mortgaged Residential Premises plans to be the sole borrower under the loan agreement, then it is necessary to demand that one of the owners (pledgers) of the Residential Premises be involved as the second borrower (co-borrower).

2. The dwelling is a separate apartment or a separate Residential building for permanent residence (cottage or semi-detached house (townhouse)). The rooms of a communal apartment can only be pledged if, to secure one loan, all rooms (premises) of the communal apartment are pledged, i.e., in aggregate, the pledged rooms (premises) will constitute a single Residential Premises.

3. The Residential Premises is connected to electric, steam or gas heating systems that provide heat to the entire area of the Residential Premises, or has an autonomous life support system.

4. The dwelling has entrance doors, windows and a roof (for apartments on the upper floors).

5. When granting a loan secured by existing housing, Residential Premises shall not be accepted as collateral in the following cases:

▪ When the owners (one of the owners) of the Residential Premises are minor children;

▪ When persons who are not members of the mortgagor’s family are registered in the Residential Premises for a long period of time (1 year or more).

6. When one of the owners (pledgers) of the Residential Premises is a person over 65 years of age, the mortgage agreement is subject to mandatory notarization.

7. The building in which the subject of pledge is located must meet the following conditions and requirements:

a) is located in Moscow or the Moscow Region;

b) is not in emergency condition;

c) not be registered for major repairs (if information is available);

d) is not in plans for reconstruction or demolition (if information is available);

e) have a reinforced concrete, stone or brick foundation;

f) depreciation of a building built earlier than 1970 should not be more than 70%.

8. Ownership of the Residential Premises must be confirmed by the relevant title documents (certificate of ownership, registered contract of sale of the Residential Premises, barter agreement, etc.), drawn up in accordance with the requirements of the current legislation.

9. Technical documentation (explication, floor plan) must comply with the data specified in the USRR. If the Residential Premises is re-equipped without an appropriate permit, such Premises can be accepted as a pledge only on the condition that the Pledgor legalizes the redevelopment within 6 months from the date of the conclusion of the mortgage agreement (the emergence of a mortgage by virtue of law), and if it is impossible to legalize the redevelopment, the Pledgor is obliged, within 9 months from the date of conclusion of the mortgage agreement (the emergence of a mortgage by virtue of law), to bring the Residential Premises into a state corresponding to the data specified in the technical documentation.

10. When acquiring (mortgaging) a separate Residential House, the land plot located under such a house is simultaneously acquired, registered in a mortgage. Ownership of a land plot must be confirmed by the relevant title documents (certificate of ownership, registered land purchase and sale agreement, other agreement), drawn up in accordance with the requirements of the current legislation. The original cadastral plan of the land plot must be attached to the document for the land, which must be pledged together with the Residential Building.

10.1. If the land plot is provided on a leasehold basis, then simultaneously with the house, the leasehold rights to the land plot must also be pledged. The lease agreement for a land plot must be concluded for a period not less than the term of the loan agreement, or contain an indication of the extension of the agreement for a new term. If the lease agreement contains a condition on obtaining the consent of the lessor to pledge the rights to lease the land plot, then such consent must be obtained before the conclusion of the pledge agreement, if such a requirement to obtain the consent of the lessor does not contradict the current legislation.

10.2. If the mortgagor does not have the right of ownership or the right to lease the land plot located under the Residential Building, then when lending against the security of the existing housing, such property is not accepted as security.

When lending secured by purchased housing, the Residential House can be accepted as security, provided that the seller of the Residential House has the right to lease the land plot located under the Residential House.

The crisis in the American mortgage market provoked a global crisis in the money market. Many Russian banks found themselves in a difficult position. The lack of financial resources and their widespread rise in prices have led to insufficient funding. As a result, the financial resources of a number of banks allocated for the issuance of mortgage loans were exhausted.

Due to the inability to quickly replenish their potential, many banks hastily tightened lending conditions for mortgage transactions, and some even temporarily abandoned mortgages. A frequent occurrence in today's practice of banks is the delay in the consideration of an application for a loan without explaining the reasons. At the same time, many borrowers who had already received the bank's approval for issuing a loan were faced with the fact of raising the rate on a mortgage loan.

Not only the banks themselves faced problems, but also potential borrowers who were forced to abandon real estate purchase transactions due to sudden bank failures and delays in issuing loans.

It is not uncommon for approved borrowers to wait for their money for two or three or more months. In the context of rising real estate prices, a delay of several months leads to a significant increase in the cost of the apartment.

Banks, which were less focused on foreign borrowing, relying on their own resources when issuing mortgage loans, continue the process of lending to mortgage borrowers. In general, a sufficient number of banks still offer very competitive conditions, but they have raised mortgage rates, significantly increased the down payment and tightened lending conditions.

A loan broker is essentially a financial lawyer. You can go to court yourself - or you can hire a lawyer, you can get a haircut at home at the mirror yourself - or you can go to a specialist’s hairdresser, someone repairs his Cossack himself - and someone gives his Mercedes to a car service. It is a mistake to think that a loan broker is a magician and distributes loans to everyone. If he is a specialist, has a specialized higher education (and not just courses) and experience of real full-time work in banks (preferably in different and relevant departments in senior positions, and not just internships), then he will significantly increase the likelihood of a positive loan decision (so how a competent lawyer will increase your chances in court and in the preparation of legal documents) and the speed of decision making.

I can add that during a crisis it is useful to spend your free time on self-education, studying economic and legal literature. Bank employees have a habit of getting angry if loan applicants are illiterate in economic and legal matters. A broad outlook allows you to find a common language with bankers faster, because banking has long been considered one of the most highly intelligent professions, some employees have 2-3 higher educations and constantly improve their knowledge.

There are many scammers, who, as a rule, do not have even a minimum experience in banks before, offering a guarantee of 100% obtaining a loan: this is a 100% fraud or an outright crime that will be XNUMX% revealed sooner or later (with corresponding consequences for both the client and the false assistant) . This is clear to any experienced banker. In any bank, business loans and mortgages (and often other types of loans) are issued after the decision of the credit committee, this is a collegiate body, while the client is previously checked by various bank services. One person, even a big boss (unless, of course, this is the owner of the bank) cannot, by definition, make such decisions alone, especially an intermediary. A competent intermediary with full-time experience in banks can significantly increase the likelihood of approval - this is already a reality, but will never guarantee a XNUMX% loan. Its role is educational and lobbying. Credit brokerage is useful to everyone. On the one hand, the broker simplifies the procedure for obtaining a loan for clients, on the other hand, it attracts new "quality" clients to banks.

Cooperating with us, you get access to the best offers on the Russian credit market. We work with banks that actually lend, and not just declare.

Our employees have experience in banking in senior positions (including top management, board), economic and legal education, authors of books and articles on economic and legal topics in leading publications. This sets us apart from our competitors. Trust your business to professionals! Many of our competitors do not have experienced bank employees, especially those with managerial experience in specialized departments, but they undertake to advise, and at higher prices, make gross mistakes in documents, work on a stream (maybe someone will get a loan)! In our opinion, a loan broker must have experience in accepting and promoting loan applications (both legal entities and individuals) in banks (and not just know their names and have business cards of "familiar" bankers, some bankers distribute hundreds of business cards) and know all the technologies from within, as well as higher economic and legal education (our employees have 2-3 specialized higher educations).

The duration of the work depends on the type of activity of your company and the requested loan amount. Non-standard cases are discussed individually.

We accept offers from banks, partners and investors, realtors and fellow brokers. We are constantly expanding the list of credit products.

What is the reason for success?

Firstly, in the high professional level of the company's employees.

Secondly, in the provision of high-quality services in the shortest possible time.

Thirdly, in an individual approach to each client and guarantees of the quality of the services provided.

Fourthly, in the reliability of the company, compliance with business ethics and confidentiality.

The presence of a stable and profitable business with a period of actual existence of at least 6 months is mandatory for all programs for legal entities and individual entrepreneurs.

Credit brokerage is useful to everyone. On the one hand, the broker simplifies the procedure for obtaining a loan for clients, on the other hand, it attracts new "quality" clients to banks. For banks, cooperation with credit brokers is interesting because they expand their client base, getting less "problem" borrowers as a result. Credit brokers begin to work with a client only after they are convinced that they can really help him. If the borrower is unpromising, the broker will not even take him to the bank. When working with brokers, banks reduce the cost of advertising and marketing services - brokers themselves bring clients to them. In some banks, for clients brought by a broker, discounts on interest rates are provided. In the West, lending to small businesses is an assembly line that operates according to standard rules and procedures. It is this principle that makes it possible to form a large loan portfolio from small loans. Our market is just getting there. The development of this service can lead to a sharp increase in the number of successfully received loans by entrepreneurs and an increase in the literacy of borrowers. Credit consulting came to Russia from the West, where today this market is a powerful and highly developed industry: with the help of credit brokers, the population and small businesses receive up to 60-75% of loans. In Russia, the share of brokers in attracting loans is about 1-2%. However, they appeared relatively recently - in the early 2000s. At the same time, the formation of the credit brokerage market took place against the backdrop of distrust of brokers by potential borrowers themselves and bankers.

Small businesses often have to go through hell to get a loan. Many businessmen do not have enough experience and qualifications to competently "package" and "sell" their business plan to loan officers. Entrepreneurs often bring a bunch of completely unnecessary documents, but they forget one and only certificate, without which the bank will not work with the borrower. As a result, going to the banks can be very long. Equally important is the quality of the documents. A business plan written on the knee, a school notebook with real reporting, an intricate ownership structure do not simplify the procedure for issuing loans. Many entrepreneurs still come to the bank with just such a set. Another problem is the ignorance of businessmen about the requirements of banks, which require confirmation of the borrower's solvency. And for this you need to describe your business as clearly, in detail and in a form understandable for bankers, show the ownership structure, draw up a competent business plan, from which the loan officer will understand where the money received will go and how soon they will "beat off". As a result, it turns out to be insulting: an entrepreneur, according to the real indicators of his business, could have received a loan, but the bank refused, as the businessman was unable to correctly present his business and prove the effectiveness of the use of borrowed funds.

Banks are formal structures, they work with documents, pay great attention to execution, and every comma matters to them. For entrepreneurs, documents are not the main thing in business, and they never think about commas. It turns out that for some, the form is important, and for others, the content. Loan brokers here act as "packers" who help with experienced advice to dress the content in a form acceptable to banks. Why are there so few loans in the country? Not because there is no money. Banks have money, and a lot. Everything rests on the sluggishness of the distribution system. Bank loan officers work in a matrix that they are unwilling or unable to go beyond. When a client comes to them, they "scan" him, and if he does not match at least one item, then he no longer fits into the matrix. This means that the loan will be denied. The current situation resembles a closed dam, when in the upper part the water is already spilling with might and main and flooding cities and villages (banking liquidity), and at the other end of the dam there are gates (credit committees of banks) that drain water (money) strictly limited due to instructions, hindering the release of excess liquidity into the real sector. The task of credit brokers is to drill holes in this dam, open the gates and download the surplus money to the real sector of the economy - that is, businessmen and consumers. There are many scammers, who, as a rule, do not have even a minimum experience in banks before, offering a guarantee of 100% obtaining a loan: this is a 100% fraud or an outright crime that will be XNUMX% revealed sooner or later (with corresponding consequences for both the client and the false assistant) . This is clear to any experienced banker. In any bank, business loans and mortgages (and often other types of loans) are issued after the decision of the credit committee, this is a collegiate body, while the client is previously checked by various bank services. One person, even a big boss (unless, of course, this is the owner of the bank) cannot, by definition, make such decisions alone, especially an intermediary. A competent intermediary with full-time experience in banks can significantly increase the likelihood of approval - this is already a reality, but will never guarantee a XNUMX% loan. Its role is educational and lobbying.

The mechanism of work of credit brokers is relatively simple. A client who wants to get a loan comes to the company, the consultant finds out various details and subtleties of his business and selects the ideal loan product in a particular bank. But the client must be absolutely honest, tell everything without concealment, otherwise it will be extremely difficult for the broker to work with him.

However, everything here is just at first glance. There are several types of players on the market. The first are semi-legal or frankly black brokers who, using their connections and not disdaining bribery, simply take the client by the hand, lead them to their familiar banker and disappear, they can engage in obvious falsification, a damaged credit history is the easiest punishment ( http: / /www.deniskredit.ru).

Professional market participants call such “brokers” swindlers and predict their imminent departure; people discredit the entire institution of credit brokers, but with the formation of a civilized market they will disappear. The second type of brokers are exclusively intermediaries; they process the information provided by the borrower and indicate to him a bank that can issue a loan on acceptable terms. The third group of players - consultants - approach the client more thoroughly. After applying, the broker analyzes the borrower’s condition, understands the company’s ownership structure, identifies positive and negative factors, and evaluates the weight of each of them. After this, he selects a bank that can satisfy the client’s needs on the most favorable terms, helps the borrower collect the necessary documents, and checks them before submitting them to the bank. At the same time, sometimes a client fails to get a loan, but not because everything is completely bad for him, but only because he was not careful enough about the documentation. The broker can point out the shortcomings to the client, advise how to correct them, and after eliminating the flaws, take him to the bank, tell the client which bank to choose, discuss with him the model (terms, collateral) and the goals of raising a loan.

How to get a mortgage loan

What is mortgage and home loans

Mortgage lending is becoming more and more popular in Russia every year. A mortgage allows you to buy a home today and pay its full cost over the next few years. This is much more convenient than saving money, exposing significant savings to inflationary and other risks.

Tips for the borrower

Buying an apartment is a complex and responsible process. If you spend a little time studying this topic, you can make your work much easier, significantly reduce possible losses and avoid disappointments. You must understand that the time spent on studying this issue will pay off in the money saved. So here are our tips:

You should not choose a mortgage bank just because it has the lowest declared interest rates.

In the process of choosing a lender bank, interest rates play an important role, but we should not forget that there are additional fees for granting and servicing a loan, which in some cases can significantly increase the overall cost of the loan. It is better to ask right away what lump-sum payments you will need to make additionally and what additional fees you will have to pay during the entire loan period.

In addition, the interest rate indicated by the creditor bank is not always charged on the real balance. For example, a change in loan debt can be taken into account when calculating interest after 3 months after the actual repayment of the principal debt, and this will significantly increase your payments for using the loan. Thus, your real interest rate on the loan may be much higher than the nominal one.

Also, you should not forget about the quality of the service offered to you. The friendliness and professionalism of the bank's specialists will allow you to greatly facilitate the procedure for obtaining a loan, choose the most suitable loan product for you and make the most reasonable choice regarding the housing you are purchasing.

When deciding on the choice of a creditor bank, try not to outsource the clarification of loan conditions to your relatives or friends, because it can be like playing a damaged phone: The information that reaches you will not reflect the real state of affairs.

Require the lender's written confirmation of consent to grant a loan.

After receiving a message from the bank (most likely verbal) that you are satisfied with the bank as a borrower, you must demand confirmation from the bank in writing, describing the main conditions of the upcoming loan transaction.

Think before you use a sales agent (realtor) who acts on the side of both the seller and the buyer.

This kind of agent, most often, cannot represent and protect the interests of both parties to the transaction at the same time. In this case, usually, the agent is more attentive to the interests of the seller, rather than the buyer. If you buy an apartment, then try to hire your agent (lawyer, lawyer), who will represent only your interests in this transaction.

Do not make a purchase of an apartment without professional technical expertise and due diligence.

Any statement of the seller about the technical condition of the apartment must be documented. Remember that when buying housing on the secondary market, you are more likely to encounter parquet swelling or ceiling leakage, so try to find out exactly when the apartment was last overhauled and redecorated.

To check the technical condition of an apartment, it is best to hire an independent technical expert who, based on the results of the inspection, would draw up a written conclusion, which would indicate all the advantages and disadvantages of the technical condition of the apartment at the time of its inspection.

Also, special attention should be paid to checking the legal purity of the apartment. In professional language, such a check is called <checking the purity of the title>. This term implies the identification of all persons who have any rights to this apartment or may potentially have them, checking for encumbrances from third parties and infringement of the rights of former apartment owners in previous alienation transactions.

It should be noted that in this matter there is no better ally and assistant than the creditor bank. The creditor bank is even more interested than you in the quality and liquidity of mortgage loan collateral.

Do not sign any documents without first reading them.

Never sign documents in a hurry. Ask your counterparty for copies of the contracts, carefully read them, and if you have any questions, then try to resolve them well in advance before signing the documents. It would be more preferable to carefully read all the documents again before signing them at the time of the transaction.

Tax breaks

By purchasing a new apartment on credit, you can enjoy significant income tax benefits.

Since January 1, 2001, a new procedure for calculating and applying income tax benefits has been in force. In accordance with the new Tax Code, a taxpayer may deduct from his taxable income the amounts actually spent on new construction or the acquisition of a residential house or apartment in the Russian Federation, as well as amounts used to pay interest on mortgage loans received by the taxpayer in banks of the Russian Federation .

The total amount of this deduction may not exceed 1,000,000 rubles, excluding amounts used to pay interest on mortgage loans. You can calculate the amount of savings on income tax right now using the Tax Calculator.

Even if you started using the relief before January 1, 2001, according to leading tax advisers, you can continue to use it in accordance with the Income Tax Law, deducting from your total taxable income the amounts used to repay the mortgage loan, including the principal debt and interest.

F.A.Q.

How do I determine my documented monthly income?

The Bank will determine the maximum loan amount you can qualify for based on your average monthly documented income over the past twelve months. In this case, it should be especially noted that the bank will take into account the income of both spouses.

What happens if I can't repay the loan?

If during the repayment of the loan you are unable to make payments in full due to objective reasons, the bank will try to help you and work out a mutually acceptable solution. Such a solution could be, for example, deferral of payments on account of repayment of the principal debt.

However, if these temporary economic measures do not work and you are unable to make mortgage payments, you will have to sell the apartment and use the proceeds from the sale to repay the debt to the bank. With the money left from the sale, you can buy yourself another home.

How is a mortgage loan for real estate purchase different from a regular loan?

Unlike other types of lending, a mortgage loan can only be granted for the purchase of housing, while the main collateral for it is the pledge (mortgage) of the housing being purchased.

For how many years can I get a loan?

Credit is issued for a period of up to 15-25 years. The bank offers loan products, focusing on various customers. If you have the opportunity to pay an additional amount to repay the loan in excess of the planned repayment schedule, you, having warned the bank in advance, will have the opportunity to make both partial and full early repayment of the loan. The bank will accept an additional amount from you to repay the loan and recalculate the amount of monthly payments, or, at your request, reduce the loan term.

Who checks the legal "purity" of the apartment?

Documents confirming the ownership of the seller of the apartment and the purity of the title are checked by the insurance company. An appraisal company will conduct an additional inspection of the apartment.

So, now, when buying an apartment, you are not alone with the "market", but you can have competent allies who will defend your interests.

How is the settlement with the seller of the apartment?

The bank issues money to the seller of the apartment after the state registration of the contract for the sale of the apartment at the expense of credit funds and the transfer of ownership to the borrower. An additional, but necessary condition for the actual provision of a loan is documentary evidence of the payment of the down payment.

Such a payment scheme is the safest for the buyer of an apartment and reliable for the seller.

What are the average rates of insurance companies for the three types of insurance?

The cost of all three types of mortgage insurance usually amounts to no more than 1,5 percent of the remaining loan amount. As a rule, insurance contracts are concluded for one year with the payment of an insurance premium for this period.

When extending the insurance policy for each subsequent year, the amount of the insurance premium will be less, since it is calculated in accordance with the amount of the loan balance as of the date of conclusion of the insurance contract (taking into account the principal repayment made by the borrower).

What types of insurance accompany a mortgage loan?

A prerequisite for obtaining a loan is insurance of 3 types:

▪ insurance of the purchased apartment against the risks of damage and destruction;

▪ insurance of ownership of the subject of the mortgage (i.e., the apartment you are buying);

▪ life and disability insurance of the borrower.

Insurance protects the borrower and the bank from additional risks. If an insured event occurs, the insurance company will transfer the necessary amount to the bank to repay the loan, and the borrower will be relieved of the need to make further repayment of the loan. Insurance costs are borne by the borrower.

How long after submitting the documents can I expect to receive a loan?

The term for consideration by the bank of an application for a mortgage loan does not exceed two weeks. Having received a positive decision from the Bank's Credit Committee, you will have to decide on the final choice of an apartment and conclude a loan agreement.

Then you need to draw up a deal for the sale and mortgage of the apartment. After the state registration of this transaction, you will become the owner of a new apartment.

Will I have to pay rent?

Do you mean maintenance payments? Yes, because the apartment belongs to you, and you will live in it.

Moreover, as the owner of the apartment, you will bear all the costs associated with the payment of real estate taxes, the operation and repair of the apartment, and you will also bear the costs associated with the operation and repair, including capital, of the entire house and adjacent territory.

What are the benefits of a mortgage loan?

By purchasing housing on credit, you get the opportunity to live in your own new apartment today, and pay for it gradually over several years.

At the same time, you are granted a substantial income tax relief. In accordance with the new Tax Code, a taxpayer can deduct from his taxable income the amounts actually spent on the purchase of a residential house or apartment, as well as the amounts used to pay interest on mortgage loans. The total amount of this deduction may not exceed 1,000,000 rubles, excluding amounts used to pay interest on mortgage loans.

To obtain a mortgage loan from a bank, there is no need to provide any additional collateral in addition to the purchased housing.

Who is looking for an apartment?

You have the opportunity to search for an apartment on your own or with the help of real estate companies.

What is a mortgage loan?

