Firm establishment in Belarus
Today Belarus is an attractive country for foreign investors and there are many good reasons to consider Belarus as a new market for your business. Thanks to its good location in the center of Europe, powerful economic potential and attractive conditions for doing business, these and many other reasons, foreigners are happy to start a business in Belarus
Setting up a company in Belarus is not hard; below we present the steps to establish one.
First steps in setting up a business in Belarus
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).
Legal requirements to setting up a company in Belarus
In order to register a business entity in Belarus, you have to complete the following steps:
· Choose the organizational-legal form of a business entity (unitary enterprise, limited liability company, additional liability company, public joint-stock company, private joint-stock company, etc.);
· Get the name of the future company approved by the registering body (this is done as part of the electronic registration process if you opt for electronic registration);
· Find a premise (legal address);
· Set up management bodies and adopt the statutory documents;
· Pay a registration fee (the fee is forfeited if you submit digital documents via the unified state register of legal entities and self-employed businessman);
· Submit documents to the registering body and pass state registration;
· Have a business seal made;
· Formalize employment relationships with business executives (including the chief accountant);
· Public joint-stock companies and private joint-stock companies will have to issue shares;
Also you have to follow the Company Formation Requirements such as:
· Certificate of Incorporation;
· Company feasibility report;
· Memorandum and Article of Association;
· Legal registered address;
· Directors’ and Shareholders’ register;
· Share certificate;
· Notarized passport copies;
· Tax identification number;
· Specimen signatures;
· A minimum number of one shareholder and director;
Benefits of company formation in Belarus
· No foreign currency control;
· No minimum share capital requirement;
· Double taxation treaties signed with 65 countries;
· Favorable tax regime and free economic zones;
· Developed infrastructural regimes;
· Strategic privatization options.
As Koluman Law, we can provide full service for establishing your firm in Minsk. For more info and assistance, please feel free to contact us Koluman Law (Minsk), we would be happy to help you.