Registration of a company in Belarus
The Republic of Belarus is situated in the heart of Europe, so its transport routes connect the CIS countries with the lands of Western Europe. Belarus has common border with Lithuania, Poland, Latvia, Russia, and Ukraine. The capital of the republic is Minsk.
Being unitary republic, Belarus is controlled by the president.
The population of Belarus is about 9.4 million people.
The relief is predominantly plain. Agricultural lands occupy significant areas of the country. The main factors influencing the development of agriculture are temperate continental climate and presence of an extensive system of waterways. A large number of wetlands provides an important kind of fuel in Belarus that is peat.
Warm summers and mild winters are typical for Belarus. The warmest areas of the country are southern and south-western territories.
Forms of doing business in Belarus
Everybody predominantly seeks to register company in Belarus or business in Belarus in one of the following forms:
- Limited Liability Company, LLC.
Legislative framework is the Belarusian law "On Business Associations".
Such company must have not less than two and not more than fifty shareholders. In the case when a company in Belarus has one founder, he can create a private unitary enterprise (PUE).
For LLC there is no standard amount of the authorized capital, but the term of its contribution is not more than a year.
- Limited liability company (joint or foreign).
If authorized capital of the company in Belarus exceeds $ 20,000, it is possible to register FLLC. The authorized fund of the joint venture comprise share of foreign investors and shares of legal entities / natural persons of the Republic of Belarus.
Commercial organization with foreign investments should have 100 percent financing from the investor. It is important that authorized capital must be formed for at least half during the first year from the date of registration. Thus, each of the founders contributes half of its share, and in full - within two years from the date of state registration.
- Joint Stock Company, JSC and CJSC.
The minimum share capital for CJSC is approximately 870 €, for JSC is 3,500 €. Registration of shares is needed.
- Representative office (you can choose either commercial or non-commercial forms).
Accreditation period constitutes 5 years, and it can be extended. Registration of representation takes at least one month.
Registration of company in Belarus: the main provisions.
In order to register business in Belarus it is necessary to have a unique name of the legal entity. In case of using the name in foreign languages, it is necessary to be transliterated. Only firms in the capital of which there are share of state-owned assets can use the words“Minsk” and “Belarus”in their names.
In accordance with the Belarusian legislation, legal address of the company is the location of the Director General, of the Directorate, that is - of the permanent body.
Entrepreneurs use two forms of registration of legal address:
- Virtual office;
- Standard legal address.
Resident of Belarus and foreign person can act as Director General. In this case the foreigner should receive formal request from the company to obtain appropriate licenses and attract labor force from other state (except for the Kazakhs and the Russians).
Participation of shareholders during company registration.
Founders are not required to be present in person, the registration of company in Belarus can be performed per power of attorney.
Account of registered company can be opened in Russian rubles, Belarusian rubles, euros, and dollars. The procedure is executed by the local banks of Belarus.
Bookkeeping in Belarus
After completing the registration procedure and obtaining original documents, important step is submission of primary reporting (tax and statistical).
In the case of failure in submission of even a single quarterly report, even zero report, the company is subject to fine of $ 120.
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