Important information about setting up a business in Belarus
Making it easier to start a company is a priority in improving Belarus’ overall business climate. The most important steps taken in the country in recent years include:
Currently, Belarus is 12th on Starting a Company on the World Bank’s Doing Business 2016 out of 189 economies.
According to Belarusian legislation, businesses can be established by individuals or legal entities.
Foreigners are entitled to start a business in Belarus as long as they abide by the relevant legal requirements.
Residents of the Republic of Belarus and foreign countries enjoy equal rights and opportunities in business by means of establishing legal entities. They have to complete a number of formalities and register with the unified state register of legal entities and self-employed businessmen.
As the first step, foreign individuals and representatives of international companies in Belarus are required by law to provide a copy of their personal identity document, with the notarized translation into the Belarusian or Russian language.
Foreign legal entities also have to provide proof of their status in accordance with the laws of the country of origin (an extract from the trade register or any other document with notarized translation).
In order to register a business entity in Belarus, you have to complete the following steps:
The Minsk City Executive Committee and the oblast administrations are the registering authorities for business entities involving foreign and international organizations.
You can submit the package of documents for state registration to the registering body personally or through the website of the unified state register of legal entities and self-employed businessmen (a digital signature is required).
Tax liabilities vary depending on:
Today Belarus provides preferential regimes, primarily tax respites, in:
In addition, special preferential terms are granted to companies that have signed investment agreements with the Republic of Belarus.
To make sure you understand legal and accounting practices in Belarus, it’s important to seek local professional advice.