Businessman Seyfeddin Rustamov is main beneficial owner of chemical company ‘Metafrax’

Published on: 06 December 2017 Last Updated on: 22 February 2020

The Russian newspaper ‘Kommersant’ recently announced that the 55-year-old businessman Seyfedding Rustamov is the main beneficial owner of Metafrax, one of the largest chemical companies in Russia and Europe. Rustamov, born in Azerbaijan, is now a resident of the US, together with his wife and three children. Since the year 2000, he has been actively involved in the chemical industry. He is the manager of the Russian company MetaHolding, which holds this year 94% of Metafrax’ assets. This makes Rustamov the main shareholder of Metafrax.

Metafrax is with multiple companies in both Russia and Europe the largest producer of methanol, formaldehyde and synthetic resins in Russia and Europe. The headquarters of the company are in Gubahka, Perm Region Russia. Seyfeddin Rustamov already became the beneficiary of the chemical plant at the headquarters in Gubahka in 2014. This was made public during a presentation on a large-scale project at Metafrax, which has an estimated cost of around 800 million euros.

This large-scale project is the development of an ammonia, urea and melamine plant construction. Right now, the company is still in discussion with banks about the financing of this project. Metafrax has an annual revenue of over 660 million USD (5 billion rubles). Every year, the company receives around 80 million USD from investments. The products of the chemical company are shipped to as much as 50 countries worldwide.

The company used to keep its beneficiaries secret from the public. The main shareholders would be represented by the chairman of the board of directors, Armen Garslyan. The company has now presented information on its main beneficial owner to the public, because of changes in legislation. Changing requirements of Russian and international compliance laws now made it necessary for the company to reveal this information. A domain with the name of Seyfeddin Rustamov was registered on ‘Go Daddy’, one of the biggest registrar of domain names, on the 18th of September, 2017.

Before MetaHolding became the biggest shareholder of Metafrax, the Cypriot company ‘Lipanet Ltd’ was the main major shareholder of the company. Other shareholders were ‘JSC Sibur’ and the Panama-registered ‘Mirvac’. Armen Garslyan told the Kommersant that Seyfeddin Rustamov, as the main beneficial owner of Metafrax, is involved in the global decision-making process of the company. He called Rustamov a ‘vigorous leader, who knows what we are doing, what our targets are and who accompanies us on our way towards them’.

Rustamov is besides chemistry, also taking part in philanthropic activities. He and his family support a number of non-profit foundations in the areas of health preservation, cancer control, and transplantology. The foundations Mr. Rustamov and his wife are involved in including the St. Baldrick’s Foundation, the Inova Health System Foundation and the Susan G Komen Breast Cancer Foundation. Besides charities that have to do with health, they also contribute to charity sports events, the National Museum of Women in the Arts and the John F. Kennedy Center for the Performing Arts in Washington.

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6 Steps to Starting a Business in Michigan

You’re finally ready to take that plunge, and the great state of Michigan is an ideal place to open a new business. Whether you’re setting up a shop in a quaint small town like Frankenmuth or a thriving metropolis like Detroit, you should take some critical steps to give your business the best chance of success. Every business is different, and no business owner will have the same path to opening day. However, there are a few critical steps that every new enterprise must take to cover their bases and protect their investment, including: 1. Finalize a Concept: Before you invest in opening a business, you need to know your concept, goal, and customer base. This includes how you’ll market yourself, how you’ll distribute your product and provide your services, and how you plan to grow and build on your success. Before you open your doors, know your industry and your place in the market and address all important considerations to ensure you don’t have to course-correct. Having a solid business plan can save you a lot of money, especially when developing your branding and dealing with third parties to design your logos and advertising. 2. Register Your Business: Before you can legally open your doors, you need everything to be in order with the government—both federally and locally. You must pay taxes, so make sure to get online IRS EIN Tax ID. You must pay taxes, so make sure you file with the IRS for a Federal Employee Identification Number. This helps formally identify a business in the eyes of the law. Michigan has one of the more detailed and structured business registration laws in the U.S., so make sure you apply for any necessary licenses and permits before you open your doors. This could avoid costly fines and shutdowns later. It’s common for many businesses to need multiple permits, with specific commercial and industrial activities warranting independent certification. 3. Open a Bank Account: You may have a personal bank account, but this isn't the account you want to run your business out of. A business should have an independent bank account for several reasons, including greater liability protection for your personal assets and purchase protection for your customers. It also comes in handy during tax season when you need to identify business expenses. Business accounts can accept credit card payments more efficiently and allow more opportunities for funding. Setting up a business account with a bank will give you access to a line of credit that can be useful if unexpected costs crop up or you need to make a significant up-front investment to get your business started. 4. Obtain Proper Insurance: This is possibly the most critical step in setting your business up for success. Even if you do everything right, an unexpected disaster could put your business in a tight spot, and insurance gives you a safety net. You should look into property insurance and insurance on any valuable asset you have in the business. However, there’s one type of insurance that’s not only essential—it’s mandatory. Michigan workers' compensation laws require any business with three or more full-time employees or with one or more people for at least 35 hours a week to have workers' compensation insurance. This insurance covers costs if an employee gets injured in the course of the job. This protects the employee and covers you as, in most cases, an employee gives up the right to sue when accepting workers' compensation funds. 5. Hire a Strong Team: A business is only as good as its employees. While many small businesses start with a shoestring team of their owner and maybe their family or some close friends, hiring your first batch of employees is a critical step. You should be able to trust these people with the fate of your business, so make sure to interview and vet each new hire carefully. Ideal characteristics to look for include the ability to think on their feet, a history of commitment, and good people skills. Not every prospective employee has the experience you need for your business, so it's ideal to have specific skills training plans. This also ensures everyone is on the same page when they first start. 6. Spread the News: You’re almost ready to launch, but a business is only off to a good start when people know about it. This is especially important for a startup, and it’s better to spend smart on marketing than to spend big. This means knowing your customer base and knowing how to appeal to them. Targeted advertising, both online and brick-and-mortar, is more effective than mass advertising. Even if you’re operating on a budget, don’t be afraid to start by offering promotions to allow people to sample your product or service for a lower price. This can be a great way to build long-lasting loyalty once they get a taste. A Good Start Pays Dividends: A business’ success or failure is often determined before they open their doors. These tips will protect your investment and increase your brand awareness. If you cover all your bases, you’ll have the tools you need to secure your spot in the market. Read Also: Start-up Business Management: How to Reduce Risk and Guarantee Success Why Virtual Offices Are The Future Of Business Business Pieces of Advice: Stepping Stones for a Startup Owner

