16 October 2007
Belarus simplifies conditions for setting up private unitary companies
Belarus is simplifying the conditions of setting up private unitary companies by sole traders. President of Belarus signed relevant decrees No 496 and 497 on October 15, BelTA learnt from the presidential press service. As part of a non-monetary contribution to an authorized charter of a private unitary company a sole trader can contribute the goods which had been imported to the country ahead of the day of state registration of a unitary company, without having to go through customs clearance and pay customs fees. Sole trades will be able to register a unitary enterprise with state authorities even if they pay debts to the social security fund in installments. They are also exempt from paying fees for services rendered by notaries for registration of their private unitary enterprise. In addition, taxation will be simplified for individual entrepreneurs and companies involved in retail and/or public catering with no more than 5 employees. Their taxes will be calculated not from the gross proceeds but from the gross incomes hence lessening the tax burden. Other measures are taken as well to help sole traders and companies involved in retail and/or public catering adapt to their new juridical status.