A mortgage loan is money that a bank provides to a client for the purchase of an apartment or house. For the use of the provided loan, the client pays interest to the bank, and also repays the borrowed funds on a monthly basis (www.denisshevchuk.narod.ru).

Acquired housing through the loan will be pledged (mortgage) from the bank until the full repayment of the mortgage loan by the client. A mortgage loan is usually issued for a long term. The maximum loan term is 15-25 years.

Who is looking for an insurance company?

The bank will offer you a list of insurance companies. These are the largest Russian insurers that have offered minimum tariffs for compulsory types of insurance.

What is the legal framework for mortgage lending?

Among the numerous laws and legal acts of the Russian Federation, a number of documents that directly regulate mortgages can be distinguished:

▪ Civil Code of the Russian Federation (Articles 37, 131, 209, 246, 260, 329, 365, 387, 488; entire paragraph 3, chapter 23);

▪ Federal Law of July 16, 1998 No. 102-FZ “On Mortgage (Pledge of Real Estate)”;

▪ Federal Law of July 21, 1997 No. 122-FZ “On state registration of rights to real estate and transactions with it.”

▪ Shevchuk D.A. Civil process. - Rostov-on-Don: Phoenix, 2006.

However, it should be remembered that the issuance of a mortgage loan is a banking operation, therefore, the specific procedure for issuing and servicing mortgage loans is regulated by banking legislation.

What is the role of the insurance company?

To obtain a mortgage loan, the borrower must draw up three types of insurance contracts:

▪ Insurance contract for the purchased apartment against the risks of damage and destruction;

▪ Insurance contract for the risk of loss of ownership of the purchased apartment;

▪ Life and disability insurance agreement for the borrower.

Such insurance is a mandatory requirement of the loan agreement. The Bank provides a list of insurance companies participating in the compulsory mortgage insurance program, which will issue all three types of insurance at minimum rates.

The Bank provides mortgage lending both in the markets of finished and under construction housing in Moscow and the Moscow Region, St. Petersburg and the Leningrad Region, etc.

You can get a mortgage loan under programs in other cities, through a network of banks.

Getting a mortgage loan from a bank is simple and affordable for everyone. Mortgage lending programs developed by us simplify the process of obtaining a loan as much as possible. The borrower does not require a large number of documents, does not require third-party guarantees. All bureaucratic procedures are kept to a minimum (www.denisshevchuk.narod.ru).

STEP #1. PRELIMINARY CALCULATION OF THE MORTGAGE CREDIT

First of all, you need to assess what kind of apartment loan you need and how much apartment loan you can get with your family's monthly income. For convenience, we have developed a Mortgage Calculator.

STEP #2. FILLING IN THE PRELIMINARY QUESTIONNAIRE

After a preliminary determination of the loan amount using the Mortgage Calculator, you need to contact the bank's employees to fill out a preliminary borrower's questionnaire.

STEP #3. DOCUMENTATION FOR OBTAINING A LOAN FOR AN APARTMENT

To obtain a mortgage loan in our bank does not require a large number of documents. When filling out and collecting the necessary documents, your personal bank consultant will help you. Based on the submitted documents, the bank decides on the possibility of granting a loan.

STEP #4. SELECTING AN APARTMENT

After receiving confirmation of the possibility of obtaining a loan from the bank, you can proceed to the choice of an apartment. You are not limited in the choice of the seller of the apartment - it can be any real estate company or an individual. You can buy an apartment on the secondary housing market or a new apartment. The title documents for the apartment will be checked by the insurance company, and the market value will be determined by an independent appraisal company recommended by the bank.

STEP #5. SIGNING CONTRACTS

After choosing a suitable apartment, you sign a loan agreement with the bank and draw up an apartment purchase and sale agreement. After signing all the agreements, the bank provides you with a mortgage loan.

Mortgage Dictionary

What is a mortgage?

For the first time the term "mortgage" appeared in Greece at the beginning of the VI century. Translated from Greek, mortgage means a pledge, in which the pledged property - usually land and other real estate - remains pledged to the creditor until the person who received the loan fulfills the monetary obligation.

Currently, mortgage lending is the main mechanism for solving the housing problem in Europe and America, where almost 90% of apartments and houses are purchased on credit. Mortgage is not a new service for the Russian economy, but it still remains unfamiliar to many potential consumers. This is due to the fact that the process of mortgage lending is surrounded by a lot of prejudices that have emerged as a result of insufficient awareness of Russians about the possibilities of this financial service. But the mechanisms that have proven their effectiveness throughout the world cannot go unnoticed in Russia, where the situation has now developed when the formation of a system of long-term mortgage lending has become not only an urgent, but also a feasible task.

A mortgage is attractive, first of all, because it allows you to become a homeowner in a fairly short time, move into a new apartment, register all members of your family, and pay its cost over the next few years without fear of rising real estate prices. This is much more convenient than saving money, exposing significant savings to inflationary and other risks, or renting an apartment, since the amount of monthly loan payments is comparable to the monthly rent for a similar apartment. Another advantage of buying an apartment on credit is the opportunity to take advantage of income tax incentives, which currently amount to 1 rubles. The reliability and safety of buying an apartment with a mortgage loan lies in the fact that the apartment undergoes a thorough legal check by the bank and the insurance company and is fully registered in the ownership of the borrower upon receipt of the loan.

Buying real estate with a mortgage today is considered the most progressive and reliable way to solve the housing problem. It remains only to choose the most optimal mortgage program, taking into account the currency of the loan, rates and terms that suits you.

In order to help you understand the intricacies associated with obtaining a mortgage loan, we have developed a dictionary of mortgage terms.

Loan amortization

Loan amortization is the process of gradually repaying the principal of a mortgage loan and paying interest. Mortgage payments are usually made monthly. The payment schedule is fixed in the loan agreement between the lender and the borrower.

Underwriting

Underwriting - assessment of the borrower's solvency (sufficiency of income to cover loan payments), solvency (quality level of performance of loan obligations), borrower's assets (availability of sufficient liquid assets necessary to make a down payment and pay related transaction costs).

Annuity payments

Annuity payments - monthly equal payments on account of repayment of the loan and interest for the use of credit funds.

mortgage agreement

Mortgage agreement - an agreement under which one party (mortgagee), which is a creditor, has the right to satisfy its monetary claims against the other party (mortgagor).

Credit agreement

Credit agreement - an agreement between a credit institution (creditor) and a borrower, according to which the lender undertakes to provide funds (credit) in the amount and on the terms provided for by this agreement for the borrower to purchase a property, and the borrower undertakes to return the received amount of money and pay interest from it.

Early loan repayment

Early repayment of a loan is a voluntary payment by the borrower of the balance of the loan debt ahead of schedule stipulated by the loan agreement. The borrower is the recipient of a mortgage loan who pledges some real estate as security for the loan.

Mortgage

Mortgage - a registered security that establishes the right of its owner to receive performance on a monetary obligation. Issued by the borrower when obtaining a mortgage loan.

Mortgage

A mortgage is a mortgage on real estate.

Mortgage

Mortgage loan - funds issued for a long period of time by a credit institution secured by real estate.

Mortgage Calculator

Mortgage calculator - a tool that allows you to calculate the amount of future payments on a loan depending on income, term and size of the loan.

Credit history

Credit history - information about what loans the borrower took from banks, how disciplined the loan was repaid and interest was paid.

Credit Committee

The credit committee is a collegial body for making credit decisions in a bank that approves or rejects the candidacies of specific borrowers and approves the specific conditions for lending to each of them.

Creditworthiness of the borrower

The creditworthiness of the borrower is the readiness of the borrower to fulfill the financial obligations assumed. It is determined on the basis of an analysis of his credit history.

Property valuation

Real estate appraisal is the process of determining the market value of a property. Conducting an independent assessment of the mortgaged property is a prerequisite for issuing a mortgage loan.

Solvency of the borrower

Solvency of the borrower - the ability of the borrower to repay the loan in a timely manner. It involves the analysis of income and expenses.

Co-borrower

Co-borrower - a person who becomes a co-owner of the acquired property and, together with the main borrower, is responsible to the lender for the repayment of the loan. As a rule, the spouse is the co-borrower. In this case, the income of the co-borrower is taken into account when calculating the loan amount.

loan account

Loan account - a borrower's personal account opened with a creditor bank for transferring loan funds and for subsequent crediting of loan payments to it.

LIBOR rate

The LIBOR rate is the weighted average rate for refinancing loans set by the London Interbank Exchange.

MosPrime rate

The MosPrime rate is an independent indicative rate calculated by the National Monetary Association (NVA) on the basis of ruble deposit rates announced by the leading participants of the Russian money market to first-class financial institutions. When banks are included in the list for setting the MosPrime rate, their reputation, financial position, volume of operations and experience in the Moscow money market are taken into account.

Legal base

Tax Code of the Russian Federation - part one of July 31, 1998 N 146-FZ and part two of August 5, 2000 N 117-FZ - articles 20, 220;

Civil Code of the Russian Federation (articles 37, 131, 209, 246, 260, 329, 365, 387, 488, 855, 935, paragraph 3, chapter 23);

Law of the Russian Federation "On income tax from individuals";

Instruction of the State Tax Service of the Russian Federation of June 29.06.1995, 35 N 28.04.1999 (as amended on April XNUMX, XNUMX) "On the application of the law of the Russian Federation "On income tax from individuals"";

Shevchuk D.A. Civil process. - Rostov-on-Don: Phoenix, 2006;

Shevchuk V.A., Shevchuk D.A. Banking Law: Proc. allowance. - M.: RIOR Publishing House, 2005;

www.denisshevchuk.narod.ru www.interfinance.ru www.interfinance.info www.pavlino-rus.narod.ru www.zheleznodorozhni.narod.ru www.corporateresources.narod.ru www.mgu-frank.narod.ru

Scheme of creating a credit organization

It is no secret that the creation of a credit organization (bank or NCO) is a complex process from an economic and legal point of view. In this article, I tried to summarize my experience in organizational work and analysis of regulatory documents for the creation of banks and non-bank credit organizations.

This scheme is published for the first time in domestic literature and complies with the requirements of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" (Collected Legislation of the Russian Federation, 2002, N 28, Art. 2790; 2003, N 2, Art. 157), Federal Law "On banks and banking activities" (Bulletin of the Congress of People's Deputies of the RSFSR and the Supreme Council of the RSFSR, 1990, N 27, item 357; Collection of Legislation of the Russian Federation, 1996, N 6, item 492; 1998, N 31, item 3829; 1999, N 28, items 3459, 3469, 3470; 2001, N 26, item 2586; N 33 (part I), item 3424; 2002, N 12, item 1093; 2003, N 27 (part I) , item 2700; N 50, item 4855; N 52, item 5033), the Federal Law "On Limited Liability Companies" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, N 7, item 785; N 28, item 3261 ; 1999, N 1, item 2; 2002, N 12, item 1093), the Federal Law "On Joint-Stock Companies" (Collected Legislation of the Russian Federation, 1996, N 1, item 1; N 25, item 2956; 1999 , N 22 2672, Art. 2001; 33, N 3423 (part I), art. 2002; 12, N 1093, Art. 45; No. 4436, art. 2003; 9, N 805, art. 2001), the Federal Law "On State Registration of Legal Entities and Individual Entrepreneurs" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 33, N 3431 (Part I), Art. 2003; 26, N 2565, Art. 52; N 5037, Art. 29) and in accordance with the decision of the Board of Directors of the Bank of Russia (Minutes No. 2003 of December 29, XNUMX).

Peculiarities of the state registration of credit institutions with foreign investments, as well as the procedure for issuing by the Bank of Russia a banking license to a credit institution whose bankruptcy proceedings have been terminated due to the repayment of its obligations by decision of the founders (participants) or a third party (third parties), are established by other regulatory acts of the Bank of Russia.

Preparation and submission to the Bank of Russia of a request for the possibility of using the chosen name of a bank or a non-bank credit institution (NCO) (the response of the Bank of Russia within 5 working days);

Preparation of an Application for registration, a decision to establish, a bank charter, a business plan with a provision on the procedure for conducting settlements, minutes of a meeting of the board of directors on the election of a chairman of the board of directors;

Preparation of questionnaires for candidates for the positions of the head of the bank, chief accountant and his deputies;

Preparation of a written communication indicating the list of members of the board of directors and containing information on the absence of grounds preventing the election of these persons to the board of directors;

Preparation of an explanatory note on the technical fortification of premises for carrying out operations with valuables (including equipment for fire and security alarms and alarms) and on the organization of security, ensuring the protection of personnel life and the safety of valuables; a plan for the location of premises for the placement of a credit institution with an explication (the size of the occupied area and the purpose of the premises); a plan for the location of premises for performing transactions with valuables with an explication (the size of the occupied area and the purpose of the premises); a document (agreement of intent) confirming the consent of the security company to conclude an agreement for the provision of security services with the credit institution after its state registration; licenses for the implementation of non-state (private) security activities of a security company with which an agreement has been reached on concluding an agreement for the provision of security services; act of acceptance of means of security, fire and alarm signaling into operation; certificates of conformity for equipment (including protective equipment) of premises for performing transactions with valuables; as well as preparation of an obligation to provide premises for rent (sublease) and the consent of the owner in case of sublease;

Payment of the state duty for registration and license fee;

Obtaining the consent of a territorial branch of the Bank of Russia for the acquisition of more than 20% of shares in the authorized capital of an NPO (preparing an application, sending an application to a territorial branch of the Bank of Russia, the decision is made after 30 days from the date of receipt of the said application), as well as sending a notice of acquisition of more than 5% shares in the authorized capital of the bank;

Preparation of the list of founders of the bank;

Documents for obtaining a license

Sending the documents specified in paragraphs 2-9 to the territorial office of the Bank of Russia (the period for consideration of documents is three months)

In the event of a positive conclusion under paragraph 10, the documents are sent to the Bank of Russia (the consideration period does not exceed 6 months from the date of submission of a set of documents to the territorial office of the Bank of Russia);

In case of a positive decision on paragraph 11, the documents are sent to the body that carries out state registration of legal entities;

After the state registration of the bank and making the corresponding entry in the Unified State Register of Legal Entities, the constituent documents are sent to the appropriate territorial institution of the Bank of Russia;

After the receipt by the territorial branch of the Bank of Russia of the documents under paragraph 13, it shall, within one day, send to the Bank of Russia a notice of the state registration of the bank, as well as notify the founder of the state registration of the bank (it shall indicate the details of the account for payment of the authorized capital) and send him the original certificate of state registration;

Within 3 working days after receiving the notification under clause 14, the Bank of Russia sends the following documents to the territorial office of the Bank of Russia: 2 copies of the certificate of state registration of the bank in the form established by the Bank of Russia; 2 copies of each of its founding documents;

The territorial branch of the Bank of Russia issues documents under paragraph 15 within 3 working days from the date of their receipt

Sample conditions for obtaining a loan for organizations of one of the banks in Moscow

LIST

documents submitted for obtaining a credit service

(for legal entities)

INITIALLY PROVIDED:

Loan Application (according to the attached form).

Profiles (according to the attached form). [1]

REPORTING: Balance sheet and Form No. 2 on 5 last reporting dates.

After receiving an additional request from the Bank:

Constituent documents (for the Borrower, Guarantor, Pledgor):

Memorandum of Association, Charter - copies certified by a notary, or by an authority that carries out state registration of legal entities. These copies must contain a note from the head confirming their validity.

List of affiliates

Changes to the constituent documents - with a mark of the body that carries out state registration of legal entities; or a copy of the Certificate of making an entry in the Unified State Register of Legal Entities on state registration of changes made to the constituent documents of a legal entity, certified by the seal and signature of the head, is provided.

Certificate of registration of the enterprise - a notarized copy; if the legal entity was registered before July 1, 2002, an additional certificate of making an entry in the unified state register of legal entities about a legal entity registered before July 1, 2002 is provided - a notarized copy or a copy certified by a seal and signature leader;

Certificate from the tax office on registration, certificate from statistical authorities, [2]

Bank card with sample signatures, [3]

Protocol on the election of the head of the enterprise; an order appointing a chief accountant or, if the enterprise does not have a chief accountant position, an order assigning accounting responsibilities to the head of the enterprise; contract (employment agreement) of the manager with the borrower company (or a letter stating the absence of such a contract); passports of the manager and chief accountant (certified by the passport holders), [4]

Extract from the Unified State Register of Legal Entities for the current date (original).

A copy of the office lease agreement.

Permits and licenses for the implementation of credited activities regulated by law.

Feasibility study use of the loan (business plan), which should reflect:

▪ characteristics of the production and commercial activities of the enterprise;

▪ information about the production potential of the enterprise and the conformity of its products with analogues sold on the domestic and foreign markets;

▪ content of the business transaction for which the loan is requested;

▪ estimated terms of production, acquisition and sale of products (goods, works, services) indicating the cost of a unit of production;

▪ calculation of the payback of the lending project, providing a complete list of costs for the implementation of the project, the amount of expected revenue from the sale of products (goods, works, services), as well as the financial result from the implementation of the project, indicating the amounts required to fully repay the loan debt, all tax payments and the expected profit of the enterprise.

Credited transaction documents

▪ copies of contracts for the supply of goods or other agreements for the payment of which the requested credit funds are expected to be used;

▪ copies of contracts for the sale of products (works, services) in the volume and for the period, ensuring the repayment of the loan and interest within the requested period;

▪ copies of contracts (storage, services or certificate of ownership) of office and warehouse premises;

▪ passports of import and export transactions (if available).

Documents required to confirm the security

7.1. When pledging real estate - a copy of the purchase and sale agreement; a notarized copy of the certificate of ownership of the building; BTI documents not older than one year (extract from the technical passport in form No. 1a, explication, floor plan) for the building; a copy of the land lease agreement for detached buildings or a notarized copy of the certificate of ownership of the land plot and a plan of the land plot, certified by Moskomzem.

Real estate must be valued by a company agreed with the bank.

7.2. When pledging inventory items - information about the availability of pledged assets in the warehouse as of the last accounting date, indicating the name of the product, unit of measurement, purchase and sale price per unit and total cost, as well as primary accounting data: warehouse accounting cards, contracts ( contracts), on the basis of which the goods were received, customs declarations, invoices, specifications, certificates, etc. [5]

Property provided as collateral for credit services is subject to compulsory insurance in a company agreed upon with the bank.

Lease agreement or documents confirming ownership of the warehouse where the property is stored.

7.3.When pledging securities: for shares - an extract from the register about ownership and the absence of restrictions, for bonds and bills - the originals.

7.4.When pledging precious metals in bullion: registration certificate of the State Assay Supervision Inspectorate, quality passport (certificate of conformity), purchase and sale agreement.

7.5.When lending against guarantees (guarantees) [6] - documents confirming the solvency of the guarantors (guarantors), including balance sheets for the last 5 reporting dates with form No. 2 and certificates confirmed by banks on the flow of funds on the current account for the last 6 months , copies of constituent documents (for non-customers of the Bank).

Copies of property insurance documents (If there are any).

Audit report.

Advertising brochures.

Documents characterizing the financial position of the borrower (for the Borrower, Guarantor, Pledgor):

▪ balance sheet for the last 5 reporting dates with attached form No. 2; [7]

▪ decoding of receivables and payables, indicating the name of the debtor-creditor, the amount of debt, the date of occurrence and the planned deadline for fulfilling obligations; [8]

▪ decoding of short-term and long-term financial investments (balance sheet accounts 06 and 58) indicating the type of securities, issuer, book value or par value, maturity date, as well as the name of the enterprise, amount of investment and share in the authorized capital (in cases of the borrower’s participation in other enterprises);

▪ list of fixed assets indicating the name, year of manufacture, book value (real estate, vehicles, etc.);

▪ a short explanatory note about the causes of losses (if any) and the prospects for covering them;

▪ decoding of existing loan debt (guarantees received) with copies of loan agreements (guarantee agreements) and security agreements attached;

▪ a certificate of guarantees issued by the enterprise in favor of third parties (indicating the principal, the amount of the guarantee and its duration) or a certificate of their absence;

▪ certificate of fixed expenses of the enterprise:

a) the amount of average monthly payments for rent, utilities, security, salaries, advertising, etc.;

b) the amount of average quarterly taxes.

▪ certificate of turnover on current accounts in Banks (from the banks themselves), where the company is providing settlement and cash services for the last 12 months, certificate of absence of card index 2, presence/absence of loan debt.

▪ certificate of absence of overdue debts to the federal budget, budgets of constituent entities of the Russian Federation, local budgets and extra-budgetary funds, overdue wages to employees.

A comment:

All copies of documents submitted to the Bank must be certified by the seal and signature of the head

The Bank reserves the right to request additional information from the Borrower.

The Borrower has the right to provide additional documents not listed in this list, allowing, in his opinion, to get a more complete picture of his business and financial situation

The borrower should take into account that incorrect information or failure to provide the necessary documents may lead to a delay in making a decision on the possibility of providing credit services or to the refusal of such.

All the necessary information on the formation of a package of the documents listed above can be obtained from the Credit Department by phone.

The amount of interest rates set by the bank and the availability of commissions depending on the type of lending.

Standard rates for credit products:

Overdraft:

Credit line:

Credit:

Additional commissions for processing (issuing, reviewing) a loan are NOT CHARGED.

Depending on the financial performance of the organization, loan rates may be revised downward. The turnover of the organization, the financial result from the work of the organization with the Bank, the parameters of the transaction are taken into account.

The bank’s ability to calculate the maximum lending limit per borrower based on the documents provided.

The maximum limit for a borrower on an overdraft, a credit line is set based on the turnover of the Organization passing through the current account.

