Locating your business in Belarus

In 2022, foreign investors injected $7 billion into Belarus’ real economy (apart from banks). The country’s primary investors include companies of Russia, Cyprus, Netherlands, Ukraine.

Currently the main trading partners are:

• Russia
• Ukraine
• Germany
• The UK
• China
• Poland
• Netherlands
• Italy
• Lithuania
• Kazakhstan

There are many reasons for such an increase in the number of international companies in Belarus. The main attractions are:

• Geographical location

Belarus, on the eastern border of Europe, is strategically well positioned as a major trading route between Europe and the CIS.

• Economic stability

In turbulent economic times, the Belarus economy has been less affected than those which rely on global markets. Market analysts predict a robust growth for the economy of Belarus.

• Favourable investment climate

Measures to encourage business include Free Economic Zones, the High Technology Park, the China-Belarus Industrial Park Great Stone, and special tax incentives for businesses operating in rural areas or small towns.

The law of the Republic of Belarus "On Investments" that came into force on 24 January 2014 provides for foreign investment protection and non-interference with private matters of investors. Besides, it grants profit allocation guarantees.

The rights of investors and investment protection are also guaranteed by a number of international agreements that Belarus is a signatory to.

• Highly skilled workforce

Almost 50% of workers in Belarus have a higher education.

• Industrially developed economy

Currently around a third of the Belarus GDP comes from the industrial sector.

What issues do you need to consider before setting up business in Belarus?

As with any new market, it’s vital to do your research before embarking on any business venture in Belarus. As well as researching your market sector you should also find out about:

• legal requirements 
• employment laws 
• general business culture in Belarus

Where can you get further help and advice?

The Belarusian government is committed to attracting direct foreign investment and promoting international trade. Several bodies and ministries are available to provide help and assistance to foreign investors.

A number of international law and accountancy firms have offices in Belarus. There are also several commercial organisations in Belarus that specialise in helping foreign companies enter the market.

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