The main types of companies available for incorporation in Belarus are the limited liability company, the joint stock company, the representative office, and the unitary enterprise.
Each of these business forms has different attributes and we summarize their characteristics in this article.
The limited liability company in Belarus
The limited liability company, or the LLC, is a popular business form because it has lower incorporation requirements compared to the joint stock. A single shareholder can incorporate it and a single director can manage it (the members can be both natural and legal persons).
The Belarusian LLC shares similarities with limited liability companies in other jurisdictions, such as the GmbH in Germany.
The Belarus joint stock company
The joint stock company can be either closed or opened. The difference, as the name suggests, refers to the ability to publicly trade shares.
The conditions for management are different compared to the LLC: at least two founders and two directors are required and the minimum share capital requirements are higher in the case of the open joint stock
The representative office in Belarus
The representative is not the same as a branch, which is an extension of the parent company. However, the foreign company is permitted to establish the representative office that will allow it to perform relevant market research, marketing activities for the parent company and generally engage in activities meant to represent the foreign legal entity. This business form is not allowed to engage in profit earning in Belarus.
The unitary enterprise
The unitary enterprise is a special business form set up by a single founder who remains the owner of the business assets.
The time needed to open a company in Belarus will depend on the chosen business form, however, investors should expect the process to last for at least ten days, when including all of the relevant business incorporation phases, from choosing the business form and name to preparing the company documents and the actual registration of the business.
Choosing an adequate business form is important when starting a company in Belarus. The choice can depend on the number of business partners, the available capital and the size of the company as well as the plans for future expansion and growth.
IT OUTSOURCING INTERNATIONAL COMPANY SRL023361, Romania, Bucharest