When setting a limit on a loan, an assessment of the financial condition of the organization is carried out and the Credit Committee makes a decision on the amount of the loan.

Then, within this limit, the borrower selects credit resources in the context of various credit products (credit line, loan, overdraft, leasing).

Each type of loan product has its own limits and procedure.

The interest rates set by the bank and the presence of commissions depending on the loan instrument.

See p.1.

2) Duration of the loan agreement:

▪ overdraft, credit line:

The term of the agreements is 6 months. Agreements concluded with clients for the first time no more than 2 months, subject to positive cooperation, the validity period can be extended up to 6 months.

▪ one-time issue:

from 1 to 3 years

▪ investment lending:

considered individually. So far, only projects for the construction of housing.

a) List of additional documents for obtaining an investment loan.

b) Your bank’s own limit per borrower/group of related borrowers.

US$19 million

3. What type of collateral does the bank prefer?.

real estate equipment

The amount of discounts, depending on the type of collateral.

Real estate ~ 20%

Equipment ~ 50% (negotiable)

Securities ~ 50% (depending on the type of securities)

Goods in stock ~ 50% (negotiable)

5. Bank requirements for the ratio of “soft” (inventory and goods in circulation) and “hard” (real estate and equipment) collateral for a one-time issue.

The ratio is not set. It all depends on the Organization's situation regarding the availability of certain collateral. The discount is set on the type of collateral.

6. Requirements for insurance companies (collateral insurance).

If the collaterals are already insured - the Credit Committee evaluates the insurance company and decides on the acceptability of the insurance.

10 insurance companies are accredited with the bank - at the choice of the Client.

7. Requirements for the valuation of collateral (appraisal company).

Appraisal companies to choose from (several).

8. The ability to maintain the borrower’s turnover - not from the first month, but according to an agreed schedule - as revenue grows.

The amount of the overdraft limit and the credit line will also depend on the size of the turnover. With an increase in speed - an increase in the limit.

It is possible to consider turnovers that have passed through accounts in other banks.

9. The need for notarization of the mortgage agreement.

Mortgage lending is considered on an individual basis.

10. Bank requirements for providing direct debit from the accounts of the borrower and guarantor.

By decision of the Credit Committee, individually, not strictly established.

11. Requirements for registration/location of the borrower (Moscow, regions, etc.).

Priority - Moscow, Moscow region, regions where branches are located.

The BANK also considers loan applications from organizations whose main business and collateral are located in Moscow, the Moscow Region - but are registered in another city/region.

12. Possibility of lending to projects from scratch (project financing).

Probably not. But it depends on the project itself and the organization itself.

13. Conditions for providing factoring.

Factoring is not.

14. Addition.

As a kind of loan product: technical loan. Optimization of financial flows within the framework of the legislation. Simultaneous placement of a deposit (purchase of a bill) with the issuance of a loan. The cost of the service is from 2% per annum. Schema options are available.

LIST OF DOCUMENTS REQUIRED FOR CONSIDERATION OF THE APPLICATION (legal entity)

Juristic documents:

Copies

1. Memorandum of association / decision of the founder;

2. Charter;

3. Certificate of state registration;

4. Certificate of registration with the tax authority;

5. Letter on making an entry in the Unified State Register of Legal Entities (for legal entities registered before 01.07.02);

6. Card with samples of signatures;

7. Information letter of the territorial body of statistics;

8. Orders on the appointment of the General Director, Chief Accountant;

9. A copy of the passports of the founders, General Director, Chief Accountant.

Accounting data

1. Quarterly reports (balance sheet + f. No. 2) for the last 5 reporting dates *;2. Analysis 41, 50, 51, 90 for the previous 12 months, the form of submission - per month (51 accounts are provided broken down by servicing banks)*;

3. Turnover balance sheets for 60, 62, 66, 76 in the context of "counterparties" for the last 3 months, form of submission - per month*;

4. Certificates of availability/absence of loans in servicing banks, certified by the seal of the bank, certificates of the presence or absence of file cabinet No. 2 (for each of the servicing banks) *;

5. Extract from servicing banks on account turnover (debit turnover/credit turnover) for the previous 12 months. Turnover information - per month;

* Verify with the seal of the organization and the signature of the responsible person

Management accounting data

Revenue for the last 12 months, form of provision - monthly;

Deciphering the items of the management balance sheet:

▪ List of fixed assets and equipment used by the Borrower in running a business (regardless of the owner or whether it is listed on the balance sheet) - name, model, year of manufacture, acquisition cost, market value.;

▪ Warehouse certificate on the amount of inventory (name, quantity, cost of acquisition);

▪ List of debtors (including deferred payments granted, prepayments to suppliers, loans issued) - indicating the counterparty, amount, date of occurrence and date of repayment;

▪ List of creditors (including received advances, deferred payments, bank loans and private loans, debt to the budget and extra-budgetary funds, debt under leasing and factoring agreements) - indicating the counterparty, amount, date of occurrence and date of repayment;

▪ Certificate of the enterprise’s expenses for the last 6 months, monthly, broken down by item: goods, wages, rent, utilities, taxes (accrual), transportation costs, communications, advertising, entertainment expenses, etc.

Additional documents

▪ Copies of premises rental agreements,

▪ Copies of contracts with buyers and suppliers.

▪ Copies of documents confirming ownership of the property offered as collateral (agreements, invoices, acts, payment documents, certificates of ownership).

Note: If the activity is carried out by a group of enterprises under a single management, information in the above volume is required for each of the enterprises included in the group.

LIST OF DOCUMENTS REQUIRED FOR CONSIDERATION OF THE APPLICATION (PBUL, individual entrepreneur)

Juristic documents

▪ Copies of documents: certificate of state registration, certificate of registration with the tax authority, card with sample signatures, copy of the certificate of inclusion in the Unified State. register of individual entrepreneurs (for private legal entities registered before 01.01.2004/XNUMX/XNUMX), information letter from the territorial statistics body.

▪ Copies of passports of the entrepreneur and guarantors.

Financial documents

▪ Copy of the income statement, Copies of pages of the book of income and expenses.

▪ Certificate from the tax authority about open current/currency accounts.

▪ Statement of the movement of funds on settlement accounts for the previous 12 months, certified by the Banks (from each bank).

▪ Certificate of availability/absence of loans from other banks, certified by the bank’s seal, as of the date of filing the loan application, copies of loan agreements. Certificates about the presence or absence of card index No. 2 (for each of the servicing banks).

▪ List of fixed assets and equipment - name, model, year of manufacture, acquisition cost, market value.

▪ Warehouse certificate on the amount of inventory (name, quantity, cost of acquisition).

▪ List of debtors (including deferred payments granted, prepayments to suppliers, loans issued) - indicating the counterparty, amount, date of occurrence and date of repayment.

▪ Revenue for the previous 12 months on a monthly basis, management data.

▪ Certificate of expenses for the last 6 months, monthly, broken down by item: goods, wages, rent, utilities, taxes (accrual), transportation costs, communications, advertising, hospitality, etc.

▪ Copies of premises rental agreements, copies of agreements with buyers and suppliers.

▪ Copies of documents confirming ownership of the property offered as collateral (agreements, invoices, acts, payment documents, certificates of ownership).

LOAN APPLICATION

1. Name of the enterprise ____________________

2. Legal address _____________________

3. Actual (postal) address_________________

4. Founders_______________

5. Availability of accounts in other banks (not specified in the Borrower's Questionnaire)

___________________________

6. Full name company manager and chief accountant

____________________________

7. Full name representative of the enterprise for negotiations with the Bank (position, phone)

_____________________________

8. Form of lending (check as necessary)

9. The amount of the requested loan _______ rubles / US dollars.

10. Loan term ______________

11. Acceptable interest rate __________

12. The purpose of the loan and a brief scheme of the transaction

_________________________________________

13. Offered security (real estate, goods, securities, precious metals, etc.)

_________________________________________

14. Availability of an insurance policy for the proposed security (indicate the name of the insurance company, the sum insured and the expiration date of the policy)

_________________________________________

15. Date of filling out the application _________________

Supervisor / ____________ /

Chief Accountant / ____________ /

QUESTIONNAIRE No. 1 OF THE BORROWER (GUARANTEE) - LEGAL ENTITY

1. Company name

1.1. Full ____________________________________

1.2. Abbreviated _______________________________

1.3. Foreign (if any) _________________

2. Legal form _______________

3. TIN ________________________________________________

4. State registration number _______

5. Date of registration (re-registration) ___________

6. Registration organization __________________

7. Registration certificate number ____________

8. Main activities ___________________

9. Start date of activity _____________

10. Address:

10.1. Legal

10.1.1. City _______________________

10.1.2. The outside _______________________

10.1.3. House _________________________

10.1.4. Housing (building) ____________

10.1.5. Office (apartment) ______________

10.2. Actual (postal)

10.2.1. City ________________________

10.2.2. The outside ________________________

10.2.3. House __________________________

10.2.4. Housing (structure) _____________

10.2.5. Office (apartment) _______________

10.3. Warehouses (if available)

10.3.1. City _________________________

10.3.2. The outside _________________________

10.3.3. House ___________________________

10.3.4. Housing (structure) ______________

10.3.5. Office (apartment) ________________

10.3.6. Area (sq. m) ________________

11. Contact details:

11.1. Telephone _________________________

11.2. Fax _____________________________

11.3. Email _________________

11.4. Website ______________________________

12. Codes of forms of federal state statistical observation:

12.1. OKPO _____________________________

12.2. OKONH ____________________________

12.3. OKFS _____________________________

12.4. OKOPF ____________________________

12.5. OKOGU _____________________________

12.6. OKATO _____________________________

13. Availability of accounts:

13.1.1. Estimated _________________________

13.1.2. Current currency _________________

13.2. In other banks

14. Amount of registered and paid authorized capital _____________

15. Employee data:

15.1. General director

15.1.1. Surname ___________________

15.1.2. Name ________________________

15.1.3. Middle name ___________________

15.1.4. Date of birth "___" _________ 19 __

15.1.5. The passport:

series _____________,

date of issue _________,

passport issuing authority _________________

15.2. Chief Accountant

15.2.1. Surname ___________________

15.2.2. Name ________________________

15.2.3. Middle name ___________________

15.2.4. Date of birth "___" _________ 19 __

15.2.5. The passport:

series _________________,

date of issue ______________,

authority issuing the passport __________________

16. Founders - legal entities:

17. Founders - individuals:

18. Participation in other organizations (more than 25% of the authorized capital):

19. Branches, representative offices

20. Is the organization part of the holding (if yes, then describe the structure of the holding and the distribution of functions and activities among legal entities in its composition, on a separate sheet, a diagram of relationships in the holding)

_______________________________________

21. Participation in other organizations or joint activities with other organizations

22. Sales system (for trade organizations)

23. Main suppliers (names of the five largest organizations-suppliers of goods, works, services and the share of each in the total volume of supplies)

24. Main buyers (names of the five largest organizations-buyers of goods, works, services, the share of each in the total sales volume)

25. Main competitors (name, market share, competitive advantages of the company)

_______________________________________

26. Number of employees

26.1. Regular ________________

26.2. Under the contract ____________

26.3. Full _________________

27. Existence of litigation and legal disputes (Yes/no. If yes, describe the nature of the dispute and the decision taken by the relevant authority).

___________________________________________

28. Credit history for the last 2 years, including current obligations:

29. Fixed assets:

29.1. Owned:

29.1.1. Real estate

29.1.2. Other property (equipment, vehicles)

29.2. On rent (leasing):

29.2.1. Real estate

29.2.2. Other property (equipment, vehicles)

30. The influence of seasonality and other factors on the activities of the enterprise

____________________________________________

31. Tax incentives (please tell us about the tax incentives you have and the terms for which they are granted)

____________________________________________

32. Date of last audit and audit firm _____________

The Bank guarantees that all information provided by the client in this questionnaire will be used strictly confidentially and only for making a decision on the merits of his application to the Bank.

The Client hereby confirms and guarantees that all information contained in this questionnaire is true and complete and does not object to the Bank's right to verify the authenticity.

Leader:

_____________________________________

/____________________/

(indicate the full name of the position) (signature) (Last name, initials)

QUESTIONNAIRE No. 2 FOR A INDIVIDUAL (CEO, founder, guarantor)

1. Surname ________________________________

2. Name _____________________________________

3. Middle name ________________________________

4. Date of birth "___" _________ 19 __

5. Place of birth ___________________

6. Citizenship ____________________

7. Passport:

series _____________,

date of issue ______________,

passport issuing authority ________________

8. Residence:

8.1. By registration _______________

8.2. Actual _______________

9. Family composition:

10. Education

11. Previous places of work (at least the last two)

12. Availability of property, including property registered to close relatives (spouse, children):

12.1. Real estate (residential, non-residential premises, suburban real estate):

12.2. Vehicles:

12.3. Shares and shares in other organizations:

12.4. Deposit deposits:

The date __________________

Signature _______________

Organization stamp

QUESTIONNAIRE No. 3 FOR THE FOUNDER OF A LEGAL ENTITY (more than 25% of the authorized capital)

33. Company name

33.1. Full _________________

33.2. Abbreviated ________________

33.3. Foreign (if any) ____________________

34. Legal form __________________

35. TIN _______________

36. State registration number ________________

37. Date of registration (re-registration) _______________

38. Registration organization ______________

39. Registration certificate number _________________

40. Main activities ________________________

41. Start date of activity ___________________

42. Address:

42.1. Legal

42.1.1. City _______________

42.1.2. The outside _______________

42.1.3. House ________________

42.1.4. Housing (structure) ___

42.1.5. Office (apartment) _____

42.2. Actual (postal)

42.2.1. City _______________

42.2.2. The outside _______________

42.2.3. House _________________

42.2.4. Housing (structure) ____

42.2.5. Office (apartment) _____

43. Contact details:

43.1. Telephone _____________

43.2. Fax _________________

43.3. Email _______________

43.4. Website ___________________

44. Codes of forms of federal state statistical observation:

44.1. OKPO ______________

44.2. OKONH ____________

44.3. OKFS ______________

44.4. OKOPF ____________

44.5. OKOGU _____________

44.6. OKATO ____________

45. Availability of bank accounts

46. Employee data:

46.1. General director

46.1.1. Surname ________________

46.1.2. Name _____________________

46.1.3. Middle name ________________

46.1.4. Date of birth "___" _________ 19 __

46.1.5. The passport:

series _______________,

date of issue ____________,

passport issuing authority _____________________

46.2. Chief accountant Surname

46.2.1. Surname __________________

46.2.2. Name ______________________

46.2.3. Middle name _________________

46.2.4. Date of birth "___" _________ 19 __

46.2.5. The passport:

series _______________,

date of issue ____________,

passport issuing authority _____________________

The Bank guarantees that all information provided by the client in this questionnaire will be used strictly confidentially and only for making a decision on the merits of his application to the Bank.

The Client hereby confirms and guarantees that all information contained in this questionnaire is true and complete and does not object to the Bank's right to verify the authenticity.

Leader:

________________________

/ __________________ /

(indicate the full name of the position) (signature) (Last name, initials)

WARRANTY APPLICATION

1. Company name ____________________

2. Legal address ___________________________

3. Actual (postal) address _________________

4. Founders ___________________________________

5. Availability of accounts in other banks (not specified in the Borrower's Questionnaire)

____________________________

6. Full name company manager and chief accountant

_________________________

7. Full name representative of the enterprise for negotiations with the Bank (position, phone)

____________________________________

8. The amount of the requested guarantee is ______________ rubles / US dollars.

9. Warranty period ____________________

10. Acceptable interest rate _________________

11. The purpose of the guarantee and a brief scheme of the transaction

_________________________________

12. Offered security (real estate, goods, securities, precious metals, etc.)

____________________________________

13. Availability of an insurance policy for the proposed security (indicate the name of the insurance company, the sum insured and the expiration date of the policy)

____________________________________

14. Date of application completion _______________

Supervisor __________________

Chief Accountant ______________

Lending technology "Overdraft" ("Credit line for turnover")

1. Limit.

Lending limit

The limit value is determined as a percentage of the average monthly credit turnover for the last 3 months, in accordance with the overdraft limit scale.

For clients switching to the Bank, an overdraft can be provided after 1 month of the client's work on a current account with the Bank. At the same time, for the analysis of credit turnovers, turnovers on accounts with the Bank for the last month and turnovers in the previous Bank for 2 months are taken.

* - References on turnover are accepted from banks included in the list of 200 largest banks of the Russian Federation in terms of assets as of the last reporting date, published in Expert, Money magazines.

2. Tariffs.

** - the term of agreements concluded with clients for the first time is no more than 2 months, subject to positive cooperation with the client, the term of the agreement can be extended up to 6 months.

3. "Score scale for the quality of credit turnover".

*** - the value of the normative value of the five-day moving average is determined as 80% of the minimum average monthly value of the five-day moving average for the last three months. The normative value of the moving average may be less than the total overdraft limit set for the client based on the results of the scoring of the turnover quality.

**** - the average monthly indicator of the number of receipts is calculated for each analyzed month, and the minimum average monthly indicator is taken to assess the quality of turnover.

4. Scale for determining the credit limit using overdraft technology.

5. Standard form of agreements concluded with clients for lending using overdraft technology.

5.1. The interest rate on the loan and the fee for maintaining the limit are paid according to the schedule on a monthly basis.

5.2. The agreement establishes the conditions for maintaining the specified volume of credit receipts to the current account per month, the condition for maintaining the specified volume of credit receipts for the current account for five working days (the normative value of the five-day moving average) and sanctions in case of violation of these conditions (closing the limit).

5.3. Each tranche under the current agreement is issued for a period until the end of the agreement.

5.4. Payment orders of the Client with execution on the same day are accepted only in the amount of the free overdraft limit.

6. Monitoring compliance with the conditions for providing an overdraft.

6.1. The main indicator for daily monitoring under the current agreement is the standard value of the 5-day moving average, which is determined in the amount of 80% of the minimum value of the five-day moving average in any of the months for the analyzed period for the last 3 months.

6.2. If, during the monitoring process for the current five-day period, the credit turnover on the client's account is less than 95% of the standard five-day moving average, the overdraft limit is automatically closed (the client can no longer use the limit, credit proceeds are written off to repay the debt). When the amount of credit turnover is restored to the normative value on the account, the limit is restored after 3-5 days, during which the Bank's employees are convinced that the client's turnover has been restored.

Project finance as a banking service

The essence of project financing is that the object of financing provided by the Bank is a specific investment project, and not the overall production and economic activity of the enterprise receiving the funds. Consequently, the main source of return on invested funds is the profit from the implementation of the investment project, separated from the financial results of the activities of the project initiators (Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006).

Project financing is implemented through various forms and sources of financing: credit, financial leasing, selection of an investor and acquisition of a share in the authorized capital of the project initiator, establishment of a new special company with equity participation of the project initiator and attracted co-investors, issue of targeted bonded loans, etc. Financial results from the implementation of the project and the expected excess liquidity should ensure the repayment of obligations on attracted loans and interest on them, as well as ensuring an acceptable return to investors on invested capital.

Project financing has certain advantages that distinguish it favorably from other forms of financing:

▪ It differs from conventional lending (including syndicated lending) in that it is not impersonal, but targeted. At the same time, the source of repayment and security for the loan is the cash flows generated by the project itself, and not the entire economic activity of the borrowing company;

▪ from venture financing in that it is not accompanied by large risks that always accompany the development and implementation of new technologies and new products. During project financing, at the initial stage, the Bank assesses the acceptability of risks, the experience of the project team, the possibility of implementing the project and makes a fundamental decision;

▪ forms of financing such as factoring and leasing are characterized by more stringent technologies compared to project financing, and require collateral in the form of receivables from reliable counterparties (for factoring), or certain types of equipment (for leasing).

The main features of project financing are:

▪ the presence of an independent project company in the legal and economic sense as the carrier of the project with its own income - a source of return of investment resources;

▪ proportionate distribution of risks among all project participants (i.e. equipment supplier, lender, buyer, project initiator);

▪ adequate provision of equity capital of the project company at the expense of shareholders and investors;

▪ the presence of a detailed business plan with a package of examinations carried out by companies, the conclusions of which are recognized by the creditor or the attracted investor;

▪ a sufficient amount of income (cash-flow) for the entire period of attracting resources from a business unit to cover production costs, as well as to service debt obligations in relation to creditors;

The advantages of Project Finance (unlike other investment technologies) for the investment seeker are as follows:

▪ the ability to attract volumes of investment resources significantly exceeding the cash assets of the investment seeker;

▪ implementation of “start up” projects;

▪ reduction of project risks and their distribution among several project participants;

▪ absence of strict requirements for the financial condition of the borrowing company (a new company can be created to implement the project);

▪ the possibility of minimizing country risks by creating a project company in the country of origin of the capital, and an operating company (as a 100% subsidiary of the project company) in the country of its implementation;

▪ the possibility of introducing a moratorium and repaying the principal debt for the period of disbursement of capital costs and bringing the project to production capacity.

At the same time, the applicant for investment must understand the reasonable requirements from the Bank, as a lender and co-organizer of the project:

▪ the need for pre-project work to develop an investment project: development of a business plan, with economic, financial, technical, environmental, organizational, legal, commercial and marketing expertise of the project;

▪ relatively long period of consideration of the application for the project itself, compared to commercial lending;

▪ the Bank's commission for organizing and supporting the project, in addition to the interest rate on the loan;

▪ the inevitability of involving the assets of the investment seeker in the project;

▪ strict monitoring of the project by investors and creditors at all stages of the investment process.