How Restaurant Space Landlords Can Be Successful

If you have a rental company and specialize in restaurant space, you should know there are certain pitfalls you’ll want to avoid. You can also take specific steps to ensure you have the best success opportunity. There is an art to setting up a rental space and coming up with a contract that your tenant will love. We’ll take a few moments to break down your best moves if you want to get tenants for each of your properties that will stay with you year after year. Figure Out Which Restaurants Tenants Stay with You Longest The first rule of restaurant property development is to figure out what works in a particular locale. For instance, you’ll want to think about: What other cuisines have worked in your city Whether there will be any call for that food type in the space you have available This step will require research. Look at your neighborhood and see which cuisines and restaurant types have found prior success. If what the tenant is proposing to you sounds like too much of a departure from what has worked previously, you might give the space to a more promising candidate. Offer a Lower Rate for the First 3-5 Years When a restaurant first starts out will be the most challenging time for them. That’s because: No one knows about them yet They might not have the money for an aggressive marketing campaign You should keep this in mind when you talk to a potential candidate. You might offer them a multiple-year contract, but you can tell them you’ll keep the rate lower for the first 3-5 years. After that, if they catch on, they should have no problem paying more. After five years, a restaurant will either be a neighborhood fixture, or it will fold, and the owner will try their luck elsewhere. Consider Whether the Property is Liquor License-Ready Most restaurants want to serve alcohol because if people order it, it drives up their bills. Dining establishments can also mark up alcohol prices considerably, and people seldom have any problem paying for it. However, getting a liquor license can sometimes be tricky. If you know for a fact that you have a rental property that is liquor license-ready, that will appeal to many potential restaurant candidates. They will be fighting with each other to get that space if they know there’s a license waiting for them. Look into Laundry and Other Nearby Services A restaurant owner or operator will also probably look favorably on a space that has additional amenities nearby or onsite. For instance, if laundry services are in the same building or right next door, they can wash their employee uniforms there. The owner or operator might also look for things like on-site employee parking. They might look for public transportation that drops their employees off right in front of the property. They may like it if the space is right by an expressway for their employees who drive to work. At the same time, if there are diverse properties nearby, that will work in their favor. For instance, if there are office buildings or similar establishments across the street, the workers will probably come over frequently for meals. Provide Restaurant Exclusivity You might also have a restaurant space that’s part of a larger property. If so, you’ll know your restaurant tenant will have to share the space with other entities. They should have no problems with that, except if you let other restaurants move in. It’s not helpful if they have to compete with other food-preparing establishments in the same building. You can promise them exclusivity. You can agree in writing that as long as they are in that space, you will not allow any other restaurants to move in. That should make the owner happy. Consider Lease Flexibility Options You can also make the tough financial market into account. With the pandemic wreaking havoc on the restaurant industry over the past year, you might have some potential tenants who are leery about moving in and committing to a multiple-year lease. You can put language in the contract stipulating that you will not evict them if they can’t pay the rent for one month, or even two, provided they pay within a designated period after that. You can’t let it go forever, but a restaurant owner will like to know that if their sales tank for a few weeks, you will not immediately change the locks on them. Read Also: Online Ordering Systems Setting the Trend for Restaurants 3 Best Seafood Restaurants in Patchogue, New York The Best Restaurants To Visit In Newark NJ 7 Restaurants You Must Experience in Melbourne 6 Tips to Maximize Refrigerator Use in Your Restaurant

How to Set Up Business in the DMCC Free Zone?

