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1. Summary

A major church in South Korea (“Client”) has requested a review of local laws and bylaws regarding the legal issues surrounding the acquisition of real estate in Russia by a public benefit corporation established in Russia (“RusCo”), and the disposal of the RusCo’s assets.

2. Our Role

Our involvement focused on reviewing 1) the bylaws of the RusCo, 2) the Russian Civil Code, 3) the Federal Law on Non-Profit Organizations (Федеральный закон “О некоммерческих организациях”), and 4) the Federal Law on Public Associations (Федеральный закон “Об общественных объединениях”). Based on this review, we provided legal advice on whether a public benefit corporation established in Russia by a foreign entity can acquire real estate in Russia and whether there are any restrictions in its acquisition. Furthermore, we analyzed the corporate governance structure of the RusCo’s decision-making procedures and requirements of each of the RusCo’s corporate bodies, and drafted memorandum with regard to specific questions raised by the Client.

3. Significance

This case allowed us to review and advise on Russian law concerning the frequently asked questions by many Korean investors, such as ‘Can a foreign individual or entity acquire real estate in Russia, and what are the respective procedures?’ In particular, this advisory work was completed at a reasonable price in accordance with the Client’s expectation.