Corporate finance

▪ Organization of financing of company acquisition projects using borrowed funds (LBO and MBO transactions)

▪ Construction of a comprehensive financial model for the company, determination of the optimal financing structure and maximum debt amount

▪ Arrangement of debt financing for the transaction

▪ Structuring transactions, conducting negotiations on the acquisition of a company

Advising on mergers and acquisitions, acquisitions/sales of companies (controlling, blocking, non-controlling stakes, non-core assets)

▪ Assessment of the market value of acquisition/sale objects, negotiations with shareholders

▪ Determination of the share conversion ratio in mergers and acquisitions

▪ Conducting an analysis of the financial and economic activities of the company (due diligence)

▪ Search for portfolio and/or strategic investors (domestic and foreign)

Organization of attraction of a bonded loan

▪ Analysis of the client’s need to attract resources through a bond, examination of the decision on a bond loan

▪ Estimation of costs for organizing and servicing a bond loan

▪ Development of a presentation package for the client, including an information memorandum

▪ Performing the services of an organizer of a bond issue, selecting underwriters and guarantors of the issue

▪ Working with potential buyers

▪ Preparation of the issue prospectus and other documents

▪ Full information support of the bond issue

Organization of placement of shares on the exchange and over-the-counter market and increase in market capitalization

▪ Estimation of the cost of entering the stock market

▪ Preparation of an investment memorandum and presentation materials for the issuer

▪ Services of the organizer of the initial public offering of shares

▪ Advising on the preparation of the issue of American and global depositary receipts (ADR, GDR)

▪ Services for restructuring companies and increasing market capitalization and liquidity of their shares

▪ Search for a strategic or financial investor

(Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006)

Business plan: compilation methodology

In world practice, almost all investment projects are described using business plans. Venture firms receive thousands of business plans a year. They are also requested by commercial banks, industrial companies, individual investors. A business plan is a generally accepted medium of business information.

The development of market relations in Russia occurred spontaneously, and the need for business planning appeared quite late. The first business plans, like an “overseas curiosity,” appeared in Russia in the 90s, while at the same time most enterprises continued to use more conventional feasibility studies.

With the development of a market economy and international relations, the need to develop a business plan is no longer in doubt. And already in 1994-95. it becomes a mandatory document used to "improve methods for calculating the economic efficiency of design solutions and the commercial feasibility of investments."

Russian entrepreneurs sometimes misunderstand the meaning and purpose of a business plan and do not pay enough attention to it. For the most part, this attitude is caused by the idea of a business plan as some kind of "reporting", useless document. It is believed that when developing business plans, a huge amount of information is wasted, and then the developed document is put in a box and forgotten. This is not true. Efforts spent on planning are never in vain, because the accumulated experience allows you to avoid major mistakes and maximize the use of available resources.

Sometimes business plans are written by employees or company management, and sometimes they are delegated to consulting companies.

Five percent of the project cost spent on planning saves up to fifty percent of the total project costs!

The main goal of developing a business plan

▪ plan the company’s economic activities for the immediate and long-term periods in accordance with market needs and the ability to obtain the necessary resources.

According to research by INTERFINANCE, a well-developed business plan defines and reveals all the main issues for the project, calculates the finances of the enterprise and predicts various scenarios for the development of the situation:

▪ How production will develop

▪ How the product will be sold, work performed or service provided

▪ What will this idea bring?

What steps should be taken in a favorable environment (economic, political, competitive) and under unforeseen circumstances.

A business plan should always be ready. If you want to attract loans, investments or finance an interesting project - in all these cases you will urgently need a business plan.

In accordance with these standards, the structure of a business plan should include the following sections:

▪ Resume

▪ Description of the enterprise and industry

▪ Description of products (services)

▪ Marketing and sales of products (services)

▪ Production plan

▪ Organizational plan

▪ Financial plan

▪ Project focus and efficiency

▪ Risks and guarantees

▪ Applications

1. Resume

A resume is an independent promotional document containing the main points of everything business plan. The executive summary is the only part of the business plan that all potential investors read. The summary is the judge of the entire project, so it is important to include concise and clear information about the project in the summary. The summary answers the main questions of the investor: the size of the loan, the purpose of the loan, the repayment period, guarantees, co-investors, the project's own funds.

All subsequent paragraphs of the business plan decipher the information from the summary and prove the correctness of the calculations.

2. Description of the enterprise and industry

This section describes:

▪ General information about the company

▪ Financial and economic indicators of the enterprise’s activities

▪ Management structure and personnel composition

▪ Areas of activity, products, achievements and prospects

▪ Economic sector and its prospects

▪ Partnerships and social activity

3. Description of products (services)

For any entrepreneurial project, a visual representation of a product or product produced using your technology is necessary. It is best if it is a natural sample, its photograph or drawing. The business plan provides a description separately for each type of product.

▪ Approximate section structure.

▪ Name of product (service)

▪ Purpose and scope of application

▪ Brief description and main characteristics

▪ Competitiveness of products (services), in which parameters it is superior to competitors, in which ones it is inferior to them

▪ Patentability and copyright

▪ Availability or need for product licensing

▪ Degree of readiness for production and sale of products

▪ Availability of a quality certificate for products

▪ Safety and environmental friendliness

▪ Delivery conditions and packaging

▪ Warranties and service

▪ Operation

▪ Disposal after end of use

4. Marketing and sales of products (services)

The information in this section is intended to convince the investor that there is a market for your products (services). Buyers are divided into wholesale buyers, retailers, end users. Consumers are characterized by industry, location (if these are enterprises) or by age, gender, etc. (if this is the population). Among the consumer characteristics of the goods, such as appearance, purpose, price, strength, service life, safety of use and others stand out.

Sample section structure:

▪ Description of consumer requirements for products (services) and your ability to satisfy these requirements

▪ Description of competition. Identification of competitors and analysis of their strengths and weaknesses. Analysis of enterprise capabilities

▪ Description of the sales market for products (services)

▪ Description of the delivery of goods from the place of production to the place of sale or consumption. The full description includes: packaging, warehousing at the point of production, picking for shipment, transportation to the point of sale, pre-sales service, sales, after-sales service. Description of the sales channel for products (services) - retail store, small wholesale bases or stores, traveling service (agents, traveling salesmen), etc.

▪ Strategy for attracting consumers based on opportunities (possible options: advertising campaigns, free samples, participation in exhibitions, etc.). Price and sales volume of products. Analysis of the sensitivity of sales volume to price changes

5. Production plan

This section provides general information about the enterprise, the calculation of production costs for the planned sales volume, direct (variable) and general (fixed) costs of production, calculation of the cost of production, an estimate of current production costs.

Sample section structure:

General information about the enterprise

▪ Description of the location of the enterprise (in many cases a determining factor for the success of the project). Availability of necessary transport connections, engineering networks (electricity, water, heat, sewerage, communications, etc.), resources, as well as proximity to the sales market

▪ Technology used and level of qualification of performers

▪ Space requirement

▪ Staffing

▪ Meeting the requirements to ensure environmentally friendly production for the environment and the safety of workers

Volume of production

Staff costs

Staff costs include:

▪ costs for management personnel (director, chief engineer, production manager, accountants, planners, etc.);

▪ costs for production personnel (designers, technologists, repair workers, etc.);

▪ costs for other employees (marketers, storekeepers, security).

Expenses for raw materials, materials and components

The calculation is performed for each type of product or service.

Estimated current costs

This subsection provides current costs for the production of products (services). Production costs or, in other words, production costs are classified into direct (variables, i.e., depending in proportion to changes in production volumes) and general (constant, not dependent on changes in production volumes).

Variable cost calculation

Variable costs include:

▪ Costs of raw materials and components, components

▪ Costs for production personnel

▪ Costs of fuel, electricity (in some cases)

Calculation of fixed costs

Fixed costs include:

▪ Production costs (rental, repair and maintenance of equipment, fuel and energy)

▪ Trade costs (advertising, product promotion activities, sales)

▪ Administrative costs (administrative staff salaries, utilities, communication services, travel expenses, etc.)

6. Organizational plan

This section explains how the steering group is organized and describes the main role of each member. Project management team and leading specialists, legal support, available or possible support and benefits, organizational structure and project implementation schedule, mechanism for supporting and motivating key managers.

7. Financial plan

The purpose of the section is to show the main points from the mass of financial data. Here, standards are given for financial and economic calculations, direct (variable) and fixed costs for production of products, calculation of the cost of production, cost estimates for the project, the need and sources of financing, the table of expenses and incomes, the flow of real money (cash flow), forecast balance.

Approximate section structure (According to INTERFINANCE research,):

▪ Costs of the preparatory period

▪ Costs of the current (main) period

▪ Calculation of project revenues

▪ Costs associated with servicing a loan (leasing)

▪ Calculation of tax payments

▪ Other receipts and payments

▪ Profit and loss statement

▪ Flow of real money

▪ Forecast balance

8. Direction and effectiveness of the project

The section indicates the direction and significance of the project, indicators of the effectiveness of its implementation, and analyzes the sensitivity of the project.

9. Risks and warranties

Entrepreneurial risks and possible force majeure circumstances are shown, guarantees for the return of funds to partners and investors are given.

10. Applications

Applications help to unload the main text from the details and provide potential partners and investors with additional visual materials:

▪ confirming and disclosing information about the enterprise (copies of the registration certificate, charter and constituent agreement of the enterprise, existing licenses and certificates, honorary diplomas and certificates, copies of press materials about the activities of the enterprise, reviews of customers and partners in joint activities, etc.);

▪ characterizing the product (photo, drawing, drawing, patent, reviews, test results and product certification, other information);

▪ confirming the demand for products (marketing research materials, comparative data on competitors, contracts, protocols of intent and applications for the supply of products);

▪ showing production capabilities (photos of the enterprise, its leading sections, equipment, copies of production certification documents, etc.);

▪ revealing the organizational and legal readiness of the project (organizational structure diagram, project implementation mechanism, extracts from regulatory documents, etc.);

▪ justifying financial and economic calculations (calculations, tables, etc.);

▪ confirming the reality of risk prevention measures, neutralizing force majeure circumstances and the reality of loan repayment guarantees (letters of guarantee, contracts, composition and value of collateral, extracts from legislative and regulatory documents, other materials).

▪ confirming the focus, significance (scale) and effectiveness of the project (decisions, programs, plans, acts, letters, reviews, etc.)

Typically, a business plan for an enterprise contains the following sections:

▪ Summary of the enterprise business plan

▪ Information about the project initiator

▪ Licensing and legal plan

▪ Manufactured products

▪ Marketing market research

▪ Enterprise production plan

▪ HR plan

▪ Enterprise investment plan

▪ Financial plan

▪ Risk factors of the enterprise’s business plan and strategy for reducing them

▪ Calculations of performance indicators of an enterprise’s business plan

▪ Appendices to the enterprise business plan

The exact content of the enterprise’s business plan depends on the industry and type of activity of the enterprise (Shevchuk D.A. Organization and financing of investments. - Rostov-on-Don: Phoenix, 2006).

Offshore - tax and financial planning

Tax and financial planning is a set of LEGAL methods to get your business out of the excessive tutelage of the state, and protect you from fear of it. There will always be loopholes in laws that can be exploited, but what matters most is how to exploit them. You can do everything on the forehead, and then any of your mistakes can lead to much worse consequences than the banal payment of all existing taxes. Therefore, the best thing is to seek the help of tax consultants.

Traditionally, an offshore zone is considered to be a country with favorable tax legislation and the absence of any currency restrictions. For ease of understanding, we can divide all offshore jurisdictions into two main groups (according to research by INTERFINANCE):

1. Countries that do not levy corporate taxes, provided that the activities of a company registered in such a country are carried out outside its borders, and the company itself is owned exclusively by non-residents of this country. These countries include: Bahamas, British Virgin Islands, Vanuatu, Niue, Cayman Islands, Nauru, Liberia, Turks and Caicos Islands, Panama, Seychelles, etc. The countries of this group, as a rule, are not members of any international agreements for the avoidance of double taxation.

2. Countries where a minimum level of taxation is established either in relation to certain types of income, or in relation to the place of their extraction, or in relation to companies that are controlled by non-residents. These countries include Cyprus, Hungary, Switzerland, Luxembourg, the Netherlands. A characteristic feature of the countries of this group is the presence of numerous intergovernmental agreements on the avoidance of double taxation.

Very conditionally, a number of territorial entities or administrative divisions of countries with a strict tax system, in which legal entities registered under local jurisdiction are exempt from local taxes or pay them in a much smaller amount, can also be classified as offshore jurisdictions. It should be noted that such companies remain taxpayers with respect to state or federal taxes. Countries where similar tax regimes exist include the USA, Canada and even Russia (Ingushetia, Uglich, Altai, etc.).

Basic requirements for creating an offshore company (according to research by INTERFINANCE):

1. Choice of name. As a rule, the future owner of the company must propose three names in order of preference. However, in most jurisdictions there are certain restrictions when choosing a company name. So, for example, it is not allowed to include in the name without the special permission of the registering authority the words: "Bank", "Trust", "Insurance", "Royal", "State", "National", "Charity", "University", etc. d.

2. The company may be incorporated in the form of a joint stock company or a limited liability company and must have a registered address and/or a registered agent in the country of incorporation.

3. In most cases, the directors and shareholders of an offshore company can be individuals or legal entities. To maintain confidentiality, nominee shareholders and directors can be used. In the latter case, nominee directors, as a rule, issue a general power of attorney to the actual owner of the offshore company to exercise all powers necessary to conduct its activities. It should also be noted that Russian legislation prohibits Russian residents from investing in the authorized capital of foreign companies without obtaining the appropriate prior permission from the Central Bank of the Russian Federation and, at the same time, does not contain any restrictions for Russian residents to be managers or directors of such foreign legal entities.

4. And finally, the most important requirement: an offshore company cannot operate in the country of its registration.

The standard package of constituent documents of an offshore company usually includes:

▪ Certificate of Company Registration (Certificate of Incorporation);

▪ Memorandum of Association;

▪ Articles of Association;

▪ Statement of Appointment of the First Directors;

▪ Company seal;

▪ Legalized copies of constituent documents.

I would like to dwell on the last point in more detail. What is the legalization of documents for and what is this procedure?

The need for legalization of company documents arises when such documents are used in any other country other than the country where the company is registered. In fact, legalization is the performance of a number of certain legally significant actions (certifying the authenticity of a document, certifying the signatures of officials who signed such a document, etc.) to give legal force in the territory of one state to documents originating from another state.

There are two ways to legalize documents:

I. Legalization of documents through Apostille. This procedure is regulated by the Hague Convention of October 5, 1961, which has been joined by more than 65 countries, including Russia. In accordance with the convention, the authenticity of a document is certified by affixing a special stamp - "Apostille" - to such a document by an official in the country of origin of the document. This procedure allows the use of documents legalized in this way on the territory of all countries that have acceded to the Hague Convention.

II. Consular legalization of documents. This procedure is governed by the Vienna Convention on Consular Relations of 1963 and the internal regulations of the States involved. In fact, this procedure is a certification of the authenticity of a document or the fidelity of a copy of a document to the original and the subsequent certification of forthcoming signatures and seals of officials. For example, first the notary certifies the authenticity of the copy of the document to its original, then the signature of the notary is certified by the appropriate official of the Ministry of Justice (or the Supreme Court), then the signature and seal of the official of the Ministry of Justice is certified by the appropriate official of the Ministry of Foreign Affairs, after that the consul of the country where the data will be used documents, certifies the signature of an official of the Ministry of Foreign Affairs of the country of origin of the document and, finally, the process of consular legalization is completed when the appropriate official of the Ministry of Foreign Affairs in the country where the documents will be used certifies the signature of the consul. The consular legalization procedure takes much longer than the legalization of documents through Apostille, but it is necessary if the documents will be used in a country that is not a party to the 1961 Hague Convention on Apostille. Most of the Arab countries, Ukraine and some CIS countries, a number of Asian and African countries are not parties to the Hague Convention.

Over the past fifty years, the governments of a number of industrialized foreign countries, experiencing an acute shortage of funds necessary to finance increasing budget expenditures, have repeatedly increased the aggregate level of taxation of their citizens and legal entities registered in these countries. Moreover, the tax system itself has changed significantly in most industrialized countries. Tax authorities have practically ceased to be guided in determining taxable income by only one territorial criterion, i.e., the location of sources of income. The dominant criterion has become citizenship, residency or permanent residence (domicile). At the same time, in many cases, confirmation of residence for legal entities began to be the fact of their state registration, and all income received both in the country of location of the legal entity and in any other place abroad fell under taxation. Given the growing globalization of international trade and financial transactions, such changes could not but affect the activities of transnational corporations and companies carrying out exclusively foreign business, which in many cases led to double taxation of income received. The response to tightening tax regimes in industrialized countries has been the rapid growth of the offshore industry, especially in the small, newly formed and poor states of Latin America and Oceania.

The increased demand for services to create “tax-free” companies and the modernization of offshore legislation in a number of tax haven states led to the creation of the concept of an International Business Company. Initially, the basis for this concept was laid by the British Virgin Islands International Business Companies Act, which came into force in 1984 (British Virgin Islands International Business Companies Act, 1984). Subsequently, the concept of an international business company became widespread in the legislative acts of most offshore centers in the Caribbean region, Asia and the Pacific. It should be noted that the same concept of the International Business Company formed the basis of the Federal Law of the Russian Federation on the Center for International Business "Ingushetia", adopted by the State Duma of Russia in December 1995.

International business companies have flexibility and ease of management, have guaranteed tax exemptions and are not required to provide financial reports on their activities. Other positive features of the legislation on International Business Companies include fast registration time, low costs for its establishment and subsequent maintenance. Moreover, legislative acts provide for almost complete confidentiality in respect of the names of owners and directors, since such information is not only not included in the Register of Companies, but may not be reported to the registering authority at all. Thus, international business companies are an ideal mechanism that can complement most of the created trust structures.

Considering such companies as non-resident, the state authorities of the countries of the tax haven in the future are not interested in either the activities of such companies or their financial condition. The only exceptions are financial, banking, insurance companies and companies of trustees.

It is clear that such initial confidentiality regarding any information about an international business company attracts not only individuals who want to reduce their overall taxation, but also individuals involved in financial fraud or illegal activities.

And if at the registration stage it is indeed practically impossible to determine who will conduct an honest business, especially since the principle of the “presumption of innocence” is enshrined in the legislative systems of almost all civilized countries, then in the future such a task can easily be entrusted to banks and other financial institutions that carry out settlements on behalf of their clients. The result is a widespread tightening of government control over banking operations. Guided by the “know your client” rule and frightened not so much by the scale of “dirty money” laundering operations, but by severe government penalties for facilitating such operations, banking institutions in different countries increasingly began to require detailed information about all owners when opening a bank account for an offshore company and directors of the firm, the nature of operations, the size and sources of client funds.

If we consider that the basis of the banking system of many tax haven states are branches of large international banks, especially English ones, we can conclude that many former or current colonial offshore zones are still controlled by the Bank of England, which has the ability to obtain information on financial operations of legal entities carried out through controlled banking structures.

Such actions by regulatory authorities in different countries are increasingly showing a trend where the measures taken to prevent illegal activities are applied to the same extent to perfectly legal bank transfers. And the leadership in this matter undoubtedly belongs to the United States, where the Bank Secrecy Act, 1970, passed by Congress back in 1970, requires the provision of sufficiently detailed information to the United States government authorities on cash transfer transactions in excess of US$ 10 both within the US and outside of it. The Drug Abuse Control Act (USAnti-DrugAbuseAct, 000) and the most famous Money Laundering Control Act (USMoneyLaunderingControlAct, 1986) that followed this act only tightened the requirements for providing such reporting and expanded the capabilities of regulatory authorities and special services. At the same time, the American tax service (InternalRevenueService-IRS), which has free access to such banking information, can use it for its own purposes. For example, hand her over to the authorities of another country - under circumstances that are not related to any criminal or any other investigation - either in accordance with a bilateral tax treaty (if the information exchange clause provides for the transfer of such information), or in accordance with a bilateral agreement on the exchange of information. It is especially worth noting that the laws of most industrialized countries, and primarily the United States, consider tax evasion as a criminal offense, as well as failure to comply with the requirements imposed by the already mentioned United States Bank Secrecy Act, entails criminal liability.

Considering that the vast majority of transactions in US dollars are made through US bank accounts, control over bank accounts makes it possible to bring charges not only to drug dealers, but to all those who in one way or another try to reduce their tax losses or save their savings, while remaining in the shadow.

According to one prominent New York lawyer, the scope of the Money Laundering Control Act covers financial transactions carried out by foreign nationals in any country in the world, if even the smallest part of money transfers pass through the territory of the United States.

In the fight to prevent money laundering, the US government puts some pressure on countries with more liberal tax systems and attractive investment policies, including offshore jurisdictions. Thus, under pressure from the United States, the Swiss financial authorities obliged all Swiss banks to keep strict records of information about all persons associated with offshore companies or trusts, not only in relation to directors, founders, trustees, but also, most importantly, in relation to beneficiaries, i.e. e. owners of property or those persons who directly or indirectly invest their capital in a trust or company. Banks are entrusted with the task of finding out the origin of the funds received and their sources. This situation was established in 1992 by a special directive of the Swiss Federal Banking Commission and is reflected in the new Code of Conduct of the Bankers' Association, approved by the Swiss Bankers Association.

