There was no privatization of state-controlled companies in 2018, one SOE was bought by private investors in 2017, and there were zero companies or shares privatizatized in 2016.

Exemption from land tax on land plots in government or private ownership, and from rent on land plots in government ownership, for a period starting from the first day of the month in which the investment agreement came into effect until December 31 of the year following the year in which the last of the facilities scheduled under the investment agreement started operations. Finally, the government may restrict investments in the interests of national security (including environmental protection, historical and cultural values), public order, morality protection, and public health, as well as rights and freedoms of people.

Openness To, and Restrictions Upon, Foreign Investment, 2.

Belarusian law criminalizes false and intentional insolvency as well as concealing insolvency.

Micro enterprises – fewer than 15 employees; Small enterprises – from 16 to 100 employees; Medium-sized enterprises – from 101 to 250 employees. Belarus has a central banking system.

Additionally, the State Property Committee occasionally organizes and holds privatization auctions.

For a list of open-joint stock companies whose shares which are available for privatization, as well as a description of the asset and conditions for privatization, visit: http://www.gki.gov.by/ru/auction-auinf-auishares/. .

The stated quotation becomes effective on the next calendar day and is valid till the new official exchange rate of the Belarusian ruble versus these foreign currencies comes into force.

The GOB regularly updates the following websites with the latest in laws, rules, procedures and reporting requirements for foreign investors: http://president.gov.by/en/official_documents_en/.

Bribery is considered a form of corruption and is punishable with a maximum punishment of 10 years in jail and confiscation of property.

Resident enterprises are exempt from customs duties and taxes on facilities, construction materials, other equipment used in implementation of their investment projects. Great Stone resident companies also have access to Lithuania’s Klaipeda seaport on the Baltic Sea. Local banks submit their bids for buying and selling foreign currency into the trading system during the entire period of the trading session. In 2018, almost 90 percent of employees in Belarus were working on term contracts.

However, independent economic experts note that private sector businesses are often discriminated against in relation to public sector businesses. Such statements are subject to statutory audit.

Foreign investors can purchase foreign exchange from their Belarusian accounts in Belarusian banks for repaying investments and transferring it outside Belarus without any restrictions.

Courts recognize and enforce foreign arbitral awards. This page provides - Belarus Minimum Wages- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Belarusian legal system is a civil law system with a legal separation of branches and institutions and with the main source of law being legal act, not precedent. Foreigners employed by HTP residents are not required to have working permit in Belarus and are entitled to apply for a temporary residence permit for the duration of their contract. When considering investing in Belarus, it is also important to note that pursuant to a June 2006 Executive Order, the United States maintains targeted sanctions against nine Belarusian SOEs and 16 individuals in relation to concerns about undermining Belarus’ democratic processes.

Belarus is a party to a number of international anti-corruption conventions and agreements. tel. Belarus is the successor of the USSR in the Convention between the Union of Soviet Socialist Republics and the United States of America on Matters of Taxation (Washington, June 20, 1973).