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Investment environment in Belarus

One of the main reasons for Belarus to be considered both by Belarusian and foreign investors a perspective investment destination are Belarus’ developed investment incentives regimes.

Almost any part of Belarus’ territory is a successfully operating preferential investment regime providing investors with tax, customs incentives and other benefits to build a prosperous business. The goals and dimensions of these regimes are diversified: from promotion of high-tech and export-oriented productions to regional development.

Free economic zones (FEZ).

There are six free economic zones in the territory of Belarus located in each regional center: FEZ “Brest”, FEZ “Minsk”, FEZ “Grodnoinvest”, FEZ “Gomel-Raton”, FEZ “Vitebsk”, FEZ “Mogilev”.

A free economic zone (FEZ) is a bounded territory in Belarus with a special regime comprising a set of incentives and benefits to attract investments into export-oriented and import-substituting enterprise. FEZs offer residents a number of tax incentives with respect to the sale of such goods or services for export and to other FEZ residents.

FEZ tax incentives comprise exemption from profit tax, real estate tax, rental fees, VAT imposed by the customs authorities on goods admitted for release into internal consumption with respect to goods manufactured or processed from foreign goods placed under the free customs zone procedure.

The “Great Stone” China-Belarus Industrial Park (CBIP).The Park was established in 2012 within the

intergovernmental cooperation between China and Belarus as a hub for companies on the cutting edge of innovation and technology.

The CBIP is a territory with free economic zone policies that encompass tax and other benefits, special rules for the use of land and other natural resources and free customs zone procedures.

The so called “10+” tax regulation is in force in the Park and allows of exemption FEZ residents from profit tax during first 10 years and payment only half its rate within next period. Besides, FEZ residents receive full exemption from land tax and real estate tax, customs duties and VAT (upon exporting manufactured goods outside the EEC), along with reduced royalty tax, personal income tax rate for Park employees, and other incentives. 

For more information on CBIP please visit the website.

High-Tech Park (HTP).

The High-Tech Park was established in 2005 to promote IT in Belarus by offering IT companies a special treatment.

In December 2017 the President issued Presidential Decree No. 8 “On the Development of the Digital Economy” (came into force on March 28, 2018) to expand the opportunities being offered to IT-companies within HTP. Among those is the extended list of activities in which HTP-residents may engage: digital intelligence, control systems for remotely piloted vehicles, development and maintenance of software and hardware using blockchain technology; cryptocurrency exchange and converter activities, mining, creation of tokens and other activities involving the use of tokens; educational activities in IT field, etc.

The business conditions in HTP are appealing both for Belarusian and foreign residents which is due to their right to receive benefits reducing their expenditures and simplifying their operating activities. HTP-resident obtain tax benefits (payments at “zero” or reduced tax rates), foreign economic activity preferences (exemption from foreign currency surrender liability for revenues received in IT business, right to open accounts in foreign banks and settlements without permits from the National Bank, no need to comply with the standard requirements for the procedures and deadlines of foreign trade transactions).

Detailed information on IT in Belarus, including the High-Tech Park, is available here.

Business activity in small and medium-sized towns, rural areas.

The mentioned areas include all the territory of the country except for regional centers (Brest, Vitebsk, Gomel, Grodno, Minsk, Mogilev) and some other big cities.

Companies set up and doing business in small and medium-sized towns, rural areas are exempt from profit tax, real estate tax, customs duties imposed on goods imported as a contribution to the statutory fund of the organization within 7 years from the state registration.

Investment agreement.

An investment agreement is a type of contract that allows an investor to establish additional guarantees for protecting its capital and simultaneously obtain preferential terms and preferences for the investment project implementation, including those not established by legislative acts.

Full overview of investment and doing business conditions in Belarus is contained in "Doing Business in Belarus 2018" report (prepared on the basis of the Belarusian legislation as of March 3, 2018).

National Agency of Investment and Privatization (NAIP).

In order to get a full-round support and assistance from the moment of getting know Belarus to the implementation of investment intentions investors are invited to cooperate with the National Agency of Investment and Privatization.

NAIP is authorised to represent interests of the Republic of Belarus on the issues of attracting investment to the country and acts as a “one-stop shop” for foreign investors. The Agency provides assistance to foreign companies in a wide range of issues, supplying them with comprehensive information on doing business and accompanying them at every stage of investment projects implementation.