However, it should be noted that such information cannot be disclosed by Swiss banks to a third party except by decision of a Swiss court, if the latter is presented with irrefutable evidence that the account holder or persons involved in this account are involved in a criminal offense. And although the adoption of such decisions was accompanied by heated debates in the country's parliament and proposals for a tougher policy and the exchange of information with other countries, a rather compromise and more balanced approach prevailed in Switzerland, caused by the fear of losing the attractive status of one of the world's largest financial centers. Moreover, with the uncontrolled transmission of information, state bodies of other countries will be able to obtain information about their citizens, one way or another evading taxes.

The views of most Swiss bankers on this subject are reflected in the words of a private Geneva bank manager: “Tax evasion is not a criminal offense in Switzerland. And although some people think that taxation is akin to legalized racketeering, we should not go so far. We "We believe that this is a private matter for each individual taxpayer and his conscience. We are simply not police officers or judges, and we believe that it is not our duty to make any moral or ethical judgment on this matter."

Following Switzerland, many financial centers have also required local banks to have detailed information about their customers. However, the current legislation of most offshore jurisdictions, based on well-developed laws on the protection of bank secrecy, a long history of judicial precedents and the absence of bilateral agreements on the exchange of information with other countries, are a significant obstacle to the uncontrolled transfer of information constituting bank secrecy. Such a system allows the veil of banking secrecy to be opened only in exceptional cases when there is convincing evidence of criminal activity and only by decision of the local court, which, when considering a particular case, will be guided exclusively by the rules of the lexfori (laws of the location of the court - lat.). Although this complicates the conduct of investigative actions and the procedure for bringing charges, it makes it possible to separate “dirty money” from capital received by reducing tax losses. Moreover, tax evasion is not considered a criminal offense by offshore governments.

Of course, the actions taken by the world community to prevent money laundering will not fail to affect offshore centers, and, most likely, a certain compromise between industrialized countries and tax haven countries will be reached. However, it is unlikely to expect any significant changes in the general policy or tax regime of offshore jurisdictions. It will likely become more difficult to use offshore companies for illegal purposes, such as drug trafficking, deliberate bankruptcy or financial fraud, as governments in tax haven countries, valuing their reputation as not so much an offshore as a respectable financial center, will use their banking systems to take preventive measures with for the purpose of suppressing criminal activity.

Brief overview of jurisdictions (according to interfinance research):

British Virgin Islands.

1. State status - British Dependent Territory.

2. The legal system is based on English common law.

3. Taxation - resident companies pay a 15% income tax, non-resident companies are exempt from taxes.

4. Offshore companies operate under the International Business Companies Act 1984.

5. The name can be in any language. The ending must indicate the limited liability of the company.

6. Authorized capital - the minimum is not set. The issued capital must be paid in full.

7. Shares may be registered and bearer.

8. The minimum number of directors is one, both individuals and legal entities can be directors.

9. No local director required.

10. The registered office must be in the British Virgin Islands.

11. The registered agent must be in the British Virgin Islands.

12. Accounting and audit report is not required.

13. There is no currency control for non-residents.

14. Commercial secrecy - only information from the Register of Companies is available to the general public: Certificate of incorporation, registered address and registered agent. Names and addresses of directors are not available.

Bahamas.

▪ State status: Independent state of the British Commonwealth.

▪ Legal system: based on English common law, supplemented by the Laws of the Commonwealth of the Bahamas.

▪ Taxation: there is no direct taxation (profit taxes, income taxes, etc.)

▪ Company Law: International Business Companies Act 1989

▪ Authorized capital: The minimum is not established.

▪ Minimum number of directors: one.

▪ Accounting and audit report: not required

▪ Registration time: from the moment of receiving the order to the moment of receiving legalized documents - seven working days.

▪ Currency control: absent for non-residents.

Vanuatu.

1. State status: independent state. Vanuatu is part of the British Commonwealth of Nations, as well as its French counterpart.

2. Legal system: English model of common law.

3. Types of companies:

▪ Local companies (local),

▪ Exempted,

▪ International.

4. Legislation on offshore companies: International Companies Act 1992.

5. Name: The name must indicate the limited liability of the company with the words Limited or Ltd.

6. Taxation: Exempt and international companies are not taxed.

7. Authorized capital: the minimum is not set.

8. Shares may be in any currency with or without par value. Shares can be registered and bearer.

9. The minimum number of directors is one, he can also hold any position and be the sole shareholder.

10. Directors and secretary may be corporate.

11. Registered office required.

12. Registered agent required.

13. Accounting and audit report is not required.

14. Commercial secrecy: only information from the Register of Companies is available to the general public.

15. There is no currency control.

Каймановы острова.

1. State status: British Dependent Territory.

2. Legal system: based on English common law.

3. Taxation: direct taxation (taxes on profits, income and other taxes), completely absent.

4. Company law: The Cayman Islands Companies Act 1960, based on the English Companies Act 1948.

5. Type of company: Tax-exempt company

6. The name must indicate the limited liability of the company.

7. Authorized capital - the minimum is not set.

8. Shares must have a nominal value, may be registered and bearer.

9. The minimum number of directors is one, both individuals and legal entities can be directors.

10. The minimum number of shareholders is one.

11. Registered office must be in the Cayman Islands.

12. Accounting and audit report is not required.

13. An annual report is required.

14. The AGM must be held in the Cayman Islands.

15. Meetings of directors may be held anywhere.

16. There is no currency control.

17. Commercial secrecy - only information from the Register of Companies is available to the general public: Certificate of incorporation, registered address and registered agent. Names and addresses of directors are not available.

Mauritius.

1. State status: independent state.

2. Legal system: based on the continental and Anglo-Saxon models of law.

3. The name can be anything, the ending must indicate the limited liability of the company.

4. Company law: International Companies Act 1994

5. Taxation: none for non-resident companies.

6. Authorized capital: - the minimum is not set, it can be set in any currency.

7. Shares may be with or without par value, may be registered and bearer.

8. The minimum number of directors is one, both individuals and legal entities can be directors.

9. The minimum number of shareholders is one.

10. Accounting and audit required.

11. The registered office must be located in Mauritius.

12. The General Annual Meeting of Shareholders may be held anywhere.

13. Meetings of directors may be held anywhere.

14. There is no currency control.

15. Commercial secrecy - only information from the Register of Companies is available to the general public.

Niue.

1. State status: a self-governing state under the protectorate of New Zealand, is part of the British Commonwealth of Nations.

2. Legal system: common law.

3. Companies Law: International Business Companies Law of 1994

4. Title: Can be in any language and must contain a word or acronym indicating limited liability. If the company is registered in Russian, the name must be translated into English in the registration certificate. The words "Trust", "Insurance" are excluded.

5. Taxation: none.

6. Authorized capital: the minimum is not set.

7. Shares may be in any currency with or without par value. Shares can be registered and bearer.

8. The minimum number of directors is one, he can also hold any position and be the sole shareholder.

9. Directors and secretary may be corporate.

10. Registered office required.

11. Registered agent required.

12. Accounting and audit report is not required.

13. Commercial secrecy: only information from the Register of Companies is available to the general public.

14. There is no currency control.

Nevis.

1. State status: independent state, part of the British Commonwealth

2. Legal system: based on English common law, some branches of law (for example, corporate) have been significantly influenced by American law.

3. The name can be anything, the ending must indicate the limited liability of the company.

4. Company Law: Commercial Companies Act 1984

5. Taxation of residents on income can reach up to 50%. Non-resident companies are not subject to taxation.

6. Shares may be with or without par value, registered or bearer. Issued shares must be paid in full.

7. Share capital of US$100,000 or 1,000 shares of no par value.

8. Minimum number of directors: three recommended, corporate directors allowed. If the number of shareholders is less than three, then the number of directors must not be less than the number of shareholders.

9. Accounting and audit report is not required.

10. An annual report is not required.

11. Registered office is not required.

12. The General Annual Meeting of Shareholders may be held anywhere.

13. Directors meetings can be held anywhere

14. There is no currency control for non-residents.

15. Commercial secrecy - only information from the Register of Companies is available to the general public.

Panama.

1. State status: independent state.

2. Legal system: based on civil law, with some elements of Anglo-Saxon law (trusts, company law).

3. Company Law: Law No. 32 of 1927 and certain provisions of the Panama Code of Commerce. Law No. 25 of July 12, 1995 governs the regulations for private foundations in Panama.

4. The name can be in any language, but contain an indication that it is a joint-stock company (SA, Corp., Inc., etc. The word Limited or its abbreviation LTD is not allowed. - because it indicates a different type organizations.).

5. Taxation: Franchise tax - US$150, no direct taxes for non-resident companies

6. Authorized capital: the minimum is not set,

7. Shares may be in any currency with or without par value. Shares can be registered and bearer. Bearer shares must be paid in full.

8. All meetings must be held in Panama, unless otherwise specified in the Memorandum of Association.

9. Minimum number of directors: three (no local director required).

10. Minimum number of shareholders: one.

11. Registered office is not required.

12. Registered agent required.

13. An accounting and audit report is not required if the corporation operates outside of Panama.

16. Commercial secrecy: only information from the Register of Companies is available to the general public:

14. There is no currency control for non-residents.

Netherlands.

1. State status: independent state.

2. Legal system: continental.

3. Types of companies:

▪ Private company (Besloten Vennotschap - BV),

▪ Public company (NV).

4. Before registering a company by non-residents, it is necessary to obtain the approval of the Ministry of Justice.

5. Dutch companies are required to open an account with any financial institution in the Netherlands.

6. Legislation: Civil Code 1992

7. Taxation: corporate income tax rate reaches 40%, other taxes.

8. Shares: can only be with par value.

9. Name: the name must end with the words (BV or NV),

10. Minimum number of directors: one, corporate directors are allowed.

11. Minimum number of shareholders: upon registration - two, after registration - one. They can be legal entities and individuals.

12. The registered office must be in the Netherlands.

13. Share capital (BV, minimum for a private company - Dfl160,000 for a public company NV, minimum Dfl140,000)

14. Accounting and audit report: required.

15. The Annual Meeting can be held anywhere.

16. There are no foreign exchange controls for non-resident companies.

17. There is no commercial secrecy.

Switzerland.

1. State status an independent state.

2. Legal system: continental.

3. Company law: Civil Code 1907, Code of Obligations 1881, Companies Law 1992.

4. Main types of companies: Joint stock company with limited liability (Aktiengesellschaft - AG). Private limited company without shares (Gesellschaft mit beschrankter Haftung - GmbH).

5. Taxation: each canton has its own taxation. Federal income tax is levied at a progressive rate from 3,6% to 9,8%. Contonal (local taxes) rates range from 5% to 35%. In addition, there is a tax on share capital at the level of the confederation - 0,825% and at the level of the cantons (for example, in Zurich - 0,375%). Many cantons have preferential taxation (Zug, Friborg)

6. SA/AG shares have par value shares denominated in local currency. SARL/GmbH have no shares.

7. Minimum authorized capital: SFr 100,000. At the time of registration, at least 40% must be paid.

8. Minimum number of directors: one. If there is only one director, he must be a resident of Switzerland. Corporate directors are not permitted.

9. Minimum number of shareholders: three. Shareholders may be nominal.

10. Accounting and audit required.

11. An annual report is required.

12. Meetings of directors: as a rule, they are held in the territory of Switzerland, since residents of Switzerland constitute the majority in the Board of Directors.

13. The general annual meeting must be held in Switzerland.

14. There is no currency control.

United Kingdom.

1. State status: independent state.

2. Legal system: Anglo-Saxon.

3. Company name: The ending must indicate limited liability. It is forbidden to use the words in the title: (Royal, International, etc.).

4. Company Law: Corporate Act 1985 and Corporate Act 1989

5. Types of companies: private limited companies.

6. Taxation: from 25% to 33% income tax, other taxes and fees.

7. Shares must have a par value (regular par value - 1 GBP), be registered. Issued shares must be fully paid.

8. Minimum number of directors: one, cannot act as a secretary. A local director is not required.

9. Secretary: at least one.

10. Minimum number of shareholders: two.

11. Registered office must be in the UK.

12. Accounting and audit report required. The auditor must be approved by the Register of Companies.

13. Authorized capital: the minimum is not set.

14. The AGM may be held anywhere.

15. There is no currency control.

17. Commercial secrecy - only information from the Register of Companies is available to the general public: registered office, names of directors, shareholders of the secretary, Memorandum and Articles of Association, annual report, taxes paid, mortgages.

Hungary.

1. State status: independent state.

2. The legal system is continental.

3. Company Law: The Companies Act (No. VI) 1988, with subsequent amendments and additions.

4. Types of companies: Limited Liability Company (Kft) and Joint Stock Company (Rt).

5. Taxation: Hungarian resident companies pay tax on all their income, regardless of where they are derived. Non-resident companies pay taxes on income derived only in Hungary at a progressive rate of up to 44%. Offshore Hungarian companies pay income tax from 3,25% to 5,4%. Fee when establishing a company: 2% of the paid-up share capital. These companies are subject to double taxation agreements (with Russia and Ukraine), which is an important advantage in building tax optimization schemes.

6. Shares must be at par value. When registering Kft, you must immediately pay at least 50% of the authorized capital, the remaining 50% must be paid within a year. Upon registration (Rt), the authorized capital must be paid in full.

7. The minimum number of directors is one. Corporate directors are not permitted. Under Hungarian law, the majority of directors and employees must be residents of Hungary.

8. The minimum number of shareholders is one.

9. The firm must be 100% foreign owned.

10. The company must have an account in a Hungarian bank.

11. The authorized capital is 3,000,000. HUF (about 15,000 USD), 50% of the authorized capital is paid upon registration, the other 50% during the year. The main contributions of the founders may be different, however, the amount of the main contributions individually cannot be less than 100,000 HUF.

12. An accounting and audit report is required, and the auditor and accountant must be residents of Hungary. Legal support on the territory of Hungary must be provided by Hungarian lawyers.

13. The firm and its founders may not have ownership in other Hungarian companies.

14. The general annual meeting may be held anywhere.

15. There are no currency controls for offshore companies.

16. No commercial secrecy.

Luxembourg.

1. State status: independent state.

2. Legal system: continental.

3. Company law: Commercial Companies Act 1915, Holding Companies Act 1929

4. Taxation: residents are subject to income received in any country, non-residents are taxed in Luxembourg at various rates, reaching up to 51,25% on income exceeding 1,350,000 Flux., in addition, individuals must pay a property tax of 0,5% , in addition, income tax regardless of the place of its receipt, a maximum of 39,39%, tax on dividends 15%, on the transfer of licensing rights 10-12%.

5. The holding company of 1929, created in accordance with the law of 1929, is exempt from income tax, property and dividends, in addition, no tax is levied on interest. Capital tax is 1%, payable upon registration of the company.

6. Minimum number of directors: for a joint stock company (SA) - 3 directors, for a limited liability company (Sarl) - one director.

7. Shareholders: At least two shareholders, shareholders and directors have no nationality restrictions.

8. Minimum authorized capital: 1,250,000. FLUX. The minimum paid is 1,000,000. FLUX. Subject to full payment of the shares, the shares may be issued to bearer.

9. Accounting and audit reports required

10. For a holding company, the following ratios must be met:

Liabilities other than bonds to issued capital 3:1,

Bonds to paid-in capital 10:1.

13. The registered office must be located in Luxembourg.

14. Meetings of directors and shareholders may be held anywhere.

15. There are no exchange controls for holding companies.

USA.

The first thing I would like to note is that in the United States there are no offshore companies in the sense in which this term is used, for example, to define companies registered in the Bahamas or the British Virgin Islands. Taxation of companies in the United States is carried out at two levels: at the level of each specific state where the company operates or is registered and at the federal level. Moreover, the main tax burden for American taxpayers relates to federal taxes: income tax, corporate profit tax, excise taxes, etc. All US federal taxes are paid regardless of where the company derives its income. The criterion for tax liability in relation to federal taxes for a US taxpayer legal entity is only the fact of its registration in any of the fifty states. While the main criterion by which local taxes are levied in most states is the place where the income is generated. Thus, if a company is registered in a state, such as Delaware, Wyoming or Nevada, and does not operate there, then income from these activities will not be subject to local taxes in the state where the company is registered. But in any case, any company registered in the United States will be required to pay federal taxes on its income, regardless of where the source of such income is located.

▪ State status: Independent state.

▪ Legal system: based on English common law.

▪ Taxation: Federal income tax from 15% to 39%, the average income tax rate of each state is in the range of 5-8%.

▪ Authorized capital: The minimum is not established.

▪ Minimum number of directors: one.

▪ Accounting report: required

▪ Registration time: One working week

▪ Double tax treaties have been concluded with 43 countries, including Russia.

▪ Currency control: absent.

Banking career. Employment technique

People who are looking for a job often panic. How and where to look? What to do? As in any step-by-step business, you need instructions. To sort everything out. At work. ru such instructions have already been compiled.

1st step. look around

What will you need?

What to do

▪ Job site

▪ Employment newspaper.

▪ Employment forums.

▪ Conversation with a smart friend; sandwiches, jam, tea.

▪ View vacancy announcements for your own and related specialties. Find out the requirements of employers and salary levels.

▪ Read useful articles in the newspaper

If the result of studying the labor market is lost illusions, it's okay. You can retrain or deepen your knowledge in the courses.

2nd step. Create resume

What will you need?

What to do

▪ Resume samples.

▪ Instructions "How to write a resume."

▪ Resume of a successful applicant (friend, relative).

The purpose of the resume is one - to convince the employer that you meet his requirements and are suitable for the position. Your job is to brag about your education or work experience. Write about this in your resume first of all.

Eliminate unnecessary, and even more unprofitable information for yourself. It is better to omit information about your personal qualities and personal life.

If you are applying for several different positions, make several resumes - for each vacancy.

3rd step. Involve everything and everyone

What will you need?

What to do

▪ The latest issue of the newspaper with vacancies.

▪ Job site.

▪ Contacts of the companies where you would like to work.

▪ Contacts of recruitment agencies, employment services or job fairs.

▪ Help from loved ones and colleagues.

Choose the most suitable job search methods for you. It's best not to limit yourself to just one.

Submit your resume.

Check job postings daily, wherever possible.

Study on the site and in the newspaper not only "your" heading, but also the alphabetical index of vacancies. Use the search for vacancies by parameters.

Contact the HR departments of the selected companies directly.

Recruitment agencies are primarily interested in established specialists. Employment services are focused on problem job seekers. Job fairs are held from time to time and should be monitored.

4th step. Contact the employer

Phone.

It is desirable that the applicant is available to the employer at any time of the day.

E-mail box for sending resumes and receiving answers from employers. You can open a free mailbox on Yandex.ru, Rambler.ru, Mail.ru.

Be sure to ask your questions before calling. Beeping and bleeping on the phone will discourage the employer from continuing to communicate.

During a telephone conversation, goodwill and attention will be required from you. Remember your main task at this stage is to arrange an interview.

When submitting your resume by mail, be sure to write a short cover letter. For example: "Dear <name>, I'm interested in your job posting for <position name> in <name of source>. My experience matches your requirements, so please take a look at my CV."

If the employer's phone number is listed in the job posting, call. Meet with the personnel officer, find out about his next steps and arrange a follow-up call.

5th step. Prepare for an interview

Documents that the employer may require: resume, work book, educational diplomas, letters of recommendation, etc.

Preferably a business suit (even if your profession allows freestyle clothing).

Prepare a comprehensive story about yourself, your experience and work achievements.

Think about counter questions: about future responsibilities, working conditions, etc. Remember that the candidate's passivity in the interview and his lack of questions are assessed as a minus.

I recommend getting rid of bad habits - they can be the reason for refusal, especially in foreign companies. Nobody needs employees who constantly go on "smoke breaks".

Many men fundamentally ignore women who smoke (both at work and in their personal lives).

Don't be late for your interview.

An interview is not an exam. This is just an introduction to future colleagues. Excessive excitement will only hurt. Don't panic! And good luck to you.

You can contact recruitment agencies for help. Sometimes it is paid (if it is an agency specialized in banking), sometimes not (if it is non-core).

For example:

Personnel agency LLC "CORPORATE RESOURCES" of INTERFINANCE group of companies

Consultation on employment in a bank - from 500 rubles.

Drawing up a professional bank resume - from 500 rubles.

Sending resumes to banks and recruitment agencies specializing in them - from 3000 rubles.

Assistance in passing an internship in the chosen direction and specialty in friendly companies - 50-350 USD. (finance, law, consulting, personnel, accounting, audit, international relations, information technology and other prestigious areas).

(www.deniskredit.ru).

Resume sample:

Last name

First name

Middle name

Address:

Phone:

Email:

TARGET

getting a job as a bank specialist

EXPERIENCE

OOO "The Last Company"

October 2002 - present temp. - Sales specialist communication with existing clients search for new clients sales support March 2001 - September 2002 - Sales assistant communication with clients by phone preparation of documents meeting clients in the office October 2000 - March 2001 - Courier delivery of documents to company clients execution of small orders

CJSC "Penultimate Company"

July 1999 - October 2000 - Secretary on the phone talking on the phone with the company's customers, looking for new customers, receiving faxes, etc.

EDUCATION

September 1994 - June 1999

Moscow State University of Geodesy and Cartography

Faculty of Economics and Territory Management, specialty - "Management of the organization"

red diploma

SKILLS AND KNOWLEDGE

Windows, MS Office, Internet - an experienced user extensive experience in sales, transaction support, preparation of documents knowledge of 1C, "Galaktika", "Sail" programs

CERTIFICATES

certificate in English

PUBLICATIONS

a number of articles in the newspaper "Financial newspaper"

participation in the preparation of the collection

KNOWLEDGE OF LANGUAGES

English, fluent

AWARDS

winner of the competition "Best Sales Manager 2002"

OTHERS

I don't smoke, I'm married, I have a driver's license, business trips are possible. Hobbies - sports, reading

Graduate Qualification - Banking Specialist

Qualification characteristics of the graduate.

