The State Duma passed in the first reading a bill allowing Russians to create personal funds for asset management. For such a fund, a minimum contribution of 100 million rubles is envisaged. The document was published in the Duma electronic database.

The foundation will operate in the form of a unitary non-profit organization. It can be created for a limited period or indefinitely. The founder of the fund will always be the founder, it cannot be changed. All management decisions can also be made only by the founder. Everyone except legal entities can be beneficiaries.

“Taking into account the openness of the Unified State Register of Legal Entities, from which one can obtain information about the state registration of a personal fund at any time, this will protect the interests of the founder’s creditors,” said Pavel Krasheninnikov, one of the authors of the project and head of the Duma Committee on Legislation.