Company formation in Belarus
Economic activities in Belarus may be performed in one of the following legal forms: public company, limited liability company, company with additional liability, open Joint stock company, closed company Joint venture, a private company, a farm company.
If you want to conduct a commercial activity as a foreign or international company in Belarus you can performed in the form of a joint company and as a foreign trade company. Both options require registration with the tax authorities.
If you want to carry out long-term trading activity in Belarus the creation of a company is a better solution.
Company may investing in real estate in Poland like other companies.
The Belarusian legislation foresees different legal forms of economic activity.
Most legal entities choose the following forms for business activity: joint-stock company or limited liability company.
Joint stock company in Belarus
Joint stock companies are companies whose capital is divided into a certain number of shares. They are divided into two categories:
1. Open joint stock company (OAO).
These companies may offer an unlimited amount of shares and are the only type of legal personality that can be traded publicly.
2. Closed joint stock company (ZAO).
It is the most popular type of public company in Belarus. Shares are limited to the founders or pre-defined groups and there is no obligation to publish financial statements.
Limited Liability Companies
Limited Liability Company (OOO) is the most flexible type of company structure. Technically company no shares, it is not subject to the Belarusian Law of Securities.
Establishment of a company in Belarus
For starters, a resolution on the establishment of a company should be drawn up and a report from the founders' meeting drawn up. Prior to registration, the founding companies must obtain administrative approval for the name of the company.
They issue the branches of the Ministry of Justice after submitting the relevant application. The procedure shall be carried out on the same day in the presence of the declarant. Applications sent by post shall be examined within two working days of receipt of the request.
If a foreign legal person is the founder, notarized copies of the commercial register and the founding identity documents (including translations into Russian or Belarusian) must be attached to the application. We must also identify the company's registered office address and develop its statutes.
The statutes of the company contain the following information: name, registered address, business object and the company's authorities. The amount of the company's share capital can be freely determined by its founders.
An exception is a joint stock company. For a closed-stock company, the minimum share capital is about 1000 Euros and for an open public limited company of about 3500 Euros. The share capital must be paid by the founders within 12 months of the date of registration.
The following documents must be submitted for registration: application, copy of the statutes in duplicate, in the case of foreign companies, copies from the commercial register of the country of origin with the sworn translation into Belarusian or Russian,
in the case of founders who are foreign individuals a copy of the identity document together with the sworn translation into Belarusian or Russian, confirmation of stamp duty.
At the time of registration, a stamp is affixed on the company's statute to confirm registration, in those day company considered to be registered.
Within five working days, automatic registration of the company to the tax authorities, the statistical office, the Social Insurance Fund and registration in the Belarusian National Insurance Company. This process is longer in the case of joint stock companies, which must register the issuance of shares in the State Register of Securities.