Opinions & Interviews

MINSK, 27 December (BelTA) – The Digital Economy Development Ordinance has enabled comfortable conditions for investors to work with Belarusian startups, BelTA learned from Anton Myakishev, head of the Microsoft representative office in Belarus.

The Microsoft representative described the Digital Economy Development Ordinance as a genuine breakthrough and even went as far as saying that revolutionary is a better fit. The document allows residents of Belarus’ Hi-Tech Park to perform more business activities. It allows sealing deals in a digital form and expands ways of monetizing applications. The measures will allow creating more jobs and relocating back to Belarus the business operations, which have been placed in other jurisdictions up till now. The introduction of some English Law components has enabled comfortable conditions for foreign investors and venture capital funds to work in the Belarusian startup environment. It will help Belarus raise more foreign investments.

The Microsoft representative noted that the Digital Economy Development Ordinance also takes care of IT education. Resident companies of the Hi-Tech Park can now aid educational institutions in any way, including with direct grants for students and professors. The document has also simplified the procedure of hiring foreign highly-qualified specialists. Job permits are no longer required. Temporary registration has been simplified. Foreign workers and founders of the HTP resident companies no longer need visas.

The Digital Economy Development Ordinance also legalizes the creation, mining, storing, and acquisition of tokens. These activities are exempt from taxes till 2023. Smart contracts have been recognized as a legally valid tool for sealing deals. According to Anton Myakishev, the step takes care of one of the fundamental business problems — the execution of mutual obligations by parties to the contract.