Important information about setting up business in Belarus
Making it easier to start a company is a priority in improving Belarus’ overall business climate. The most important steps taken in the country in recent years include:
- switching to a declarative principle of state registration of business entities (1 February 2009);
- introducing electronic registration through the website of the Unified State Register of Legal Entities and Individual Entrepreneurs (first phase was launched in September 2011; with the entire system running since 30 November 2014).
- Currently, Belarus is 12th on Starting a Company on the World Bank’s Doing Business 2016 out of 189 economies.
What are the first steps to setting up a business in Belarus?
According to Belarusian law, businesses can be established by individuals or legal entities.
Foreigners are perfectly entitled to start a business in Belarus, so long as they abide by the relevant legal requirements.
Residents of the Republic of Belarus and foreign countries enjoy equal rights and opportunities in business when establishing legal entities. To do this, you must complete a number of formalities and register in the Unified State Register of Legal Entities and Individual Entrepreneurs.
As a first step, individuals and representatives of international companies in Belarus are required by law to provide a copy of the identity document, with the notarized translation into the Belarusian or Russian language.
Foreign legal entities must also provide proof of their status in accordance with the laws of the country of origin (an extract from the trade register or any other document with notarized translation).
What are the legal requirements to setting up a legal entity in Belarus?
In order to register a business entity in Belarus, you must complete the following steps:
- choose an organizational-legal form of a business entity (unitary enterprise, limited liability company, additional liability company, joint stock company, closed joint-stock company, etc.);
- coordinate the name of the future company with a registering body (this phase runs simultaneously with registration as part of electronic registration);
- find a premise (legal address);
- set up management bodies and adopt the statutory documents;
- pay a registration fee;
- submit documents to a registering body and pass state registeration;
- prepare a business seal;
- formalize employment relationships with business executives (including the chief accountant);
- open a regular bank account;
- issue of shares (for closed joint stock companies and open joint-stock companies).
Minsk City Hall and oblast executive committees are registering authorities for business entities with the participation of foreign and international organizations.
You can submit the package of documents for state registration to a registering body personally or through a website of the Unified State Register of Legal Entities and Individual Entrepreneurs (a digital signature is required).
To make sure you understand legal and accounting practices in Belarus, it’s important to seek local professional advice.
Starting business in Lithuania
In this page we will try to give you as accurate information as possible advising you how to register a new legal entity with the Register of Legal Entities. All you need to do is answer the following questions.
What type of legal entity would you like to register? Please select:
Setting up company in Latvia
All companies must be registered in the Commercial Register. For companies to achieve legal status, their founders shall prepare and submit to the Register of Enterprises a foundation agreement or decision of foundation (in case of a single founder), articles of association and confirmation of legal address together with receipts that confirm payment of registration duty and payment for the publication of an announcement in the official newspaper Latvijas Vēstnesis.
Registration duty depends on the chosen form of business, for JSCs it is EUR 356, for LLCs it EUR 143, but for branches it is EUR 29. To register partnerships, the parties shall submit an application for registration and pay registration duty (EUR 143) and for the publication of an announcement in the official newspaper (EUR 27). Before applying to the Register of Enterprises, companies must pay subscribed capital for LLCs and at least EUR 35 000 for JSCs, the remaining subscribed capital must be paid within one year of the registration date in the Commercial Register.
The Register of Enterprises undertakes to review applications and register companies within three days or within one working day (if a three times larger fee is paid).
The liquidation of a company may occur voluntarily by decision of its shareholders or in other statutory cases. According to the law, the minimum length of the procedure is about six months. Both the company and any creditor may file a bankruptcy petition.
Additional information at:
Enterprise Register of the Republic of Latvia: www.ur.gov.lv