The graduate must be ready for professional activities in the implementation and accounting of banking operations, reporting and financial and economic settlements in banks and other financial institutions.

The main activities of a banking specialist:

financial and credit:

▪ carrying out deposit and other operations to raise funds;

▪ collection and analysis of information about the financial condition of clients;

▪ registration of operations for the provision of loans, control over their use and repayment, safety of collateral;

▪ carrying out leasing operations, operations with securities, foreign currency and other banking operations and transactions;

▪ providing cash services to clients, monitoring clients' compliance with cash discipline;

▪ performing financial and economic calculations used in banking operations;

▪ registration, maintenance and storage of documentation on transactions and transactions performed;

▪ preparation of economic information for the purposes of analysis and synthesis;

accounting and operating room:

▪ carrying out cash transactions;

▪ maintaining accounts of legal entities and individuals, correspondent accounts of credit institutions.

Lists of documents required to open an account

1. The list of documents required for opening a current account, a special bank account for a legal entity:

1. Completed (signed and sealed) application for opening an account

2. A executed bank account agreement (when concluding an agreement that is drawn up on several sheets, the signature of the Client, as well as an authorized employee of the Bank, must be contained on each sheet of the Agreement), tariffs signed on each sheet (in the form of the Bank) in 2 copies.

3. The charter or a document replacing it, and the memorandum of association, if it is provided for by the current legislation - copies certified by a notary or by the body that carries out state registration of legal entities. These copies must contain a note from the head or authorized representative of the Client confirming their validity.

4. A copy of the decision (minutes) on the establishment of a legal entity certified by the seal and signature of the head or authorized representative of the Client.

5. A notarized copy of the state registration certificate. If a legal entity was registered before July 1, 2002, an additional certificate of making an entry in the unified state register of legal entities about a legal entity registered before July 1, 2002 - a copy certified by a notary.

6. In case of making changes and additions to the constituent documents of the organization, notarized copies or copies certified by the registering body of all changes and additions, as well as a notarized copy of the Certificate of making an entry in the Unified State Register of Legal Entities on state registration of changes made to the constituent the documents.

7. A copy of the protocol (decision) of the authorized body of the organization on the appointment of the head certified by the seal and signature of the head or authorized representative of the Client. In cases where the constituent documents contain references to documents that may limit the scope of authority of the head, it is necessary to submit copies of the relevant documents certified by the signature of the head and the seal of the Client (contract with the head, decisions of higher management bodies of the organization, etc.). Instead of submitting these documents, an extract from the contract with the head can be submitted on his right to dispose of the organization's property without restrictions or indicating specific restrictions (or "Statement on the non-conclusion of a contract (agreement)" (standard form ZAYAV / 17 dated 03.06.2004) , as well as "Statement of authority" (standard form APPLICATION / 3 dated 03.06.2004) Instead of two documents - "Statement on the non-conclusion of a contract (agreement)" and "Statement of authority" one application can be submitted - in the form approved by the bank.

8. A copy of the order on appointment of the chief accountant (or other accounting employee) certified by the seal and signature of the head or authorized representative of the Client. In the absence of a chief accountant or other accounting employee in the staff of the Client, an Application for acceptance of documents with one first signature is provided (standard form APPLICATION / 9 dated 03.06.04 and / or a copy of the order of the head on assignment of duties certified by the seal and signature of the head or authorized representative for accounting for the head of the Client).

9. Certified by the seal and signature of the head or authorized representative of the Client, copies of powers of attorney (orders) on granting the right of first signature of settlement and cash documents to other persons indicated in the "first signature" field of the bank card.

10. Copies of powers of attorney (orders) certified by the seal and signature of the head or authorized representative of the Client on granting the right of the second signature of settlement and cash documents for the chief accountant to other persons indicated in the "second signature" field of the bank card.

11. A copy of the certificate of registration with the tax authorities, certified by a notary. This copy must contain a mark of the head or authorized representative of the Client confirming its validity.

12. Original or copy of the information letter on USREO registration (statistics codes).

13. Bank card certified by a notary or an authorized employee of the Bank.

14. Questionnaire of a client - a legal entity.

15. Copies of documents proving the identity of the persons named in the card with samples of signatures and seal imprints and the authorized person who submitted the documents for opening an account.

16. Migration card - copy. [9]

17. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit) - a copy. [10]

18. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents required for opening an account is carried out by a person who is not a manager).

19. Other documents in accordance with the requirements of the current legislation.

In case of opening an account for a separate subdivision of a legal entity, the bank is additionally provided with:

20. A notarized copy of the Regulations on a separate subdivision, containing a note from the head or authorized representative of the Client confirming its validity.

21. A copy of the document on the appointment of the head of a separate subdivision, certified by the signature of an authorized person.

22. Power of attorney for the head of a separate subdivision.

23. A notarized copy of the document on registration with the tax authority as a taxpayer at the location of the separate subdivision.

24. Bank card certified by a notary or an authorized employee of the Bank.

25. Application of a legal entity to open an account for its separate subdivision.

The list of documents required for opening a bank account for an individual entrepreneur:

1. Completed (signed) application for opening an account

3. A notarized copy of the certificate of state registration of an individual as an individual entrepreneur or, if an individual entrepreneur was registered before January 1, 2004, a notarized copy of the certificate of making an entry in the unified state register of individual entrepreneurs about an individual entrepreneur registered until 01.01.2004

4. A copy of the certificate of registration with the tax authorities, notarized. This copy must contain a mark of the individual entrepreneur or his authorized representative confirming its validity.

5. Bank card certified by a notary or an authorized employee of the Bank.

6. Completed questionnaire of the Client - an individual entrepreneur

7. Copies of identification documents of the persons named in the card with sample signatures and seal imprints and the authorized person who submitted the documents for opening the account. [eleven]

8. Migration card - copy. [12]

9. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit) - a copy. [13]

10. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not an individual entrepreneur).

11. Other documents in accordance with the requirements of the current legislation.

The list of documents required to open a bank account for an arbitration manager:

[14]

1. A set in accordance with the list of documents required for opening a current account, a special bank account for a legal entity.

2. The decision of the arbitration court on the appointment of an arbitration manager (a copy certified by the court or notarized). This copy of the court decision must contain a mark of the arbitration manager or his authorized representative confirming its validity.

The list of documents required for opening a savings account by the founders of the legal entity being created:

1. A completed application for opening an account.

2. A completed agreement with the Bank for opening a savings account (according to the Bank's form) (when concluding an agreement, which is drawn up on several sheets, the signature of the Client, as well as an authorized employee of the Bank, must be contained on each sheet of the Agreement) - 2 copies.

3. The original of the minutes of the meeting of founders (if the founder is in one person - the decision) on the establishment of the organization.

4. Draft articles of association, memorandum of association or agreement on creation (if the memorandum or agreement on establishment is provided for by the current legislation) - originals or notarized copies or copies certified by the person opening the account.

5. In case of opening an account by a legal entity, in addition to the above documents, a set of documents is submitted similar to the set for opening a current account for a legal entity in accordance with the list of documents required for opening a current account, a special bank account for a legal entity, with the exception of the documents specified in paragraph .item 1. and 2.

6. Copies of documents proving the identity of the founder (individual) entering into the agreement and the authorized representative (if any). [15]

7. Migration card - copy. [16]

8. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit). [17]

9. Power of attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not the founder).

10. Completed questionnaire of the Client - an individual (in case of opening an account by the founder - an individual).

The list of documents required to open a bank account for a lawyer operating through a lawyer's office:

1. A completed (signed and stamped) application for opening an account.

3. A copy of the certificate of registration with the tax authorities, notarized. This copy must contain a mark of the lawyer or his authorized representative confirming its validity.

4. Bank card certified by a notary or an authorized employee of the Bank.

5. Copies of identification documents of the persons named in the card with sample signatures and seal imprints and the authorized person who submitted the documents for opening the account. [eleven]

6. A copy of the lawyer's certificate certified by the lawyer or his authorized representative.

7. Completed questionnaire of the Client - an individual in the form approved by the Bank.

8. Power of attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not the founder).

The list of documents required for opening a bank account with a notary:

1. Completed (signed and stamped) application for opening an account.

3. License for the right to notarial activities - a notarized copy. At the same time, the copy cannot be certified by the notary who opens the account. This copy of the license must contain a notary's or his authorized representative's mark confirming its validity.

4. Order of the Ministry of Justice on the appointment of a notary - a notarized copy. At the same time, the copy cannot be certified by the notary who opens the account. This copy of the order must contain a notary's or his authorized representative's mark confirming its validity.

5. A copy of the certificate of registration with the tax authorities, notarized. At the same time, the copy cannot be certified by the notary who opens the account. This copy must contain a mark of a notary or his authorized representative confirming its validity.

6. Bank card certified by a notary or an authorized employee of the Bank. At the same time, the bank card cannot be certified by the notary who opens the account.

7. Copies of documents proving the identity of the persons named in the card with samples of signatures and seal imprints and the authorized person who submitted the documents for opening an account.

8. Completed questionnaire of the Client - an individual.

9. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents necessary for opening an account is carried out by a person who is not a notary).

10. Other documents in accordance with the requirements of the current legislation.

The list of documents required to open a bank account, a special bank account for a legal entity - a non-resident of the Russian Federation:

1. A completed (signed and stamped) application for opening an account.

3. Copies of constituent documents certified by a notary. These copies must contain a note from the head or authorized representative of the Client confirming their validity.

4. A document certifying state registration (or an extract from the commercial (banking) register) - a notarized copy, the validity of which is confirmed in writing by a representative of a non-resident.

5. A notarized copy of the permission of the national (central) bank of a foreign state, if such permission is required to open a ruble account in accordance with the legislation of the country of registration of the non-resident. [19] This copy of the permit must contain a note from the Client’s manager or authorized representative confirming its validity.

6. A copy of the protocol (decision) of the authorized body of the organization on the appointment of the head certified by the seal and signature of the head or authorized representative of the Client. In cases where the constituent documents contain references to documents that may limit the scope of authority of the head, it is necessary to submit copies of the relevant documents certified by the signature of the head and the seal of the Client (contract with the head, decisions of higher management bodies of the organization, etc.). Instead of submitting these documents, an extract from the contract with the head can be submitted on his right to dispose of the organization's property without restrictions or indicating specific restrictions (or "Statement on the non-conclusion of a contract (agreement)" (standard form ZAYAV / 17 dated 03.06.2004) , as well as "Statement of authority" (standard form APPLICATION / 3 dated 03.06.2004) Instead of two documents - "Statement on the non-conclusion of a contract (agreement)" and "Statement of authority" one application can be submitted - in the form approved by the bank.

7. A copy of the order on appointment of the chief accountant (or other accountant) certified by the seal and signature of the head or authorized representative of the Client. In the absence of a chief accountant or other accountant in the staff of the Client, an Application for acceptance of documents with the first one signature (standard form APP/9 dated 03.06.04) and / or a copy of the order of the head on the assignment certified by the seal and signature of the head or authorized representative accounting responsibilities on the head of the Client.

8. Copies of powers of attorney (or orders) certified by the head on granting the right to dispose of funds on the account (or the right to first sign settlement and cash documents) to persons who have the right of first signature in addition to the head.

9. Copies of powers of attorney (or orders) certified by the head on granting the right of the second signature of settlement and cash documents to persons having the right of the second signature in addition to the chief accountant.

10. Bank card certified by a notary or an authorized employee of the Bank.

11. A copy of the certificate of registration with the tax authorities of the Russian Federation, notarized. This copy must contain a note from the head or authorized representative of the Client confirming its validity.

12. Completed application form of the Client - a legal entity in the form approved by the Bank.

13. Copies of identification documents of the persons named in the card with sample signatures and seal imprints and the authorized person who submitted the documents for opening the account. [eleven]

14. Migration card - copy. [21]

15. A document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation (visa, temporary residence permit or residence permit) - a copy. [22]

16. Power of Attorney to open an account / to transfer documents for opening an account (if the signing / submission of documents required for opening an account is carried out by a person who is not a manager).

To open an account in the name of a representative office or branch, in addition to the above documents, the following documents must be submitted to the bank:

17. Notarized copies of documents certifying their registration, and for representative offices - also accreditation.

18. A notarized copy of the regulation on the representative office (branch), the validity of which is confirmed in writing by the representative of the non-resident.

19. A copy of the document on the appointment of the head of a separate subdivision, certified by the signature of an authorized person.

20. Power of attorney for the head of the branch, giving the right to the head of the branch (representative office) to sign the contract and manage the funds on the account (copy certified by the head).

All documents confirming the status of a non-resident and issued outside the Russian Federation must either be legalized at the embassy (consulate) of the Russian Federation abroad or must contain an apostille in accordance with the Hague Convention of 1961. Legalization of documents (apostille) is not required if an international treaty of the Russian Federation Federation, these requirements have been cancelled. All documents must be submitted to the Bank with a translation into Russian, the accuracy of their translation must be certified by a notary of the Russian Federation.

APPLICATION FOR OPENING A SAVINGS ACCOUNT to form the authorized capital in accordance with the current procedure for state registration of legal entities in the Russian Federation

"____" _______________________ G.

By this statement

_______________________________

(for the founder - legal entity: full name of the legal entity, location, bank details; for the founder - individual: full name, passport details, citizenship)

asks to open a savings account intended for payment of the authorized capital

_______________________________

(full name of the organization undergoing state registration)

undergoing state registration

Founder ______________ (signature)

ACCOUNT OPENING APPLICATION

FROM: _____________________

(full and exact name of the legal entity / full name of an individual entrepreneur (lawyer, notary))

ADDRESS: _________________

(location of the organization / place of residence of an individual entrepreneur (lawyer, notary))

PLEASE OPEN _____________ (settlement, current currency, etc.) ACCOUNT IN CURRENCY ____________ (indicate account currency)

PLEASE PROVIDE STATEMENTS TO THE AUTHORIZED PERSONS ON THE NEXT DAY AFTER THE OPERATION IS PERFORMED AT THE REQUEST OF THE AUTHORIZED PERSONS.

OPENING OF ACCOUNT IS CARRIED OUT ON THE BASIS OF THE LAW OF THE RUSSIAN FEDERATION "ON BANKS AND BANKING ACTIVITY", CURRENT INSTRUCTIONS OF THE BANK OF RUSSIA, INTERNAL DOCUMENTS OF INVESTSBERBANK (JSC).

WE HAVE READ AND AGREE WITH THE CURRENT TARIFFS OF THE BANK.

WE WILL NOTIFY YOU IN WRITTEN IMMEDIATELY OF ALL CHANGES.

MANAGER: ________________ (position, full name and signature)

CHIEF ACCOUNTANT: ______________ (full name and signature)

"___" _______________________ G.

CLIENT QUESTIONNAIRE - LEGAL ENTITY

Part 1 (to be completed by the Bank's Client)

I undertake to report any changes to the specified information. I undertake to provide the Bank with information about all beneficiaries.

/_______/ (signature) /_________/ (signature transcript) _______ 200___ (the date)

Note. If any information specified in the form changes, a completed form with new information is submitted to INVESTSBERBANK (OJSC)

Part 2 (To be completed by a Bank employee)

Information about the Client's representatives - individuals (for Clients who open or already have an account with the Bank - information about the persons indicated in the "First Signature" field of the card with samples of signatures and seal imprints, in other cases - information about representatives acting on behalf of the Client )

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Note. If any information specified in the form changes, a completed form with new information is submitted to the BANK (OJSC).

Annex 1 to the questionnaire of the Client - a legal entity

Information about the representatives of the Client - legal entities (including information about the management company)

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Note.Appendix 1 is completed if the Client has representatives - legal entities. If any information specified in the Appendix is changed, completed Appendix 1 with new information is submitted to the BANK (OJSC).

Annex 2 to the questionnaire of the Client - a legal entity

Information about the persons for whose benefit the Client (beneficiaries) acts in the course of banking operations and other transactions (in particular, on the basis of an agency agreement, agency agreements, commissions, trust management)

Information about beneficiaries - legal entities

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Note. Appendix 2 is completed if the Client has legal entities as beneficiaries. If any information specified in Appendix 2 changes, a completed Appendix 2 with new information is submitted to the BANK (OJSC).

Annex 3 to the questionnaire of the Client - a legal entity

Information about beneficiaries - individuals

I undertake to notify you of any changes to the above information.

_________ (signature) /__________________/(full name) ______________200___g. (date of)

M.P..

Preferably on client's letterhead

POWER OF ATTORNEY

_____________________ (place and date of issue in words)

_____________________ (full name of the organization),

registered ____________________ (name of body, registration number and date of registration)

(hereinafter referred to as the "Company"),

represented by __________ (position, full name), acting __ on the basis of __________, authorizes __________ (full name),

passport: series _____, No. __________, issued by _____________ (date and name of the authority that issued the passport),

negotiate, transfer, receive and sign any documents necessary for opening bank accounts or related to opening accounts (with the exception of the right to sign the following documents: applications for opening accounts, bank account agreements, the Bank's tariffs for settlement and cash services and the Client's questionnaire) , as well as confirm the validity of the transferred copies of documents.

I certify the signature. __________ (full name) __________ (sample signature)

____________________ (position, name of organization)

____________________ (full name, signature, seal)

STATEMENT

From ____________________ (full name of the head, position of the head, full name of the organization) (hereinafter referred to as the Organization)

account number

I declare that at the moment the powers of its executive (participants, shareholders, etc.) bodies to dispose of the Organization’s property are not limited by internal documents, decisions of the general meeting of __________ and other management bodies of the Organization.

In the event of restrictions, I undertake to immediately notify the Bank in writing and submit certified copies of the relevant documents.

In addition, I hereby inform you that the contract (agreement) between the Organization and his __________ (the position of the head of the Organization, full name) was not concluded.

Head __________ (signature)

M.P, "____" __________ 200__

"____" __________ 200__ g.

STATEMENT

Due to the lack of cash settlements and cash at the organization

____________________

Account No.

we do not present the calculation of the cash balance limit.

Supervisor __________

Chief Accountant __________

STATEMENT

I hereby inform you that the contract (agreement) between _____________ (name of organization)

and his _____________ (full name, position of the head of the organization))

did not conclude.

Head __________ (signature)

M.P, "____" __________ 200__

"____" __________ 200__ g.

STATEMENT

In connection with the imposition of responsibilities for accounting on myself personally, I ask you to accept settlement documents

_____________________

account number

with one first signature.

Supervisor __________

CALCULATION to set the company a cash balance limit and register permission to spend cash from proceeds, received at the cash desk, for ____ year

Company name ____________________ (stamp)

____________________.

(Suma in cuirsive)

Please allow the proceeds to be spent on: wages and payments of a social nature, the purchase of agricultural products from the population, the purchase of containers and things from the population, travel expenses, the purchase of office supplies and household equipment, payment for urgent repairs, payment for fuels and lubricants, payment of compensation for losses under insurance contracts for individuals .

(Underline whatever applicable)

* In case of sharp changes in revenue or expense, data for the last month is given.

** The amount of revenue (expense) divided by the number of working days (hours) of the enterprise.

*** Newly organized enterprises show the expected amount of revenue (expense).

Head of the enterprise __________

Chief Accountant ___________

DECISION OF THE ESTABLISHMENT OF THE BANK

Set a limit in the amount of _____ thousand rubles.

____________________ (Suma in cuirsive).

I authorize the spending of proceeds on: wages and payments of a social nature, the purchase of agricultural products from the population, the purchase of containers and things from the population, travel expenses, the purchase of office supplies and household equipment, payment for urgent repairs, payment for fuels and lubricants, payment of compensation for losses under insurance contracts for individuals .

(Underline whatever applicable)

If an enterprise has a debt to the budget and extra-budgetary funds, the right to spend cash proceeds is canceled, all cash proceeds must be credited to the current account until the debt is fully repaid.

Head of bank institution ______________

Dictionary of economic terms

Abstraction - mental distraction in the process of cognition from the non-essential aspects of the phenomenon under consideration in order to reveal its essence.

Authoritarian - imperious, based on blind obedience to authority.

Agency - an organization that performs certain tasks for institutions or individuals (for example, a transport agency).

Aggregation - association, integration of indicators into groups according to some principle.

adapt - adapt to the prevailing conditions.

Adequate - equal, identical.

Adept - adherent of any idea, doctrine.

Administer - to manage by orders, to command.

Acre - unit of area in the English system of measures; 1 acre is equal to 0,4 hectares.

Asset - part of the balance sheet of the enterprise, including all types of material values (money, goods, etc.).

shares - securities that testify to the participation of their owners in a joint-stock company and bring a dividend (income).

Alternative - each of mutually exclusive possibilities.

Alternative - allowing one of two or more possibilities.

Altruism - unselfish concern for the welfare of others.

Depreciation - Gradual depreciation of fixed assets of production (buildings, structures, machinery, equipment), allowing them to transfer their cost in parts to manufactured products.

Analysis - the actual or mental decomposition of an object into its component parts.

Anarchy - anarchy, disorder, chaos.

Anomaly - irregularity, deviation from the norm.

Antagonist - adversary, adversary.

Antinomy - a contradiction between two positions recognized as equally correct.

Antitrust Law - laws prohibiting the practice of reducing competition and the capture of the entire market by monopolies in order to raise prices.

Arbitrator - an arbitrator elected by the disputing parties by their mutual agreement.

Range - selection of different types and varieties of goods.

Associate - mentally connect.

Auditor - a person who checks the financial activities of the company.

