Locating your business in Belarus
Your introduction to locating your business in Belarus, from the benefits to the legal requirements
Why locate your business in Belarus?
Foreign investment and trade with Belarus has risen 13-fold and 4-fold respectively since 2002, and there are now more than 4000 joint venture and foreign enterprises in Belarus.
Currently the main trading partners are:
• Russia
• Netherlands
• Germany
• China
• Poland
• Venezuela
• The UK
• Latvia
• Italy
There are many reasons for such an increase in the number of international companies in Belarus. The main attractions are:
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Geographical location
Belarus, on the eastern border of Europe, is strategically well positioned as a major trading route between Europe and the CIS.
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Economic stability
In turbulent economic times, the Belarus economy has been less affected than those which rely on global markets. Market analysts predict a robust growth for the economy of Belarus.
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Favourable investment climate
Measures to encourage business include Free Economic Zones, a High Technology Centre and special tax incentives for businesses operating in rural areas or small towns.
Investment regulations have improved considerably in recent years too. Belarus has also been named in the top 10 for regulatory reform in the World Bank and IFC report Doing Business 2009
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Highly skilled workforce
Almost 50% of workers in Belarus have a higher education
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Industrially developed economy
Currently around a third of the Belarus GDP comes from the industrial sector.
What issues do you need to consider before setting up business in Belarus?
As with any new market, it’s vital to do your research before embarking on any business venture in Belarus. As well as researching your market sector you should also find out about:
Where can you get further help and advice?
The Belarusian government is committed to attracting direct foreign investment and promoting international trade. Several bodies and ministries are available to provide help and assistance to foreign investors.
A number of international law and accountancy firms have offices in Belarus. There are also several commercial organisations in Belarus that specialise in helping foreign companies enter the market.
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