The ‘round stamp’ is becoming an outdated concept, and there are ways to replace it with up-to-date identification methods, especially when e-signature is becoming the accepted business norm, states the bill memo.

The bill does not ban the round stamp entirely: it offers an opportunity to forego it in favor of modern ID technologies, according to the memorandum.

The bill authors expect it to cut business costs for round stamps as well as get Russia better marks for Company Registration in Doing Business, the rating used by the Russian government to gauge the effectiveness of business climate improvement efforts.

Project Group №1