Belarus Company Formation
Belarus Company Formation
- A landlocked country in Eastern Europe. One of the fastest growing markets in the world.
- Time of Belarus company formation takes 8 days.
- Personal presence is required.
- Popular company type:
- Private Limited Liability Company
- Private Limited Liability Company
FAQ on Taxes in Belarus
What is the Corporation Tax rate in Belarus?
The standard Corporation Tax rate in Belarus is 18%. However, small businesses and certain sectors may be eligible for reduced rates, such as 5% for activities in innovative projects or 0% for qualifying residents of the Hi-Tech Park.
How is Dividends Tax applied in Belarus? Dividends paid to residents are generally subject to a withholding tax of 13%. For non-residents, the tax rate can be 15%, although this may be reduced under international tax treaties.
What is the Income Tax rate for individuals in Belarus? The flat Income Tax rate for individual residents is 13%. Certain categories, such as self-employed individuals and those with income from abroad, may be subject to different rates or special tax regimes.
What is the VAT Tax rate in Belarus? The standard VAT rate in Belarus is 20%. However, a reduced rate of 10% applies to specific goods, such as foodstuffs and children’s products. Certain services may also be exempt from VAT.
Are there any other significant taxes in Belarus? Yes, besides the aforementioned taxes, Belarus has several other taxes, including property tax, land tax, and environmental tax. Each of these has specific regulations and rates, so it’s crucial for individuals and businesses to consult local legislation or a tax professional for detailed information.
About Belarus
Country: Belarus
Capital: Minsk
Continent: Eastern Europe
Language: Russian
Currency: Belarusian ruble (BYN)
Time Zones: GMT +2
Dial Code: +375
Abbreviations: BY
What we can do for your Company in Belarus
- We do all paperwork on forming the company in Belarus
- Formation is completely remote
- Can act as Secretary or Treasury
- Provide nominee Directors/Shareholders
- Assist with opening a bank account
- Registration for Taxes, VAT & EORI
- Develop a website for your business
- Create a logo of your brand
- Provide with full company administration services
- Arrange a mailing address for your business
- Arrange a virtual office for your company
- Telephone answering service
- Book keeping, audit & reporting
- Preparing and submitting VAT return
- Dealing with local authority
- Trademark registration
Belarus Company Formation. Belarus Limited Liability Company
Main Characteristics and the basic rules of Company registration in Belarus
FAQ: Company Registration in Belarus
What is the process for non-residents to form a company in Belarus?
Non-residents looking to form a company in Belarus must first decide on the type of business entity they wish to establish, such as a limited liability company (LLC). The process typically begins with selecting a unique company name and preparing the necessary documentation, including a business plan, registration application, and proof of identity. These documents must then be submitted to the National Register of Legal Entities. After submission and payment of state duties, it typically takes approximately 5 to 10 days to receive a certificate of registration.
What documentation is required for non-residents to register a business?
To register a business in Belarus, non-residents must provide several essential documents, including a notarized copy of their passport, a completed application form, the company’s charter, and details about the address of the registered office in Belarus. Additionally, a tax identification number might be required. It’s advisable to engage a local legal advisor to ensure all documents are correctly prepared and submitted.
Are there specific legal requirements for foreign investors in Belarus?
Yes, foreign investors in Belarus must adhere to specific legal requirements, including compliance with the country’s laws on foreign investments. Non-residents are required to obtain permission from the Ministry of Economy, depending on the type of business activity they wish to engage in. Furthermore, businesses must adhere to local tax regulations and may also need to register for VAT if their turnover exceeds a certain threshold.
What are the tax implications for a company owned by non-residents in Belarus?
Companies owned by non-residents in Belarus are subject to local taxation laws. The corporate income tax rate is generally 18%, but special zones may offer reduced rates. Non-residents must also consider the implications of any double taxation treaties that Belarus has with their home country, as these can affect their overall tax liability. It is advisable to consult a tax professional familiar with both Belarusian law and international tax regulations.
Can a non-resident open a bank account for their Belarusian company?
Yes, non-residents can open a bank account for their Belarusian company, but they may need to complete additional verification processes. Banks will typically require documentation that includes the company registration certificate, the company’s charter, and identification documents of the company owners. Some banks may also require proof of address in Belarus. It’s essential to compare different banking options to ensure favorable terms and services.
What advantages does Belarus offer for non-resident businesses?
Belarus offers several advantages for non-resident businesses, including a strategic location in Europe and favorable economic conditions. The country features a growing market with various sectors open for investment. The establishment of free economic zones offers tax benefits and reduced regulatory burden, making it an attractive destination for foreign investors. Additionally, Belarus’s commitment to improving its business climate enhances opportunities for successful ventures.
Belarus: A Look at Company Formation for Non-Residents
Belarus might not be the first place that springs to mind when considering international business ventures, but it offers some interesting opportunities for non-residents looking to establish a presence in Eastern Europe. Let’s break down the key aspects:
Why Consider Belarus? (Benefits and Advantages for Non-Residents)
Strategic Location: Belarus sits at the crossroads of Europe and Asia, making it a potential gateway to both markets. It shares borders with Russia, Ukraine, Poland, Lithuania, and Latvia.
