Posted: 23.04.2024 09:51:00

Lukashenko signed law on entrepreneurship issues

The President of Belarus, Aleksandr Lukashenko, has signed a law on entrepreneurship issues, reports with reference to the Belarusian leader’s press service

The law establishes an updated business architecture of entrepreneurship, envisaging two categories engaged in entrepreneurial activities: legal entities and individuals.

Legal entities include small organisations with up to 100 employees, medium-sized companies with up to 250 employees and large companies employing over 250 people. The category of individuals comprises artisans, owners of agro-eco-estates, self-employed, and individual entrepreneurs.

The types of activities that individual entrepreneurs can be engaged in will be determined by the Government before July 1st.

For types of activities that are not included on this list, registration of new individual entrepreneurs will be ceased from October 1st. Individual entrepreneurs involved in these types of activities must transit to legal entities before January 1st, 2026. At the same time, a simplified procedure for transition to commercial organisations is being introduced for such entrepreneurs with continuity in all rights and obligations to the budget and counterparties.

The law envisages new types of financial support, including reimbursement from the budget of part of capital costs when realising investment projects with loans from Belarus’ Development Bank.

In addition, the right to receive state financial support for medium-sized businesses is expanding. Previously, this tool was only available to small businesses.