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A New Department of Law Firm Gleanings for Investors in Belarus

The tendency of improvement of an investment climate in the Republic of Belarus is observed.

Minsk, Belarus, December 08, 2009 --( It becomes more and more favorable to put investments into the Belarus economy. Recently some new documents directed on improvement of an investment climate have been accepted in the country. In this situation law firm Gleanings opens an investment department which is to be oriented on rendering a full range of legal services for foreign investors in Belarus.

Their lawyers provide you with all necessary information regarding recent changes in legislation regulating investments in Belarus.

As of now, please be informed that the Decree of the President of the Republic of Belarus from 06 August 2009 №10 establishes both for belarusian and foreign investors the rules facilitating the beginning of realization of investment projects in Belarus. The document provides also the general preferences for the projects realized within the limits of investment contracts. The three-level system of the conclusion of investment contracts with Belarus is established, depending on the importance of the project and given preferences.

The decree fixes obligatory conditions of the conclusion of investment contracts, and also the possibility of their expansion proceeding from a branch orientation and specificity of the investment project. Taking into account the practice of the realization of the investment projects in Belarus such general preferences to the investors are offered: land granting in rent without auction; stage-by-stage registration of necessary documents on the land simultaneously with building on actually occupied lands, and building of objects with parallel designing of the subsequent stages of building; import of the necessary equipment and separate parts to it without payment of the customs duties and the value added tax. Besides, the investor hasn’t paid the compensation of losses of an agricultural production, and also the compensation connected with carrying over and cutting down of green plantings on the land of settlements; the investor is also released from paying the State fee for special permissions to the foreign citizens involved with the investor for realization of the investment project.

On October, 16th, 2009 the Act of the President of Belarus № 510 «About perfection of control (supervising) activity in Belarus» has been signed. According to this act carrying out of control checks by state bodies is forbidden within two years from the date of:
· state registration of companies;
· state registration of representative offices of the foreign organizations. Thus,
business dealing in the Republic of Belarus became more stable. The risk of blocking of work of a company because of state checks and actions of control bodies has decreased.

Gleanings provide legal services for registration of:
· a firm in the forms of a limited liability company (LLC), an additional liability company, a joint-stock company;
· a unitary enterprise (with only one founder);
· a Representative office of a foreign company;
· mergers and acquisitions of companies.

Prepared by Gleanings Lawyers

Contact Information
Gennadiy Glinskiy

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