Business conditions in Belarus are favorable for foreign investors who want to ensure the competitiveness of products (works, services) in both foreign and domestic markets, aimed at creating a stable infrastructure for international activities, and at the same time to have guarantees of their rights and protection of investments.
The field of information technologies in the economy plays a leading role, great attention is paid to the development of software, new and high technologies aimed at export, attracting investment in this field. Thus, special attention is paid to the development of such fields as nanoelectronics; radio navigation, cryptographic protection of information, unmanned vehicle control, contactless technologies for cashless payments, creation, training of neural networks, biotechnology, space technologies, Internet of things, activity in the field of cryptocurrency; eSport.
According to the Doing Business 2019 report the Republic of Belarus ranked 37th. Here we will try to give you our idea and opinion why Belarus is good place to start your business.
Easy, quick and cheap start:
• Setting up of a company in Belarus can be done within 1 (one) day only.
• There are no limitations to be an owner of a Belarusian company: foreign citizens and foreign entities have the same rights as Belarusian citizens and Belarusian companies.
• State fee for the registration of company is very small (around USD 12).
• Support for start-up companies (HTP incubator).
Clear taxation system:
• You can choose the taxation system by yourself within 20 (twenty) working days from the date of company incorporation.
• Tax reporting period is 3 (three) months.
• Agreements on avoidance of double taxation with more than 60 (sixty) countries.
• Special tax regimes: High-Tech Park (HTP), Free Economic Zones (FEZ), China-Belarus Industrial Park (CBIP).
• Tax benefits are provided in doing business in rural areas, in carrying out activities in the over-the-counter Forex market.
• Special tax regime – a simplified system for individual entrepreneurs and small businesses.
• Single tax on individual entrepreneurs and other individuals; single tax for agricultural producers.
• Continuous improvement of the tax system in the direction of reducing the tax burden on business.
• Involvement of the business community in the elaboration of proposals to improve tax legislation.
• Exemption from import duties of the special regime zones residents.
• Special simplified regime of customs regulation in the EurAsEC.
• Possibility of to be placed under the customs procedure of free customs zone (without payment of customs duties and taxes).
• Possibility of functioning of the stock (free trade) zone.
Intelligent and educated people:
• In Belarus, the number of students among the population at the appropriate age is 91.5%.
• A large number of universities is internationally recognized.
• Great attention is paid to the training of IT personnel (about 15 universities in Belarus).
• More than 120 thousand specialists in the field of IT.
• Belarusian IT-specialists are famous in the world.
• It is developing unique and innovative IT environment on the basis of coworking within the HTP incubator.
Recognition of cryptocurrency and orientation on a digital economy:
• Cryptocurrency circulation is regulated by the legislation.
• Ability to perform cryptocurrencies transactions.
• It is possible to carry out the activity of crypto exchanger, platform operator, organizer of the ICO.
• It is not banking activity.
• Availability of anti-money laundering systems AML, SFT terrorism financing, KYC customer identification.
• Full exemption from cryptocurrency taxation until January 1, 2023.
• Implementation of mining without taxes and special permits.
• Ability to make transactions through smart contracts (HTP).
Equality of state and private companies and people in business:
• Private companies can work almost in all spheres with some small constrains.
• Public-Private Partnership projects are available.
• Independent court system.
• Cheap water, electricity and gas comparing to European counties.
• Average salary level is much less than in the EU countries.
• Petrol and diesel are also cheaper than in the EU countries.
• Preferential procedure for the formation of tariffs for some energy resources in some areas with a special regime (the China-Belarus Industrial Park “Great Stone”).
• Visa-free stay for up to 30 days for the citizens of 80 states.
• Business visas for investors.
• Permanent Residence Permit for investors.
• Unlimited number of stay for investors.
• Possibility to bring foreign employees.
• Simplified procedure for obtaining a residence permit for highly qualified specialists who are in demand in the country.
Transport and logistics:
• Best location for trade business between the EU and CIS.
• Large number of warehouses and logistic companies.
• Good quality and safe roads and highways.
Focus of state policy on attracting investment protection:
• Conducting currency exchange operations in the domestic market without restrictions.
• Action of one stop system to solve the issue by the resident companies of special zones.
• Curtailment the term of procedures.
• Guarantee of investors protection from changes of the legislation in the party unprofitable for them (within the China-Belarus Industrial Park “Great Stone”).
• Large number of free market areas for goods and services.
• Social orientation of state policy.
Belarus is the first country in the world that has legally regulated activity in the field of cryptocurrency. The legal system of the cryptocurrency regulation began to operate in Belarus in March 2018, with the entry into force of the Presidential Decree dated December 2, 2017 No. 8 “On the development of the digital economy”. The legitimacy of the cryptocurrency business, developed infrastructure, focus of the tax system on the formation of the best conditions for investment, one of the world’s best IT communities and other advantages make Belarus very attractive for doing business.