Starting a Business in Belarus

This table summarizes the procedures and costs associated with setting up a business in Belarus.

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Legal Form: Private Limited Company
City: Minsk

	Procedure	Time to complete:	Cost to complete:
1	Obtain an approval of the company name with the Registry Office	1 day	no charge
2	Open a temporary bank account	1 day	no charge
3	Business registration with the State Registry	2 days	BYR 175,000
4	Open a regular bank account	1 day	no charge
5	Make a company seal	1 day	BYR 50,000

Procedure 1.: Obtain an approval of the company name with the Registry Office
Time to complete:: 1 day
Cost to complete:: no charge
Name of Agency:
Comment:: One of the company founders must present an application to the Company Registry with proposed company names. An official checks whether the proposed names are available for registration and, if so, issues a certificate for the name. Name checking is available on line, but entrepreneurs need to obtain a signed consent from the Registry. Alternatively, entrepreneurs can download the application form online fill it out at home and post it by mail to Company registry, Company registry will approve and reply within 3 days. Names can be reserved for a period of up to 6 months.

Procedure 2.: Open a temporary bank account
Time to complete:: 1 day
Cost to complete:: no charge
Name of Agency:
Comment:: There is no minimum capital requirement in Belarus according to Decree No. 1 of 16 January, 2009. Shareholders need to be physically present to deposit the share capital. Shareholders must submit documents such as the proof of Identification, articles of association, and minutes of the shareholder meeting.

Procedure 3.: Business registration with the State Registry
Time to complete:: 2 days
Cost to complete:: BYR 175,000
Name of Agency:
Comment:: Decree No. 1 of 16 January sets a maximum of 5 days for registration: 1 day for the actual registration +4 days for the company registry to inform other agencies (such as tax authority) of the registration. After the 1st day company is considered registered and “open for business”. This notification of registration is an internal procedure (i.e. no involvement by the entrepreneur needed).

Procedure 4.: Open a regular bank account
Time to complete:: 1 day
Cost to complete:: no charge
Name of Agency:
Comment:: The Bank will certify that this is the account that will be used to complete transactions related to the business. After opening the current bank account, companies must submit a formal notice (with bank account details) to Social Security, Insurance, and Tax authorities. Companies must also submit a “bank card,” a document showing signature samples of those who can sign on behalf of the company.

Procedure 5.: Make a company seal
Time to complete:: 1 day
Cost to complete:: BYR 50,000
Name of Agency:
Comment:: There are no laws requiring a business to purchase company seal. However, the company seal is required for consignment notes and for certain bank transactions and power of attorney. Government agencies, such as the tax authority, would have no legal grounds for refusing documents that do not have a company seal. Nevertheless out of habit, most limited liability companies would purchase a seal. Several companies manufacture seals in Belarus. The business must show the companies the registration certificate, the articles of association and the minutes of the shareholder meeting in order to purchase a seal.