Business news

21 Mar 2024

Bill on entrepreneurial activity passes second reading in Belarusian parliament

MINSK, 21 March (BelTA) - The bill “On amendments to laws on entrepreneurial activity” has passed the second reading at the tenth session of the House of Representatives of the seventh convocation, BelTA has learned.

The draft law was submitted to the House of Representatives by the Council of Ministers of the Republic of Belarus. The bill passed the first reading on 31 May 2023. The bill consolidates new approaches to regulating entrepreneurial activities and defines a new business structure, which will consist of two categories: legal entities, which include small (with up to 100 employees), medium (with up to 250 people) and large (with numbering over 250 people) commercial organizations; individuals who will have the right to engage in entrepreneurial activities as artisans, farmstead owners, sole traders, as well as those independently conducting professional activities.

The types of activities that individual entrepreneurs can carry out will be limited. Their list will be established by the Belarusian government based on economic feasibility.

From 1 October 2024 a ban is introduced on the registration of new individual entrepreneurs among the types of activities not included in the specified list and the obligation is established to transfer such individual entrepreneurs into legal entities (until 31 December 2025). A simplified transition mechanism is established (within one working day), which will allow them to quickly carry out all the necessary procedural actions. The document also provides for a review of the types of activities that will be available for artisans and self-employed citizens. Such types of activities will be determined by the government in one act (currently such lists are enshrined in various legislative acts).