Outsiders - enterprises of any branch of production that are not included in monopolistic associations of entrepreneurs in this branch.

Balance - a set of indicators that characterize the ratio or balance in any constantly changing phenomenon.

Bank - a financial institution accepting cash deposits on demand for a specified period, as well as issuing credit (loans).

Banknotes - interest-free obligations (bank notes) issued by public or private banks, the main type of credit money.

Banking system - a set of banking institutions serving money circulation and credit (debt) relations. In Russia, this system includes the Central Bank. Foreign Trade Bank, Savings Bank, commercial banks and credit institutions that have received permission to carry out certain banking operations.

bank capital - money capital placed in the bank.

Bankrupt - an insolvent debtor.

Market Entry Barriers - obstacles to the emergence of new market participants (restrictions on access to sources of raw materials, large amounts of initial capital, etc.).

Cashless payments - transfers in the bank of amounts from the payer's accounts to the beneficiary's account or by mutual set-off of claims without the participation of cash.

Unemployed - a person who can work, wants to work, but does not have a job.

"White collars" - workers engaged primarily in mental work (lawyers, doctors, educators, office workers, etc.).

Бестселлер - a book that is in high demand.

Exchange - the market for goods, securities, currencies, as well as an institution engaged in mediation in the recruitment of labor.

Behaviorism - direction in psychology that studies the behavior of humans and animals.

Bony - a type of securities, short-term obligations that give their holder the right to receive a certain value or service from a certain person or institution within a specified period.

Boom - accelerated growth in production, prices and a number of other economic indicators.

Budget - 1) a list of cash income and expenses of the state and enterprise for a certain period;

2) the totality of income and expenses of a person or family for a certain period.

Bureaucracy - the highest stratum of government officials.

Vacant position - an unoccupied position in an enterprise or institution.

Gross national product (GNP) - the total market value of all finished goods and services produced in the country during the year.

Gross product - the totality of all goods and services created at the enterprise, sector of the economy for a certain period.

Currency - the monetary unit of the given state and banknotes of foreign states.

Exchange rate - the price at which the national currency of one country is exchanged for another.

Bill - a type of security, a written promissory note in a form strictly prescribed by law, which is issued by a borrower of money to a creditor with an obligation to pay by a certain date the amount of money indicated in the bill.

The Great Depression - the world economic crisis of 1929-1933.

Venture capital - capital that is used to create scientific and technical innovations prepared for implementation in production.

Vertical integration - associations of a group of enterprises that carry out successive stages of production of finished products and are the property of one company.

Vertical concentration - expansion of the enterprise by including other enterprises or their divisions that perform different stages of manufacturing the finished product.

Complementary Products - pairs of products for which an increase in the price of one of them leads to a decrease in demand for the other product.

Substitute goods - such pairs of products for which an increase in the price of one product leads to an increase in demand for the other product.

Imputation - 1) expenses for the acquisition and use of necessary resources;

2) monetary income, which is sacrificed by the firm - the owner of the resources, using them for its own production of goods, rather than selling them on the market to other consumers.

opportunity cost - cash income donated by the company - the owner of the resources, using them for their own production of products, and not selling them on the market to other consumers.

External effect - the result of the production or consumption of a good, the impact of which on third parties (who are neither sellers nor buyers) is not reflected in the price of this good.

Reproduction - continuous renewal of the process of production of material goods and services.

welfare - social programs in the United States, according to which the state provides assistance to the elderly, the disabled, the unemployed, children from poor families and other people who are experiencing difficulties due to various circumstances.

Galloping inflation - a relatively rapid increase in prices for goods and services (from 20 to 200% per year).

Guaranteed minimum wage - the lowest wage rate accepted by the state, which is established, as a rule, for unskilled workers of all enterprises, regardless of the form of ownership.

Harmony - consistency, harmony in a combination of something.

Hyperinflation - exceptionally rapid growth of commodity prices (by 50% or more per month) and the money supply in circulation, leading to the breakdown of normal economic ties.

Hypothesis - a scientific assumption put forward to explain a phenomenon and requiring verification by experience.

Hypothetical - conjectural, based on a hypothesis.

Global - worldwide.

Homogeneous - having the same properties.

Horizontal Integration - association of enterprises engaged in the same economic sector.

Government securities - government-issued securities (eg, savings bonds, Treasury accounts) that can be easily exchanged for money.

State socialism - a socio-economic system in which the state owns and centrally manages the decisive sectors of the economy, regulates the levels of prices and incomes of all members of society in a planned manner.

gulden - gold, and then silver monetary unit of Germany, Austria and some neighboring countries.

Dime - US silver coin, equal to 1/10 dollar, or 10 cents.

Deduction - logical inference from general judgments to particular ones.

business cycle - the same as the economic cycle.

Demography - the science of population.

Denationalization - the transformation of state property into non-state forms of ownership (private, joint-stock, etc.), or the transfer of the property of one country to the property of another state.

money balance - equality of the amount of money exported from the country to the amount of money imported.

money standard - the circulation of gold in the form of money.

Deposits - sums of money or securities entrusted to banks for storage and use.

Certificate of Deposit - a written certificate certifying the contribution of a sum of money (deposit) to the bank.

Depression - the stagnant phase of the economic cycle that follows the crisis (decline in production) and is usually characterized by weak demand for goods, mass unemployment, low prices for goods and services.

destructive - disrupting the normal structure of something.

Determination - a condition or factor that has a determining effect on a phenomenon.

Deficit - lack, lack of something.

GNP Deflator (Gross National Product) - the price index for all finished goods and services, used to correlate monetary (nominal) GNP with the value of real GNP.

Deflation - a decrease in the general price level and an increase in the purchasing power of the monetary unit.

Decentralization - 1) transfer of part of the functions of central government to lower government bodies;

2) destruction or weakening of centralization.

Diversification - Expansion of the range of manufactured products.

Dividend - part of the profit, which for the reporting period is due to a member of the joint-stock company per share owned by him.

Dynamic Model - a theoretical description of the process of changing a phenomenon.

Imbalance - disequilibrium of the main economic indicators.

Discrete - discontinuous, consisting of separate parts.

Discrimination - restriction or deprivation of the rights of a certain group of citizens on the basis of race or nationality, on the basis of gender, on religious and political convictions.

Differential rent - the differential income of the landowner, which is formed due to the fact that products from the best land plots in terms of fertility and location are sold on the market under production conditions on the worst plots.

Product differentiation - physical and other differences between the goods of different companies, causing buyers to prefer the goods of one company over the goods of other companies (at the same price level).

Doctrine - teaching, scientific theory.

Dominate - dominate, dominate

Dualistic - dual, forked.

Natural monopoly *a type of production that provides all enterprises and the population with the most important economic conditions (supply of water, gas, electricity, public services, etc.) does not allow competitive rivalry between private firms and gives great savings from the enlargement of the economy.

natural oligopoly - several large enterprises in the same industry, which give the greatest benefits from a significant scale of mass production.

Natural rate of unemployment - the proportion of the unemployed in the entire labor force who are temporarily unemployed and looking for work due to constant changes in the number of jobs in the national economy.

Small business life cycle - the time from the moment of formation of a small enterprise until the end of its existence due to economic instability and lack of capital.

Strike - stopping production by workers in order to force the management of the enterprise to accept the conditions of the trade union.

Mortgage - a legal document confirming the agreement of the company to pledge land, buildings and other property belonging to it against its debt and giving the creditor the right to receive ownership of the pledged values in case of non-payment of the debt.

Law of imputed increasing costs (law of production costs) - when replacing the production of one good with the production of another product, it is necessary to increase the amount of resources (funds) expended to obtain an increasing number of additional units of another product, since the resources are unsuitable for their full use in the production of replaced products.

Law of diminishing returns (law of diminishing returns) - with an increase in one and the invariance of all other types of production costs, a point will be reached beyond which the value of the manufactured product will decrease.

Okun's law - an increase in the share of unemployed in the total labor force above the natural unemployment rate by 1% leads to a decrease in the volume of gross national product production by 2,5%.

Substitution - the choice of one of the useful goods, made with certain limited monetary and other resources.

Employment - Provision of workers with appropriate jobs.

Wages - the amount of money paid for the use of someone's labor.

Zemstvo statistics - statistical work (quantitative accounting), which was carried out by zemstvos (local governments created in a number of provinces of European Russia) to examine mainly the state of agriculture and the processes of its socio-economic development.

Gold standard - monetary circulation, in which central banks or the government are obliged to buy and sell gold at a fixed price, expressed in national currency.

Identification - identification, assimilation.

Hierarchy - a number of positions, titles, etc. in order of subordination and transition from lower to higher.

Production costs - the cost of means of production and labor for the manufacture of products.

Import - importation of foreign goods into the country.

Import of capital - import of foreign capital into the country.

Investment - the use of money to acquire real capital (equipment, machinery, industrial buildings, etc.) intended for the production of goods and services.

Investment goods - goods that are needed to increase the size of production.

Индексация - increase in cash income and savings of citizens due to the growth of consumer prices.

Price index - the ratio of the nominal price of a certain set of goods and services (market "basket") in a given period of time to the price of the same set in the corresponding base period (the value of which is taken as 100%), multiplied by 100 (expressed as a percentage).

Individualism - a view that places the selfish interests of the individual above public interests.

Individual - a separate person, personality.

Indigo - a blue dye, which was first extracted from plants, and then made chemically.

Indicator - a device, a device that displays the progress of a process, its qualitative and quantitative characteristics.

Endorse - make an endorsement on the back of a security - a bill of exchange, a check, which certifies the transfer of rights under this document to another person.

Induction - logical conclusion from particular, isolated cases to a general conclusion.

Innovation - creation and implementation of various innovations that generate significant changes in socio-economic practice.

Institute * 1) the name of research institutions and many higher educational institutions;

2) social institution - a certain organization of social activity and social relations, embodying the norms of economic, political, legal, etc. life of society, as well as social rules of life and behavior of people.

institutional - associated with such an organization of social relations, which is based on certain norms and rules of life and behavior of people.

Integration - combining parts into a whole.

Intensive - reinforced, tense.

Intensification - the use of more and more efficient means of production and more advanced forms of labor organization and technologies based on the achievements of scientific and technological progress.

Interpretation - interpretation, clarification of a particular text.

inflation expectations - the behavior of market participants, expecting an inevitable rise in prices.

Inflation - the rise in prices caused by the overflow of the sphere of circulation with paper money in excess of their normal needs.

Price information function - data on the level and dynamics of price changes in the market, which help manufacturers of goods to better determine what to create, how to do it and for whom to produce, and buyers - to determine the value for them of purchases of goods and services.

Treasury Department - a special government body in charge of finance and cash support of the state budget.

Casuistry - resourcefulness in proving false or doubtful statements.

Casuistic - based on casuistry.

Capital - the value of the means of production used to make a profit.

Cartel - a monopolistic association of entrepreneurs, whose members agree on the size of production, markets, terms of sale, prices, terms of payment, etc., while maintaining industrial and commercial independence.

Category - 1) a general concept that reflects the most essential properties and relationships of phenomena;

2) a group of objects, phenomena with any common characteristics.

Quart - a unit of volume of liquids and bulk solids (in the UK - 1,1 liters, in the USA - 0,9 liters).

Quota - the share in the total volume of production or sales of products established within the framework of the cartel agreement for each of its participants.

Class - 1) a set of objects or phenomena that have common characteristics;

2) a large group of people who differ from other groups in various socio-economic characteristics.

Clerk - employee of the institution, conducting office work.

Customer - 1) regular buyer or customer;

2) a person using the services of a credit institution, lawyer, etc.

The colony - a country or territory deprived of independence and under the rule of a foreign state.

command economy - a method of organizing an economic system in which material resources are state property, and the direction and coordination of economic activity is carried out through central planning.

Combine - the association of industrial enterprises of different, but technologically related production sectors, in which the products of one enterprise serve as raw materials, semi-finished products or auxiliary material for another.

Combination - combination, connection of something in a certain order.

Combination - connection, combination in any association of a number of enterprises.

Commercial - trading.

Commercial Bank - a credit institution that has received state permission to accept cash and other deposits, as well as to provide loans, issue securities, and carry out settlement and payment transactions.

Company - industrial, trade, transport and other association of entrepreneurs.

Compensate - to reward, compensate for what is lost or given up.

Complementary Goods - complementary useful things, and an increase in the price of one of them entails a decrease in the volume of demand for another (for example, gasoline and a car).

Component - an integral part of something.

Compromise - an agreement reached through mutual concessions.

Conglomerate - a monopoly association of enterprises owned by one firm and engaged in the production of heterogeneous products.

Competition - the struggle between commodity producers for more favorable conditions for the production and sale of goods on the market.

consulting firm - a firm that provides business advice on capital investment, etc.

Conservative - upholding the immutability of something, inert, hostile to all innovations.

Contingent production - to establish for some purpose a limit quantity, a norm of something (for example, in foreign trade, to establish a certain amount of a particular product that a country can import or export abroad).

Contract - a contract, an agreement with mutual obligations for the contracting parties.

Capital concentration - an increase in its size at one enterprise at the expense of its own income and borrowed funds.

Production concentration - the concentration of an increasing volume of output at enterprises growing in size.

conformism - opportunism, passive acceptance of the existing order of things.

Concept - 1) this or that understanding of phenomena, processes;

2) a single, defining plan, the leading thought of any scientific work, published work.

Conjuncture - a set of features that characterize the current state of the economy in a certain period.

cooperative socialism - a theory that considers cooperation as one of the means of peaceful gradual transformation of capitalism into socialism.

Cooperation - 1) a form of labor organization in which a large number of people jointly participate in the same or different, but interconnected labor processes;

2) a form of organization based on joint shared ownership of members of the cooperation;

3) a form of long-term and stable connections between economically independent enterprises engaged in the joint production of certain products on the basis of specialization.

Coordination - coordination, combination, putting in order.

Basket of consumer goods and services - a set of basic consumer goods and services (food, clothing, housing, fuel, transport and medical care) that are typical for an urban dweller.

Corporate - pertaining to a corporation.

Corporation - 1) in a number of countries - the name of the joint stock company;

2) union, a group of persons united by a community of professional and class interests.

Adjust - make amendments, correct something.

correlate - establish correlation between interrelated phenomena.

Correlation - 1) correlation, correspondence, interdependence of phenomena;

2) in mathematical statistics - a concept that denotes a causal relationship between phenomena.

Corruption - bribery, venality of officials, public and political figures.

Cosmopolitanism - renunciation of state and national sovereignty (independence), national traditions and culture in the name of world political integration.

Quotation - setting the rate (price) of securities or foreign currency, as well as determining the price of consignments of goods on the stock exchange.

Demand elasticity coefficient - an indicator characterizing the degree of quantitative change in demand (in percent) to a change in the price level (in percent).

Credit - 1) lending goods and money;

2) a loan of money or goods as capital on the terms of repayment after a certain time of the value of the borrowed funds plus interest (income of the owner of the provided values).

Credit card - a special payment and settlement document that the bank issues to its depositors for non-cash payment for goods and services.

Credit system - a single set of all credit institutions that provide various persons (private or legal) with property or money for a time, on a repayment basis and with the payment of interest (income of a credit institution); This system is headed by the central bank of the country.

credit expansion - stimulating lending operations of banks (policy of "cheap money") in the expectation that lending will contribute to the economic revival and growth of production.

Creditor - A lender who lends something.

Supply curve - a graphical expression of the relationship between the price of a product and the quantity of this product that sellers want to offer on the market.

Demand curve - graphical display of the relationship between the price of a product and the amount of demand presented by buyers for this product.

Phillips Curve - a graphical expression of the following mutual change in the levels of unemployment and inflation in the economy: inflation is high with low unemployment and low - with high unemployment.

Crisis - a periodically recurring phenomenon in a developed market economy, expressed in the overproduction of goods that are not marketable, in the deterioration of all economic indicators.

Criterion - a hallmark, a measure.

Cumulative - a process during which the strength and speed of its action increase and accumulate.

Share price - its selling price, which is directly proportional to the amount of the dividend (earnings per share) and inversely proportional to the level of interest on loans.

Liquidity - the ease with which various savings and securities can be turned into cash and spent on the purchase of goods and services.

Liberalism - 1) views that defend freedom of enterprise and democracy;

2) free-thinking.

Liberal - supporter of liberalism.

Limited - limited by the limit of something.

Linear programming - finding extreme (extreme - minimum and maximum) values of linear functions (certain quantitative dependencies).

Local - local, not going beyond certain limits.

Macroeconomics - a section of economic theory that studies the national economy as a whole.

Manipulation - a clever trick.

Manufactory - an enterprise in which the manual labor for the manufacture of one item is divided in detail into many separate operations.

Marginalism - a current of economic thought that studies - in accordance with the theory of marginal utility - marginal economic values.

Mark - the monetary unit of Germany, named after the measure of weight of the same name (half a pound of silver).

Medicare - in the United States, the program of state free medical care for the elderly.

Reclamation of - radical improvement of land for agricultural use by draining swamps, artificial irrigation, strengthening loose sands, etc.

Manager - hired manager in production, management specialist.

Exchange value - the ability of a commodity to be exchanged for other goods in certain exchange ratios.

Mercantile - petty prudence, huckstering.

Metamorphosis - transformation, for example, during a market exchange, the value of a commodity is converted into a corresponding amount of money.

Methodology - 1) a set of techniques, methods used in any science;

2) the doctrine of the scientific method of knowledge.

Metropolis - a state that owns the colonies it has captured.

Minimal salary - the lowest wage for predominantly unskilled workers, established by the state for all enterprises and institutions.

Mile - a unit of length used mainly in maritime affairs (1,852 km).

Missionary - a person engaged in the dissemination of religion among the population with a different religion.

Mobility - mobility.

Model - 1) a sample of any product;

2) diagram, image or description of any phenomenon or process in nature and society.

To upgrade - make it modern by introducing various improvements.

Modification - modification, transformation of something, characterized by the appearance of new properties.

Monetarism - economic theory, according to which the amount of money in circulation is the determining cause of changes in the economic situation and the emergence of inflation.

Monetary - a phenomenon associated with the amount of money in circulation.

Monopolistic competition - a type of rivalry between a large number of firms that produce similar, but not completely interchangeable products, usually protected by a trademark, patent or brand name.

Monopoly - the exclusive right of production and trade belonging to one person, a certain group of persons or the state.

Monopsony - the exclusive right to buy products of a certain type, owned by one buyer.

Motive - motivating reason, reason for action.

Motivation - the process of inducing and stimulating people to activities aimed at achieving individual and general goals of the organization.

Multiplier - the number by which it is necessary to multiply the change in any component of the total (general) expenses in order to obtain the final value of the increase in income.

hired labor - the labor of workers who sell their labor to the employer.

Capital accumulation - increasing its size at the expense of the company's own income and borrowed funds.

Taxes - obligatory payments levied by the state from enterprises, organizations and the population.

Nationalization - transformation of private property into state property by way of redemption of property or gratuitous alienation.

National income - newly created value in the country for a certain period.

Natural economy - a type of economy in which the products of labor are produced for domestic consumption, and not for sale on the market.

Incompetent - not having the knowledge to judge something.

Non-productive classes - public groups of people who are not directly involved in the production of material goods (landlords, usurers, etc.).

unproductive labor - a type of labor that is not directly related to the production of material goods.

retained earnings - part of the profit of a joint-stock company, which the company does not pay to its shareholders as dividends and which remains at its disposal.

Imperfect competition is the rivalry of market participants in the conditions of the existence of monopolies, monopolistic competition, oligopoly and oligopsony.

Instability - instability.

Unfair competition - a type of competition between firms in the market, in which different methods of eliminating a rival are used and unacceptable ways of achieving their goals are used (for example, imposing on other firms the purchase of goods they do not need).

Nickel - American 5 cent coin.

Rated price - the price of the goods indicated in the price list or on the goods themselves.

Nominal interest rate - the interest rate expressed in the national currency at the current exchange rate, without adjustment for inflation.

Nominal - being something only in name, but not fulfilling its purpose.

Nominal GNP (gross national product) - the value of all finished goods and services, expressed in current prices at the time of change, without adjustment for changes in the price level.

Regulatory Knowledge - knowledge based on people's value judgments about what the economy should be like and what economic goals and economic policies should be.

Rate of surplus value - the ratio of surplus value (the value produced by the worker and not paid to him) to the cost of his labor force (wages), expressed as a percentage (multiplied by 100).

Rate of return - the ratio of profit to the amount of capital employed or to the amount of production costs (cost of production), expressed as a percentage.

Interest rate - the ratio of interest (payment for the use of credit) to the amount of loan capital, expressed as a percentage.

rationing - to establish a measure, the average value of something, for example, the rate of output of a worker.

Nostalgia (social) - longing for the past state of society.

Bond - a type of security that brings holders a predetermined income.

Exchange - mutual exchange of activities between people, occurring in the process of production or in the form of the exchange of products of labor in the market.

Capital turnover - its continuous movement through the spheres of production and circulation.

Working capital - part of the capital that is spent on raw materials, materials, fuel and energy and returned to its owner in one turn - the time of creating the finished product.

Treatment - the process of exchanging goods for other goods with the help of money.

Socially necessary working time - the time required for the manufacture of goods under socially normal conditions of production and with an average level of labor intensity and average skill of workers.

Municipality - the primary form of social organization that arose on the basis of natural, consanguineous ties and then transformed into a neighboring, territorial organization of the rural population.

Object - an object, a phenomenon to which any activity of people is directed.

Objective - existing outside and independently of consciousness, inherent in the object itself.

