CONDITIONS FOR INVESTMENT IN THE REPUBLIC OF BELARUS
The Republic of Belarus offers investors a favorable legal environment for doing business. The protection and guarantee of investments is due to both national and international laws.
At the international level:
- international law;
- signed over 60 bilateral agreements on avoidance of double taxation;
- about 60 bilateral agreements on assistance in the implementation (promotion) and the mutual protection of investments;
- Seoul Convention Establishing the Multilateral Investment Guarantee Agency (Convention MIGA);The Convention on the Settlement of Investment Disputes between States and individuals and legal entities of Other States (ICSID) (in 1992 the Republic of Belarus joined it);
- Convention for the Protection of Investors' Rights (03.27.1997. Entered into force for the Republic of Belarus on January 21, 1999);
- Agreement on cooperation in investment activity (Entered into force for the Republic of Belarus on November 21, 1994);
- other international agreements.
The Constitution of the Republic of Belarus (the basic law of the Republic of Belarus)
Investment Code of the Republic of Belarus (adopted in 2001), the rules for foreign investors of which secure no less favorable than the corresponding mode for individuals and legal entities of the Republic of Belarus, as well as equal conditions for economic activity.
In order to create favorable conditions for rapid and sustainable development of the Belarusian economy, in order to improve the welfare and quality of life, through the definition of business rules to improve the business climate and increase the investment attractiveness of Belarus in close contact with international organizations, code adapts to the best world experience .
Additional guarantees and incentives provided to investors for investment projects in free economic zones, HTP, a special tourist and recreational park "August Channel", in rural areas and small towns, small and medium businesses, etc.
Since 2009 successfully operates created the institution of "investment contracts with the Republic of Belarus" (Decree of the President of the Republic of Belarus of August 6, 2009 No. 10 "On the creation of additional conditions for investment activities in the Republic of Belarus").
An investment contract is one of the possible forms of public-private partnership. At the conclusion of the treaty investor receives additional guarantees and privileges, including the possibility of fixed individual preferences.
According to the results of the annual survey of business organizations conducted by the Ministry of Economy, created in the Republic of Belarus welcomes investors preferential treatment.
In order to meet the challenges of previous years, as well as achieving the objectives of the new Five-Year Plan, amended and made more attractive to investors, tax terms in the fields of innovative, high-tech products, sales of cars and components of its own production, at a roadside service, cinema, tourism, etc.
In order to increase the inflow of foreign investment, especially direct, in which interested republic, created and operates the institution of "investment agents" (Decree of the President of the Republic of Belarus of August 6, 2009 No. 413).
This is individuals or legal entities that have the necessary practical skills and experience in the implementation of investment projects that will assist the country in search of potential investors. Today, this status is granted to 13 companies.
Legislation is developed, taking into account international experience and suggestions on the investment climate improving foreign companies. In the country, the Advisory Council for Foreign Investments of the Council of Ministers, under which direct dialogue between the Government and investors was established, as well as the National Agency for Investment and Privatization, designed to help investors in their projects.
In order to improve the work on attracting foreign investment, improve the efficiency of privatization processes in Belarus and to provide investors with the interaction of state bodies created by government agency "National Agency for Investment and Privatization" (hereinafter - the Agency) by the transformation of the Republican Unitary Enterprise "National Investment Agency" (Decree of the President of the Republic of Belarus of 25.05.2010 No. 273 (as amended on 22.04.2011) "On the establishment of a state institution "National Agency for Investment and Privatization").
The Agency is designed to facilitate the implementation of foreign direct investment, including the privatization of state property. The Agency participates in the implementation of state policy in the sphere of investments and privatization, monitoring and maintenance of investment projects and privatization of state property, creating a positive investment image of the country, providing a full package of services to investors.
To improve the efficiency of privatization Belarus works to attract foreign companies, which can become financial advisors, consultants for the privatization of Belarusian state-owned enterprises. They will prepare the company for privatization, doing analysis, market assessment, develop a privatization strategy, prepare legal documents in the transaction, monitor and implement support for the conclusion of the contract of sale of shares.
In particular, with the help of consultants, the National Agency for Investment and Privatization intends to implement in 2012-2013 JSC "Baranovichi concrete structures", "Belsantehmontazh-2", "Avtomagistral", "Construction and Assembly Trust No. 8", "Belgazstroy" "Medplast", "Konfa", "Minsk Margarine Plant."
In order to stimulate foreign direct investment to meet the needs of economic restructuring and the innovative development of the country, expand and improve the quality of their use based on the continuous improvement of investment climate reform of state ownership and development of public-private partnership in the Republic of Belarus strategy of attracting foreign direct investment the period up to 2015 (a joint resolution of the National Bank and the Council of Ministers of the Republic of Belarus of 18.01.2012 No. 51/2).
The document defines priority sectors, which will be sent to foreign direct investment (pharmaceutical, biotechnology, nanotechnology, new materials, and information and communication technologies). It is also envisaged to attract foreign direct investment in traditional economic activities. It will develop the clusters: Pharmaceutical and production of flax.
The establishment of a favorable investment climate and enhance the attraction of direct foreign investments in Belarus will be continued in the direction of enforcement by government action plan to improve business and investment climate in Belarus strategies to attract foreign direct investment up to 2015 based on the openness of government activities power, the principle of competition, amounting to economic conditions, subject to the rights and lawful interests of investors and others to ensure their adequate protection.