invest atlas

Investment climate. Attraction of foreign investments

On November 12, 2015 there was adopted a new version of Decree No. 10 - Decree No. 8, which entered into force on May 12, 2016. This edition contains a number of important innovations for investors, from which it can be noted:

  • the obligation of the investor to notify the state in writing about the reorganization, change of the owner or the composition of the investor's participants not less than two months before their implementation and the right of the state to object to these changes and to unilaterally withdraw the contract;
  • the right to complete the construction begun after the termination of the investment agreement without an investment contract and benefits (with the provision of a land plot without an auction and making land payments);
  • granting, without auction, not only the right to lease, but also the right to own land plots;
  • the right to installment or the cancellation of penalties and the cancellation of compensation by the investor of benefits and preferences.

The Decree of the President of the Republic of Belarus of November 23. 11. 2017 No. 7 "On the Development of Entrepreneurship" is aimed at improving business and the investment climate in the country.

The Decree established the following innovations aimed at liberalization and simplification of entrepreneurial activity:

It established a list of economic activities for which a notification principle is introduced.

It introduced a moratorium on raising and introducing new taxes, fees (duties) until 2020.

It cancelled the coordination with the executive committees of the mode of operation of commercial facilities, public catering facilities and consumer services, outdoor advertising and transport advertising.

It is allowed to use some types of premises not for the original purpose, repair in leased premises, including without permission from the executive committee.

Do not apply the requirements established by the legislation on the procurement of goods (works, services) during construction without attracting funds from the republican or local budgets.

It is allowed to develop pre-project (pre-investment) documentation without a certificate of compliance for this type of activity.

Upon acceptance into operation of the facility it is allowed to receive the conclusions of state bodies solely for compliance with the specified objects of permits and other documentation.

Business entities have the right to independently determine the validity period of the technical conditions developed by them (changes in them) for products (work, services) when developing technical conditions for products (work, services); do not agree these technical conditions (changes in them) with the government bodies.

The list of cases of compulsory sanitary and hygienic (excluded for the construction of social, industrial, transport, engineering infrastructure) and environmental expertise has been reduced.

The number of fire safety requirements has been reduced by more than 12 times.

There has been introduced a five-year statutory limitation period for the payment of taxes, fees (duties) and other mandatory payments to the budget.

A number of innovations envisaged by Decree of the President of the Republic of Belarus No. 8 "Development of the Digital Economy" of December 21, 2017 significantly expand the business opportunities in the IT sphere, including:

  • simplification of the procedure for hiring qualified foreign specialists;
  • new activities of the residents of the High Technology Park: development of biotechnologies, medical, aviation and space technologies, e-sports;
  • creating a legal framework for the circulation of digital currencies and tokens based on blocking technology;
  • legalization of smart contracts;
  • introduction of individual English law institutions for residents of the High Technology Park (convertible loan, option and option agreement, agreement on non-competition and prohibition of luring, compensation for property losses);
  • simplification of the regime of currency transactions for residents of the High Technology Park.