Relatively Low Operating Costs: Compared to many Western European countries, Belarus generally offers lower costs for labor, office space, and utilities.
Government Support: The Belarusian government has been actively trying to attract foreign investment through various incentives and special economic zones. These zones often offer tax breaks and simplified regulations.
Access to the Eurasian Economic Union (EAEU): As a member of the EAEU, Belarus provides access to a common market with Russia, Kazakhstan, Armenia, and Kyrgyzstan. This can simplify trade and reduce barriers to entry in these countries.
Developing IT Sector: Belarus has a growing IT sector with a skilled workforce, particularly in software development. The High-Tech Park offers attractive conditions for IT companies.
Types of Companies Available to Non-Residents
Non-residents can generally establish the same types of companies as Belarusian citizens. The most common forms are:
Limited Liability Company (OOO or LLC): This is the most popular choice for small and medium-sized businesses. It offers limited liability, meaning the shareholders are only liable for the debts of the company up to the amount of their investment.
Joint Stock Company (OAO or JSC): Suitable for larger businesses seeking to raise capital through the issuance of shares.
Representative Office: This is not a separate legal entity but an extension of a foreign company. It can conduct market research, promote the parent company’s products, and negotiate contracts, but it cannot engage in direct commercial activities.
Unitary Enterprise: A company owned by a single founder (either an individual or a legal entity).
Requirements for Company Formation
The requirements can vary depending on the specific type of company and the activities it will undertake, but generally include:
-Founders: At least one founder is required. Founders can be individuals or legal entities (companies).
Registered Address: You’ll need a registered address in Belarus for your company. This can be a commercial office space or, in some cases, a residential address.
-Charter Capital: A minimum charter capital (authorized capital) is required. The amount varies depending on the type of company and the industry.
Company Name: You’ll need to choose a unique company name that is not already registered.
-Director: You’ll need to appoint a director to manage the company’s day-to-day operations. The director can be a Belarusian citizen or a foreign national.
-Documents: A package of documents is required, including:
–Application for registration
Charter (Articles of Association)
Decision of the founder(s) to establish the company
–Passport copies of the founders and director (with notarized translation if not in Russian or Belarusian)
Proof of registered address
Bank statement confirming the charter capital deposit
Procedure for Company Formation
1. Choose a Company Name and Legal Structure: Decide on the type of company that best suits your needs.
2. Prepare the Documents: Gather all the necessary documents, ensuring they are
properly translated and notarized if required. It’s highly recommended to engage a local lawyer or consultant to assist with this step, as the requirements can be complex and subject to change.
3. Open a Temporary Bank Account: Open a temporary bank account in Belarus to deposit the charter capital. This account will be used to confirm that the required capital is available.
4. Submit the Application: Submit the application and all supporting documents to the registering authority (usually the local executive committee or the Ministry of Justice).
5. Registration: The registering authority will review the application and, if everything is in order, register the company.
6. Open a Permanent Bank Account: Once the company is registered, you can open a permanent bank account.
7. Register with Tax Authorities and Other Funds: Register the company with the tax authorities, social security fund, and other relevant funds.
8. Obtain Necessary Licenses and Permits: Depending on the company’s activities, you may need to obtain specific licenses and permits.
Timeframe
The timeframe for company formation in Belarus can vary, but generally, it takes approximately 1-4 weeks from the moment all the necessary documents are prepared and submitted. This timeframe can be longer if there are delays in obtaining documents, translations, or approvals.
Important Considerations for Non-Residents
Language Barrier: Russian and Belarusian are the official languages. While some business professionals may speak English, it’s essential to have access to translation services.
Legal and Regulatory Environment: The legal and regulatory environment in Belarus can be complex and subject to change. It’s crucial to stay informed about the latest regulations and seek professional legal advice.
Currency Controls: Belarus has currency controls in place, which can affect the repatriation of profits.
Political and Economic Stability: It’s important to consider the political and economic stability of Belarus before making any investment decisions.
Due Diligence: Conduct thorough due diligence on any potential partners or service providers.
Special Economic Zones and the High-Tech Park
As mentioned earlier, Belarus offers attractive conditions for businesses operating in special economic zones (SEZs) and the High-Tech Park (HTP).
Special Economic Zones (SEZs): These zones offer various tax breaks, simplified regulations, and other incentives to attract investment in specific industries.
High-Tech Park (HTP): The HTP is a special economic zone focused on IT companies. It offers significant tax advantages, including exemptions from corporate income tax, value-added tax, and real estate tax. To qualify for HTP membership, companies must meet certain criteria, such as engaging in specific IT activities and employing a certain number of qualified professionals.
Conclusion
Forming a company in Belarus can offer several advantages for non-residents, including a strategic location, relatively low operating costs, and access to the EAEU market. However, it’s essential to carefully consider the requirements, procedures, and potential challenges before making a decision. Engaging a local lawyer or consultant is highly recommended to navigate the legal and regulatory environment and ensure a smooth company formation process. Thorough research and due diligence are crucial for success in the Belarusian market.
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