Foreign investors who want to start a business in a country with an emerging economy can choose Belarus, one of the East European countries which have become a very appealing destination thanks to its proximity to other developed economies like Poland, Lithuania and Latvia, not to mention the border with Russia.
Belarus is an open country when it comes to foreign investments, the legislation allowing investors from all over the world to benefit from a stable market. At the moment, manufacturing is the most important and best-performing industries in Belarus. Another strength of Belarus is its workforce, which is highly educated and skilled.
Today the procedure for setting up a company in the Republic of Belarus has been simplified a lot. For example, Decree No.1 is the only law, responsible for the process of creating a new company. This law describes all the procedures, documentation and all other requirements to run a company in the Republic of Belarus.
Before starting your business, you should know that there are a lot of types of companies in the Republic of Belarus and it depends on you and your personal choice what type of company to open. If you’re not sure what type of company is right for you, please turn to reliable internet sources or hire a law consultant.
Both local and foreign investors will benefit from the same advantages and requirements upon company registration in Belarus. The first step to comply with is to choose the business form for conducting the activity, followed by its registration under the conditions imposed by the Commercial Code.
In order to open a company in Belarus, one must determine the shareholding structure, appoint a company director, have a local registered address and obtain the necessary licenses and permits to start its operations. An appropriate trade name must be chosen for the Belarus company.
Let’s look through the most popular types of companies nowadays:
1) Closed Joint Stock Company (CJSC);
2) Unitary Enterprise (UE);
3) Limited Liability Company (LLC);
4) Open Joint Stock Company (OJSC or Public company);
5) Additional Liability Company (ALC).
The most popular form of company formation in Belarus is Limited Liability Company (more than 90% of people have such company type).
Before starting your company in Belarus there are 3 major things you have to do:
Choose and confirm a unique company’s name. You should remember that there are some rules to do it. If the name of your company is approved in the Companies House, you will get a special paper (Approval) about it.
Each company registered in Belarus should have its own unique name. There are some rules and requirements about the name of the future company:
- Each company should have a full name and short name both in Russian and Belarusian languages;
- It should not contain the official names of countries;
- It should not contain the following words: “best”, “only” and some other words;
- It should not contain the names of famous people.
The approval procedure of a company name should be done before applying for the company incorporation procedure. It should be done in the Companies House. If the name of your company is approved the abovementioned office will issue a special paper (Approval) about it. The name of the company can be agreed by its founder or his representative under a power of attorney.
Create a document that regulates the relations inside the company. Usually, it is the Charter of the company. Please, do the Charter in detail, because in case of any conflicts or troubles inside your firm, only the lawyers or court will help you to solve them.
The Charter of the company is signed by all founders or their representatives.
If you decided to set up a company in Belarus – you can do it in 2 (two) ways:
- You can come to Belarus personally and open a company in Belarus together with a lawyer here;
- You can do it remotely: in this case, you will need to draw up a power of attorney for the Belarusian attorney-in-fact and notarize a passport copy. These 2 documents should be apostilled (or legalized in another way).Bring all the documents to the registration authority for the submission. On the day of document submission, the company is registered.
Usually, a professional lawyer needs between 2 (two) and 4 (four) working days to open a company for the client in our country. When it takes longer that means some documents should be notarized or translated.
After the firm is finally opened, you should book a seal of a registered company. When the seal is ready you should go to the bank and open a bank account. Usually, it takes a maximum of 1 day.