Embassy News

Belarus is a global leader in regulatory reforms meant to make doing business easier. The country ranked fourth among the top 10 regulatory reformers according to the Report Doing Business 2010: Reforming through Difficult Times published by the World Bank and the International Finance Corporation.

This year Belarus ranks 58th in facilitating doing business terms out of the 183 countries. For three years in a row Belarus has been reforming business regulations to increase the number of opportunities available to domestic companies.

The Report reveals that Belarus eased the process for getting construction permits by simplifying approval processes. Restrictions relating to redundancy dismissals were eased by raising the threshold for prior notification requirements. Tax payments were made more convenient through increased use of electronic systems—reducing tax compliance times—while lower ecological and turnover tax rates and a reduction in the number of payments for property tax reduced the tax burden on businesses. Property registration continues to improve, with faster processing and elimination of the requirement for notarization. Business start-up was eased by simplifying registration formalities, abolishing the minimum capital requirement, limiting the role of notaries, and removing the need for a company seal approval. Implementation of a risk-based management system and improvement of border crossing operations reduced transit times for trade.

“It is truly a major achievement. Although considerable progress has been achieved, a lot will yet have to be done to create a favorable business climate that will bring more investments to Belarus,” stressed IFC representative in Belarus Craig Bell.

Three years ago Belarus successfully put into practice the system of one-stop shop procedures. Businessmen can get tax payment confirmations and approvals of the state land inventory agency using the one-stop procedures. Businessmen do not have to deal with notary certification because personnel of the land inventory agency have notary powers. To a certain extent the reforms have reduced the number of steps in the property registration process from seven in 2007 to three in 2008, with the time cost down from 231 days to 18 days. The electronic system can also increase the number of registrations. Since computer technologies were introduced into the registration process in 2005, Belarus has tripled the number of ownership transfer certificates. Tax payers can access the online tax portal 24/7.

The introduction of risk management systems and perfection of foreign trade procedures have reduced transit time costs of trading companies.