Do you want to start a business abroad? What about going to Dubai? If so, the DMCC Free Zone is a great place to do it! The DMCC Free Zone offers businesses several benefits, including tax exemptions and 100% foreign ownership. In this blog post, we will discuss the process of setting up a business in the DMCC Free Zone. We will also provide some tips that can assist with starting a business here. If you are interested in getting additional information on DMCC free zone, check out 5 Things To Know Before Setting Up Business in DMCC Free Zone. What is DMCC Free Zone? The DMCC Free Zone is a special economic zone in Dubai that offers businesses several benefits, including tax exemptions and 100% foreign ownership. The DMCC Free Zone is located in the Jumeirah Lakes Towers (JLT) district of Dubai. Businesses in the DMCC Free Zone can enjoy preferential rates on office space, utilities, and other business-related costs. The DMCC Free Zone is a great place to start a business in Dubai because it offers some benefits, including: Tax Exemptions: businesses in the DMCC Free Zone are exempt from corporate and income taxes. 100% Foreign Ownership: businesses in the DMCC Free Zone can be 100% foreign-owned. Preferential Rates on Office Space: businesses in the DMCC Free Zone can enjoy preferential rates on office space, utilities, and other business-related costs. To set up your business in the DMCC Free Zone, you will need to follow these steps: Step One: Choose a Business Activity The first step in setting up your business in the DMCC Free Zone is to choose a business activity. There are over 100 different activities that you can choose from, so be sure to select one that is relevant to your business. Once you have chosen an activity, you will need to obtain a license from the DMCC Free Zone Authority. Step Two: Obtain a License The second step in setting up your business in the DMCC Free Zone is to obtain a license from the DMCC Free Zone Authority. To do this, you will need to submit an application form and pay the required fees. Once your application has been approved, you will be issued a license. Step Three: Register Your Company The third step in setting up your business in the DMCC Free Zone is to register your company with the Dubai Companies Registry. To do this, you will need to submit an application form and pay the required fees. Once your application has been approved, you will be issued a certificate of incorporation. Step Four: Open a Bank Account The fourth step in setting up your business in the DMCC Free Zone is to open a bank account. To do this, you will need to submit an application form and provide the required documents. Once your application has been approved, you will be issued a bank account. You can read this SmallBusinessHQ guide on bank account to know the detail. Step Five: Obtain a Visa The fifth and final step in setting up your business in the DMCC Free Zone is to obtain a visa. To do this, you will need to submit an application form and pay the required fees. Once your application has been approved, you will be issued a visa. Hiring Employees in DMCC Zone? If you are planning to set up your business in DMCC Free Zone, it is important to note that businesses are required to hire at least one Emirati national. To do this, you will need to submit an application form and pay the required fees. Once your application has been approved, you will be issued a work permit. This is just a brief overview of the process of setting up a business in the DMCC Free Zone. For more information, be sure to check out the DMCC website or contact a professional service provider. DMCC Ensures Safety of Investors and Businesses The DMCC is committed to providing a safe and secure environment for businesses and investors. To this end, the DMCC has put in place some measures, including: A 24/hour security force A state-of-the-art surveillance system A dedicated firefighting team CCTV cameras throughout the DMCC free zone A dedicated customer service team These measures ensure that businesses and investors can operate in the DMCC Free Zone without fear of crime or violence. The DMCC is also committed to providing a high standard of living for its residents. To this end, the DMCC has put in place many facilities and amenities, including: A world-class healthcare system A variety of educational institution A wide array of different leisure and recreational facilities A state-of-the-art transportation system World-class hotels and restaurants. In Conclusion If you're thinking about starting a business in Dubai, the DMCC Free Zone is a great option. With its many benefits, including tax exemptions and 100% foreign ownership, the DMCC Free Zone is a great place to start your business. Be sure to follow the steps outlined in this blog post to ensure that you set up your business correctly. Read Also: Creative Pop-Up Event Ideas for Your Business Insurance Business: What Startups Need To Know Startup Business Management: How to Effectively Incorporate Use of SEO The Ultimate Guide To Guest Posting: Scale Your Business In 2022

Businessman Seyfeddin Rustamov is main beneficial owner of chemical company ‘Metafrax’

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Businessman Seyfeddin Rustamov is main beneficial owner of chemical company ‘Metafrax’

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Top 5 Types of Startup Business Loans

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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