Your introduction to locating your business in Belarus, from the benefits to the legal requirements
Belarus ranks 37th among 190 countries in World Bank’s Doing Business 2017.
Since 2006, Belarus has jumped from the 120th position in the World Bank's Doing Business ranking to occupy the 57th place thanks to the measures it takes to improve the taxation system, simplify the procedure for registering property and companies, and others. Moreover, it has become one of the leaders across a number of indicators.
Today Belarus continues working to get into the top 30 countries in terms of the ease of doing business by 2020. It directs efforts at improving administrative procedures, taxation, pricing, licensing, preferential regimes for investors and protection of their rights…
In 2016, foreign investors injected $8.6 billion into Belarus’ real economy (except for banks). The country’s primary investors include companies of Russia, the United Kingdom, Cyprus, the Netherlands, Austria, and China.
Currently the main trading partners are:
There are many reasons for such an increase in the number of international companies in Belarus. The main attractions are:
Belarus, on the eastern border of Europe, is strategically well positioned as a major trading route between Europe and the CIS.
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.
Measures to encourage business include Free Economic Zones, the High Technology Park, the Chinese-Belarusian Industrial Park Great Stone, and special tax incentives for businesses operating in rural areas or small towns.
The law of the Republic of Belarus "On Investments" that came into force on 24 January 2014 provides for foreign investment protection and non-interference with private matters of investors. Besides, it grants profit allocation guarantees.
The rights of investors and investment protection are also guaranteed by a number of international agreements that Belarus is a signatory to.
Over the recent years Belarus has kept leading positions on the number of reforms introduced to improve the doing business climate in the country. Thus, according to the World Bank Group data, Belarus has implemented 32 reforms since 2006. Belarus is recognized as one of the global reformers and ranks fourth among 189 countries on the number of reforms introduced over the past 10 years.
Almost 50% of workers in Belarus have a higher education.
Currently around a third of the Belarus GDP comes from the industrial sector.
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:
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.