Revitalization - the phase of the economic cycle, in which, after the crisis and stagnation, production begins to rise to the pre-crisis level.

Olithopolistic competition - a type of rivalry between large firms in a particular industry, which is conducted for the best product quality, its high scientific and technical level and the best customer service.

Oligopoly - a group of large firms that sell the main part of the products of a particular industry, which allows them to influence the price level.

Oligopsony - large buyers (enterprises or the state) who carry out the majority of purchases and influence the prices of purchased products in their own interests.

OPEC - a cartel created by oil-producing countries to regulate the production and prices of oil on international markets.

Opponent - 1) opponent in a dispute;

2) a person objecting to the speaker.

Optimal - the most favorable, the most appropriate.

Optimization - choosing the best option from a variety of possible.

Wholesale prices - the prices at which enterprises supply large quantities of their products to other firms, as well as at which manufacturers sell their products to intermediaries or wholesalers.

Wholesale market - a type of market in which large quantities of goods are sold for subsequent sale in retail trade.

Option - the right to choose or change the terms of an exchange transaction.

Organic composition of capital - the ratio of the value of constant capital (costs of means of production) to the value of variable capital (wages), which corresponds to the technical structure of production (the ratio of the value of means of production to the number of employees).

Orthodox - consistent, steadily adhering to any doctrine, worldview.

Main capital - part of the capital in production spent on the purchase of machinery, equipment, structures and buildings, the cost of which is transferred to the finished product over a long time.

open inflation - rising prices, not restrained by the state.

GNP lag - loss of output of the gross national product caused by unemployment.

Paradigm - a theory adopted as a model for solving research problems.

Paradox - a peculiar opinion, sharply at odds with the public, contradicting (sometimes outwardly) common sense.

Sponsors A firm jointly owned by two or more people who are jointly responsible for any losses of the firm and share the profits.

Parcel - a very small piece of land.

Patent - a certificate issued by the government to the inventor for the exclusive use of the invention made.

patent monopoly - the exclusive right to own and use a patent acquired by any firm or individual entrepreneur.

Paternalism - the "fatherly" attitude of entrepreneurs towards their employees and the holding of charitable events for this purpose.

Penitentiary - relating to punishment.

Penny - a bargaining chip of Great Britain, equal to 1/100 of a pound sterling.

Initial capital accumulation - the starting point for the formation of capitalism, which consisted in the accumulation of significant funds from private individuals necessary for the creation of capitalist enterprises, as well as in the formation of a mass of hired workers.

Peredelnaya community - a rural (territorial) community, where communal land was periodically redistributed between members of the community.

Redistribution of income - secondary distribution of primary incomes (wages, interest, rents and profits) at the time of their taxation by the state tax.

Capital turnover period- the time during which all the capital spent on production is fully paid off and returned to its owner.

Permanent - permanent, uninterrupted.

Floating exchange rate - free price of currency (money).

Plan - the work planned for a certain period, indicating its goals, content, scope, methods, sequence and deadlines.

To plan - to make plan.

plantation economy - a large farm cultivating special industrial crops (sugar cane, cotton, tea, coffee, etc.).

Side effects of economic activities - the same as external effects.

Household census - Population census, taking into account the presence of family households in rural areas.

Income tax - the main type of direct taxes levied by the state on the income of individuals and legal entities (wages, profits, etc.).

Rise - the phase of the economic cycle during which production increases on a large scale compared with the previous period.

Positive Economics - a part of economic theory that studies facts and the relationships between them.

Political Science - a special branch of science that studies the political life of society, problems of domestic policy, international relations.

Constant capital - 1) the cost of the means of production, which does not change its value during the production process;

2) fixed capital.

Asset portfolio - all types of securities invested in property and owned personally by the investor or legal entity (organization).

Portfolio investment - all securities that are directed to long-term capital investments (domestic or abroad) in enterprises of various sectors of the national economy.

Postulate - an indisputable truth that does not require proof.

Use value - usefulness of the good.

Fees - collections of money by the relevant state bodies (when they perform certain functions) in the amounts provided for by the legislation of this country.

Marginal efficiency of capital - the expected value of the rate of return (degree of capital gain) on additional capital, which decreases with each additional unit of capital.

Liquidity preference - the desire of the owner of money to store his capital in the most liquid, mobile form - in the form of cash.

Surplus value - part of the value created by the labor of a worker, which is alienated in favor of the owner of the means of production and spent on public needs.

Surplus working time - the part of the working time that the employee spends in excess of the necessary time spent for himself.

surplus product - part of the total product of the worker's labor, which goes to the owner of the means of production and is spent on social purposes.

Surplus labor - part of the worker's labor in excess of the labor that is necessary for him to maintain his life and working capacity.

Profit - the difference between the amount of money received for the goods and services sold and the total costs of the enterprise for their production and sale on the market.

Preference shares - shares on which the dividend (income) is paid before the payment of dividends on ordinary shares and the owners of which have an advantage in receiving part of the property of the joint-stock company upon its liquidation.

priority - superiority (in discovery, invention, etc.).

roll over - extend the term of the contract, loan, debt obligation, etc.

marginal utility - additional utility that a consumer derives from one additional unit of a good or service.

marginal propensity to consume is the proportion of income growth by which consumption increases.

Marginal efficiency of capital - achievement of the maximum output for each additional unit of fixed capital, at which the increase in production for its last unit no longer exceeds the costs of its acquisition.

marginal product - the increase in output received by any factor of production through the use of an additional unit of this factor.

Proposal - the quantity of goods that sellers are willing to sell to the buyer at a particular price.

Businessman - 1) a person who establishes his own business in the hope of making a profit;

2) a person who organizes and manages an enterprise and assumes the risk of running a profitable business.

Entrepreneurial profit - part of the profit remaining at the disposal of the entrepreneur after paying interest on the capital taken on loan.

Entrepreneurship - managerial and organizational skills necessary for most business leaders in order for the production of goods and services to be profitable.

Presumption - 1) recognition of the fact of legal accuracy until the contrary is proven;

2) an assumption based on probability.

Forecast - prediction, prediction based on certain data.

Forecast - make forecasts.

Design - draw up projects - technical documents (drawings, calculations, layouts) of newly constructed technical means, as well as a plan.

Productivity - the amount of goods and services that workers create in a certain time.

productive goods - means of production.

Productive labor - the type of labor expended in production on the creation of material wealth.

production function - quantitative dependence of output on the use of production factors.

Production capabilities - the largest volume of output that the economy is able to produce with the full use of available resources.

Prole - An employee who does not have the means of production.

Protectionism - an economic policy aimed at protecting the national economy from foreign competition by imposing high duties on goods imported into the country, restricting or completely prohibiting the import of a number of foreign goods, and other similar measures.

Percent - payment for the use of someone's money, as well as income received for granting someone the right to use their own capital.

Interest rate - the ratio of the amount of interest to the amount of loan capital, multiplied by 100.

Work force - 1) a person’s ability to work;

2) employees.

Goods Market Equilibrium - equality of aggregate demand to the value of the expected output of goods at the prevailing price level.

Equilibrium interest rate- the interest rate, which is formed when the demand for loan capital and its supply in the loan capital market are equal.

Equilibrium price - the market price at which the demand for certain goods is equal to the volume of their supply.

Equilibrium amount - equality of volume of demand and volume of supply at the equilibrium price.

Equilibrium level of employment - compliance of the quantity of labor supply in the labor market with the demand of entrepreneurs.

Radicalism - advocacy and application of decisive, radical measures in solving problems of theory and practice.

Radical - 1) radical, basic, effective;

2) decisive, left-wing.

Distribution - determination of the share of production participants in the use of the created product and income.

Rational Expectations - the ability of economic entities to independently predict (foresee) the development of the economy and make the best decisions.

Real interest rate - interest rate in monetary terms, taking into account inflation.

Real gross national product - GNP, expressed in current market prices, adjusted for changes in the price level.

Real income - the amount of goods and services that can be bought with nominal (expressed in money) income.

Remodel - to reorganize, organize in a new way.

Rent - any regularly received income from capital, property or land that does not require entrepreneurial activity from its recipients.

Profitability - profitability, profitability.

Representativeness - representativeness, indicativeness of any observations in statistics.

Retrospective - facing the past, devoted to the consideration of the past.

Реферат - 1) statement of the essence of any issue;

2) public report.

reexport - re-export from the country of goods previously imported from abroad, without their processing.

Risk premium (insurance premium) - payment of an amount of money to an insurance company in exchange for an insurance policy (certificate), under which it will be possible to compensate for losses from unforeseen circumstances.

Usury - providing cash loans at a very high interest rate.

Market - sphere of purchase and sale of goods and services.

Currency market A market where the currency of one country is exchanged for the currency of another country.

Market investment - a kind of loan capital market, where long-term capital investments are sold and bought for a certain percentage.

Certificate Market - a market where certificates are sold and bought - bonds of special government loans and documents indicating large deposits in a bank for a long time.

Balance - the difference between cash receipts and expenditures for a certain period.

Sanction - to assert something with one's authority, to allow, approve, recognize as lawful, correct.

Segregation - the racist policy of separating blacks and other peoples of color from whites.

Syndicalism - a trend in the labor movement, negatively related to any state and political struggle, recognizing the achievement of only economic goals.

Syndicate - a monopoly association of entrepreneurs that takes over the sale of all manufactured goods, depriving enterprises of commercial independence in order to limit competition, increase prices and increase profits.

Synthesis - a method of studying the subject in its integrity, in the unity and interconnection of its parts.

System - 1) a set of economic units, institutions that are united into a single whole;

2) a set of principles that serve as the basis for any doctrine;

3) the form of social structure, for example, the state system.

Participation system - a method of strengthening economic power, in which large owners acquire a controlling stake in the parent joint-stock company, which in turn owns controlling stakes in other companies - subsidiaries, grandchildren, etc., which are therefore subordinate to the parent company.

propensity to consume - such a distribution of the total income of society, in which the population increases the share of income that goes to current consumption.

Mixed economy - an economic system in which elements of public ownership of the means of production are combined with private property, and the state and private entrepreneurs play an important role in organizing the national economy as a whole.

Sovereign - English gold coin of one pound sterling.

Perfect competition - a kind of rivalry in the market of homogeneous products, where there are many sellers and buyers, and not one of them individually can influence market prices and does not have full knowledge of the state of the market.

Board of directors - elected representatives of the joint-stock company.

Total income - the sum of all incomes received by households, entrepreneurs and the state.

Average rate of profit - an equal rate of profit on equal capitals, which is formed in conditions of free competition.

Means of labor - part of the material factors of production, with the help of which material wealth is created.

Stable - stable, not changing.

Payment rate - the amount of remuneration corresponding to the position held and the level of qualifications of employees.

Stagnation - stagnation in production, trade, etc.

Statics - a state of rest or balance.

Statistics - 1) quantitative accounting of mass phenomena;

2) a science that processes and studies quantitative indicators of the development of production and society, their relationships and changes.

Standard - norm, sample, measure, basis.

Status - state, legal status.

Stereotype - pattern, stencil, repeating without change.

Stimulus - an incentive to action, a motivating reason.

The value of money in modern conditions - the amount of goods and services that can be exchanged for a unit of money, the purchasing power of a monetary unit.

Labor cost - the cost of material goods and services that are necessary for the reproduction (restoration) of the labor force.

Strategic - essential, important for achieving common general goals at any stage of development.

Structural unemployment - Unemployment, which is caused by changes in the structure of the national economy, the movement of labor from one area to another.

Subsidy - cash benefit.

Substance - the basis, the essence of something.

substitute - a substitute or a new industrial product that replaces an existing one.

substitution - replacement of one by another, usually similar in properties, according to purpose.

Subject - human.

Sovereignty - supremacy, supreme rights; complete independence from other states in the internal affairs of a given country.

Sovereign - supreme, independent.

Supermarket - a large self-service store, supermarket.

Tautology - a definition that repeats in a different form what was said earlier.

Customs - a government agency that controls the transportation of goods (including luggage and postal items) across state borders and collects customs duties and fees.

Tariffs - 1) a rate system that determines the amount of payment for various services;

2) system of wage rates.

Teleology - the doctrine according to which everything in nature is arranged expediently and any development is the implementation of predetermined goals.

Term - a word or a combination of words that accurately denotes a certain concept used in science, technology, art.

Technology - a set of methods of processing, manufacturing, changing the state, properties, form of raw materials, materials or semi-finished products in the production process.

Technostructure - a layer of highly qualified specialists (scientists, engineering and technical intelligentsia, managers, etc.) who take part in the management of production, in the development and implementation of the economic policy of the state.

Title - the basis of any right.

Trade balance - equality of the value of goods exported from a country to the value of goods imported into a given country.

Trade Deficit - the amount by which the import of goods into the country exceeds their export from the country.

Trading capital - a special type of capital specializing in the purchase and sale of goods.

Totalitarian state - a form of state characterized by complete control by state authorities over all spheres of society, the actual elimination of constitutional rights and freedoms.

Transnational - going beyond the boundaries of one state, international.

Transfer payments - payments by a government or firm to a household of money (or transfers of goods and services) that represent a redistribution of wealth, such as social security benefits, pensions, charity.

Transformation - transformation, transformation.

Trust - a monopolistic association of entrepreneurs, in which the merged enterprises lose their commercial and production independence and are subject to a single management.

Labor theory of value - the theory according to which the value of any commodity is determined by the amount of labor expended on its production.

Truism - well-known, hackneyed truth.

A uniform - uniform.

Unia personal - the union of two wealthy families by marriage between their representatives.

The unemployment rate - the share of the unemployed among the entire labor force.

Service - a useful type of labor that directly satisfies any human need.

Discount rate - 1) the interest rate at which the central bank lends to banks that borrow to cover the deficit of their reserves;

2) the interest rate charged by the bank when recording (purchasing) securities or when providing a loan, the repayment of which is secured by the pledge of these securities.

Founder's profit - the difference between the sum of the prices of shares sold at the rate and their nominal value - the actual capital invested in the joint stock company.

Factors of production - production reserves - capital, human resources, entrepreneurship and natural resources.

Fatalism - belief in the inevitability of fate, predestination, rock.

fatal - fatal, inevitable, inevitable.

The Federal Reserve - US central bank.

Federal Reserve Bank - one of the twelve district banks included in the US Federal Reserve System.

farmer - the owner of an agricultural enterprise, farm.

Фетишизм - blind worship of something.

Fixed exchange rate - fixed price of the currency, set by the state.

Fictitious capital - capital enclosed in securities (stocks, bonds, etc.) and representing not a value, but only the right to receive income.

Philanthropy - charity, helping the needy.

Finance - the totality of all funds at the disposal of the enterprise, the state, as well as the system of their formation, distribution and use.

The company - an economic, industrial, commercial enterprise that enjoys the rights of a legal entity (as an independent subject of civil rights and obligations).

Fiscal - relating to the interests of the state treasury; the use by the state of its rights to impose taxes and spend the funds received.

Franc - the monetary unit of France, Belgium, Switzerland and a number of other countries, equal to 100 centimes.

Freight - payment for the carriage of goods by water.

Frictional unemployment - temporary, permanent unemployment.

Fusion - the merger of two or more joint-stock companies, a form of centralization of capital involved in the production of related products.

Function - act, work.

Money function - their purpose, the main of which is to be a measure of the value of goods.

Pound - a unit of mass in many countries, having a different size - from 317 to 560 grams.

Pound - British currency, equal to 100 pence.

futures deal - a deal on the prospective supply of goods or the future purchase and sale of securities.

Price The value of a good or service expressed in terms of money.

Offer price - the price of the seller, below which he does not want to sell goods.

Production cost - in conditions of free competition, the price equal to the cost of production of a unit of output and the average (total, the same for all enterprises) profit.

Demand price - the price above which buyers will not buy goods of a certain type.

Qualification - 1) periodic census of population, industry, etc.;

2) the conditions for allowing a person to enjoy certain political rights.

Securities - documents (shares, bonds, etc.) that express any property right of the owner and generate a certain income are the subject of purchase and sale on the securities market.

Price discrimination - selling at the same time the same product to different buyers at different prices.

Price competition - the rivalry of entrepreneurs, which is conducted by lowering the prices of goods sold.

Cent - 1) US small change coin equal to 1/100 of a dollar;

2) small change coins of Australia, Canada, the Netherlands and some other countries.

Centralization - 1) concentration of leadership or management in a single center;

2) consolidation of already created capital.

Cyclical unemployment - unemployment that occurs during one of the phases of the economic cycle - a crisis decline in production.

Economic cycle - periodic fluctuations to which the economy undergoes, going through phases of crisis (recession), depression, recovery and recovery (boom).

Check deposit - a deposit in a commercial bank or savings institution, on which a check can be written (a special document containing a written order to a bank or savings institution to issue or transfer a certain amount of money from the current account of the person who signed the account).

net production - the total cost of production minus the cost of the means of production expended.

Pure capitalism - an economic system in which material resources are private property and the state does not interfere in the regulation of a free market economy.

Shilling - 1) an English coin and a British unit of account equal to 12 pence, or 1/20 of a pound sterling;

2) Austrian monetary unit equal to 100 groschen.

Demand Scale - a table that shows the change in the quantity of a product that can be purchased at a given time, depending on the change in the price of the product.

Evolution - the process of change, development.

Selfishness - selfishness, preference for one's own interests over the interests of the public.

Equivalent - something (for example, an object, a quantity) that is equivalent or corresponding in some respect to something, replacing it or serving as its expression.

Exogenous - external origin, caused by external causes.

Eclecticism - lack of unity, integrity, consistency in beliefs; an unprincipled combination of heterogeneous and opposing views.

Econometrics - a scientific discipline that studies the quantitative aspects of economic phenomena and processes by means of mathematics and statistical analysis.

Economics - a modern trend in economics, which studies mainly applied economic problems related to the use of scarce economic resources in order to maximize the satisfaction of needs, as well as to ensure equilibrium in the market system.

Economic policy - a course of action aimed at improving the regulation of the economy.

Economic growth - an increase in the total volume of production in the country for a certain period.

Economies of scale - reduction of average production costs as the scale of production increases, which causes an increase in profits.

Expansion - expansion of spheres of influence in the economy and other spheres of society.

Expert - a specialist in any field who conducts research on a certain issue, after which he presents a reasonable conclusion.

Exploitation - appropriation of the products of other people's labor without compensation for these values.

Export - 1) export of goods ofcountries for the purpose of their sale or use in other countries;

2) export of capital - placing it abroad.

Expropriation - forced alienation of something.

Extreme - extreme, extreme.

Demand elasticity - a measure of the willingness of buyers to purchase a given product or service; the change in quantity demanded (as a percentage) relative to the percentage change in the price of the good.

Emigrate - to move from one's homeland to some foreign country.

Emission - issue of securities, bank notes, money.

Empirical - based on experience.

Endogenous - explained by internal causes; arising from internal causes.

Essay - Essay (scientific, historical, journalistic).

Effect - the result, a consequence of something, the action of some cause, force.

Production efficiency - the ratio of the final result of production to the costs of labor and means of production to obtain it.

Effective Demand - a volume of aggregate demand that leads to an increase in employment, an increase in incomes of the population and an increase in profits.

Effect of scale Same as economies of scale.

Legal monopoly - the exclusive right to produce and sell certain goods, based on the use of patents and other legal documents.

Yard - English measure of length, equal to 0,9144 meters.

Notes

1. Questionnaires are filled out in the following cases:

a) the borrower applies to the Bank for a credit service for the first time;

b) used the Bank’s credit services, but did not fill out the form; c) more than 9 months have passed since the date of filling out the previous questionnaire.

2. All listed documents are submitted:

a) for non-clients of the Bank - notarized copies;

b) for clients - copies certified by the head of the enterprise indicating the date of certification.

3. It is submitted only by non-customers of the Bank, certified by a notary or by the bank in which the current account is opened.

4. All of the above documents are submitted in copies certified by the head of the enterprise.

5. Primary accounting data is provided selectively.

6. Considered as an additional type of security.

7. Copies of balance sheets marked by the tax inspectorate, certified by the signature of the head and the seal of the enterprise, are provided.

8. In the case of a large number of debtors or creditors, the largest amounts are indicated.

9. The documents specified in clauses 16 and 17 are provided if there are foreign citizens (stateless persons) among the persons having the right of the first signature.

10. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

11. Documents are certified in the manner prescribed by the bank.

12. The documents specified in clauses 8 and 9 are provided if the individual entrepreneur is a foreign citizen or stateless person, or there are foreign citizens (stateless persons) among the persons with the right of first signature.

13. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

14. The concept of "arbitrator" includes the concepts: temporary, external and competitive managers.

15. Documents are certified in the manner prescribed by the bank.

16. Documents specified in p.p. 7 and 8 are provided if the founder is a foreign citizen or stateless person.

17. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

18. Documents are certified in the manner prescribed by the bank.

19. A copy of the permission of the national (central) bank of a foreign state is required to open an account for non-residents from Belarus, Vietnam, Georgia, Kazakhstan, Lithuania, Moldova, Tajikistan, Turkmenistan, Uzbekistan, Ukraine. For non-residents from other countries, additional approval is required from the Legal Support Directorate (if there is a lawyer in the additional office, branch - with the lawyer of the additional office (branch) on the issue of granting such permission.

20. Documents are certified in the manner prescribed by the bank.

21. Documents referred to in paragraphs. 12 and 13 are submitted if there are foreign citizens (stateless persons) among the persons with the right of first signature.

22. If an international agreement provides for a visa-free regime, then the Client may not have a document confirming the right of a foreign citizen (stateless person) to reside (stay) in the Russian Federation.

Author: Shevchuk D.A.

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