EY Belarus Managing Partner’s foreword to the report
In this anniversary year for our practice we are pleased to present our ninth “Doing Business in Belarus” report.
It was in 2000 that EY opened its Minsk office and the first employee was hired. Now, EY is the largest international audit and consulting firm in Belarus, employing over 550 people.
We continuously invest in our employees’ knowledge and professional growth and are committed to improving the quality of our services, offering effective and innovative solutions for businesses. We are proud of the fact that, through our knowledge, skills and experience, we help not only our clients, but also the community at large, bringing us closer to our goal of changing the world for the better.
Global and regional geopolitical and economic processes have a major impact on the business climate, investment strategy and government policy. Building on the principle of openness to the world and its commitment to an independent and multidirectional foreign policy, Belarus is steadily working to improve its investment climate and create favourable conditions for attracting investment and doing business. Over its 20 years working in Belarus, EY has helped companies adapt to the changing business environment as state investment policies have evolved and improved.
This report, prepared by EY professionals, presents an overview of the Belarusian tax system, corporate forms, business practices and accounting and financial reporting principles.
We hope that our report will give you an insight into the opportunities and prospects for doing business in Belarus.
The Doing Business in Belarus report presents the following information:
- General information: Belarus’s geography, climate, population, language, time zone, holidays, national currency
- The Belarusian economy: exports and imports, key economic trends, leading industries, trends in the IT industry, legislative developments, the financial system, currency control
- Investment legislation and key investment incentives: investment legislation, investment agreement with the Republic of Belarus, free economic zones, the Great Stone China-Belarus Industrial Park, business activity in medium-sized and small towns and rural areas, the Hi-Tech Park
- Companies: legal forms, licensing, mergers and acquisitions, shareholders’ agreements, tax overview, special taxation regimes, customs regulation, financial reporting and auditing
- Individuals: employment, migration legislation, personal income tax, payroll taxes
- In the Appendixes you can find useful addresses and contact information; currency exchange rates; economic indicators; withholding tax rates under double tax treaties.