One of the best kept secrets in Europe is the country of Belarus. Located between Poland, Russia and the Baltic states, it is a unique travel destination for those who want an unusual experience. Tourists visit to see their imposing medieval castles located between lush forests and national parks.
But beyond a tourist destination, Belarus is gaining traction as a start location for foreign businessmen and investors. It not only serves as a link between Eastern and Western Europe, but also has a growing IT sector. The creation of Hi-Tech Park (HTP), a special economic zone, has become a fiscal paradise for those in IT and software, consolidating its position as a technological center.
Why is Belarus a good place for new companies?
According to Startupblink, Belarus currently occupies the 21st position in Eastern Europe as a start destination. Let’s take a look at some of the reasons why Belarus has an increase in new companies in the last two decades or SOO.
Support for the technological sector: The country largely pushes the technology industry with HTP and other areas that provide tax incentives and joint work spaces for the founders.
Affordable life: Most of the other European capitals are more expensive to live compared to Belarus, and budgets here can stretch much more than other areas.
EAEU access: Belarus -based companies can trade freely without tariffs with Armenia, Russia and Kazakhstan.
Qualified workers: Belarus produces a constant flow of experienced developers and engineers that are cheaper to use compared to wages in the West.
Industries with high growth potential in Belarus
Belarus may not necessarily be the first place that comes to mind at the beginning of a new business, but the thesis industries have ended. Focusing one of these could greatly improve their chances of success, since they already have existing resources and infrastructure to use.
IT and tech: Innovations in AI, Blockchain, Fintech and Software as a service (SAAS) continue to grow as special with the help of HTP.
Renewable energy: More new companies that focus on solar and wind energy for sustainability are emerging.
Manufacturing: Belarus has long been a car producer for cars and robotics.
Agrotech: There are many opportunities to adapt traditional agriculture methods to be more efficient and modern.
Navigate
Belarus has two fiscal structures for companies. The first is its general system where the Corporate Income Tax is 18% and the Value Added Tax (VAT) is 20%. Residents of the country are subject to personal income tax of 13%, while non -residents pay 30%.
The second system is the high -tech parks regime that focuses on IT companies that includes software development, as well as research and development. Here, there is no tax for corporate or barrel in exported items with only 5% of the Personal Income Tax. Companies operating under this system do not need to pay for real estate or land taxes.
Visa and residence requirements for foreigners
For short -term entry, most countries, including EU and the United States, can enter Belarus without a visa for up to 30 days.
If you intend to stay longer for business -related activities, you can request a D D Visa that is valid for 90 days up to a year. To be eligible for this, applicants must show proof of their accommodation, company registration and source of income.
A residence permit for founders, investors and employees of the company is also available. This is valid for 5 years and is renewed annually, with a residence or permanent citizenship that is available after 7 years.
How to start a business in Belarus
If you have decided to advance at the beginning of a business in Belarus, here is a step -by -step guide on how you can do it.
Select a legal entity
The first step is to decide on its commercial structure. In Belarus, there are three common types.
LIMITED LIABILITY COMPANY (LLC): This is a popular option and requests one or more founder.
Private Unity Enterprise (EU): Similar to a single merchant, this is owned by a person.
Joint stock company (JSC): This option is ideal for large investments or public offers.
Book a commercial name
Once you have decided your desired commercial name, you can verify the availability of it with the registration of unified legal entities of the State.
Compile charter documents
The next step is to prepare all your charter documents that will include a company letter, details of the founder and its establishment decision. All of these must be nightly and translated into bellruso or Russian to meet the requirements.
Record the company
You can then register the business in the Unified State Registry. This process can generally take 1-2 business days and, from then on, you can open a commercial bank account to deposit the minimum share capital if applicable.
Should you start a business in Belarus?
While Belarusia may not be its typical home destination, it can certainly be a gratifying company. For the right entrepreneur with the right idea in mind, especially in technology, software or manufacturing, it is very promising.
Specifically for those new companies that want a base with access to Eastern Europe and EAEU, Belarus is a good starting point with an affordable cost of living and qualified workers.
Good luck!
