Types of Companies in Belarus
Updated on Monday 07th May 2018
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The state of Belarus encourages foreign entrepreneurs to invest in the country, and one method is to form a company, benefiting from the same regulations, and a non-discriminatory treatment. An entrepreneur may choose from various forms of business types. The most common business entity in Belarus is the limited liability, which is used all over Belarus.
Open a Limited Liability Company in Belarus
The LLC is the most common company type used in Belarus. It is designated for small to medium-sized businesses, implying a rather simple incorporation process. The company can be established in Belarus by two or more individuals who provide a charter capital split into shares. The amount is of a nominal value and the shares are listed in the foundation documents. The members of a limited liability company are liable for the company's debts and obligations only to the extent of their contributions.
Open Joint Stock Company in Belarus
A joint stock company can be established by two or more founders. They must provide a share capital divided into shares nominated in the company charter. In Belarus, the shareholders of this company, type are not held responsible for the losses and debts of the Joint Stock with their personal assets, having their liability limited to their contribution. Shareholders of a JSC do not have to seek the consent of fellow shareholders in order to sell their shares and are able to enlist in a trade market.
Closed Joint Stock Company in Belarus
The closed JSC is an ordinary JSC, being established by two or more founders who provide together a share capital, receiving shares with a nominal value. Their liability is set by their contribution, not being held responsible for their personal assets to the company's debts and obligations. The main difference resides in the fact that shareholders may not sell their shares to the public without securing the consent of fellow shareholders.
Create General Partnership in Belarus
A general partnership is an entity established by two or more members who engage in a business activity together having the same purpose in mind. There is no minimum required capital, and all the members are general partners. They are in charge of management decisions and representation of the partnership. The members share the partnership's profit, instead of bearing unlimited liability to the partnership's debts and obligations.
Open a Limited Partnership in Belarus
A Belarussian limited partnership is basically an ordinary partnership, without minimum capital requirements, but considered distinct from the members' identity, being a legal entity in its own right. The members, two or more, are divided into general and limited partners. At least one member is a general partner, being in charge with management decisions, and bearing unlimited liability and at least one is a limited partner, being liable to the company's debts and obligations only to the extent of his or her contribution.
Individual entrepreneur in Belarus
An individual entrepreneur does not have to assume a legal entity status, being involved in business activities. A sole proprietorship implies having maximum three employees and full liability for the owner. There is no distinction made between the owner and the company itself.