Guide to Company Incorporation in Belarus

 1. What is the minimum share capital for a Limited Liability Company (OOO) in Belarus?

A Limited Liability Company (Obshchestvo s Ogranichennoi Otvetstvennostyu, “OOO”) in Belarus does not require a minimum share capital in order to be set up. Still, you have to keep in mind there cannot be more than 50 members in a OOO. 

2. What is the minimum share capital for a Joint Stock Corporation in Belarus?

A joint-stock company in Belarus can be open or closed. When it comes to the minimum share capital, there is a difference between the two types of companies. An open joint stock company (OAO) in Belarus needs a minimum share capital of approximately 3,800 EUR, while a closed joint stock company (ZAO) requires at least 950 EUR as an initial capital.  

3. Are there any special requirements for establishing a Limited Liability Company in Belarus?

As previously mentioned, the Belarusian Investment Code does not mention a minimum share capital, except for joint stock companies or companies with foreign investment. Therefore, as a member of the second category, you should have at least the equivalent of 16,500 EUR (20,000 USD) in order to register a company as a foreign business. The registration procedure does not take longer than 10 days. Do not forget to go to the Ministry of Justice before in order to have the company’s name checked. If it is alright, you will receive a certificate. 

4. How can I register for VAT in Belarus?

It is not necessary to specifically register for VAT in Belarus. A company becomes a VAT payer from the moment it is registered at the tax authorities, as part of the state registration of the company.

5. How can I open a bank account in Belarus?

A temporary bank account is needed prior to registration of the company and only after the whole procedure takes place, a permanent bank account is needed. In order to open a bank account, an application has to be provided, together with a copy of the registration document, your tax identification number, the foundation contract and the sample of the signature from the members who will operate the account.

6. How can I recruit personnel in Belarus?

Several recruitment agencies are available for use, unless you want to find the professional employees you want personally.

7. What is the average salary in Belarus?

In April 2011, the average monthly salary was around 300 EUR, which shows a growth from last year’s wages.

8. What is the overall economical situation in Belarus?

Belarus offers cheap labour force and low prices, as part of the attraction for foreign investors. Be ready to deal with risks, as the Belarusian tax system is quite unclear. All in all, the incentives for foreign investment show than business can still be run in Belarus.