The legislation of the Republic of Belarus is based on the European principles and guarantees all the rights for investors, permits use of british, swiss, Italian and other laws and arbitrage.
It provides all contemporary forms of investment starting with the establishment of foreign and mixed-partnership enterprises ending with the concession agreements. In 2014 the progressive law of investments developed in cooperation with the International financial corporation came into effect. It provides improvement of the basic investment legislation based on the world experience, ensures simplicity and transparence of the approved rules and terms, provides basic guarantees of investor protection.
Belarus is a participant of the Convention on the settlement of investment disputes between state, individual and legal entities of foreign countries of March 18, 1965.
Belarus is a member of the Multilateral investment guarantee agency. It helps to provide the international standardlike terms of risk insurance for foreign investors, proves the readiness of the country to observe commonly accepted rules and standards of the international economic cooperation. Today in the territory of the republic the secure legal environment provided by the international agreements along with the national legislation was created.
On the international level:
The Republic of Belarus signed the Convention on the protection of investor rights (March 28, 1997), the Agreement on the cooperation in investment activity (December 24, 1993), joined the Convention on the settlement of investment disputes between states and nationals of other states (March 18, 1965) and Seoul Convention on the establishment of the multilateral investment guarantee agency (October 11, 1985) etc.
Bilateral normative framework between the Republic of Belarus and other states serves as an important premise for investment. Belarus takes an active part in signing bilateral and multilateral agreements providing preferential treatment scheme and(or) the national scheme of investment accomplishment and providing the investor protection on the international level.
In the republic there are around 60 bilateral agreements on the investment protection in action and with more than 60 countries Belarus signed an agreement on avoidance of double taxation which gives additional guarantees for right and investment protection of the countries belonging to EU, CIS, Asia, Latin America and others.
The basis of investment activity in the Republic of Belarus on the national level is the law of the Republic of Belarus “On investment” of July 12, 2013 №53-3. The law contains the conditions of investor guarantees and protection if performing investment activity in the territory of the Republic of Belarus corresponding the world experience. Terms of law aim at equal activity for all investors national and foreign. The state guarantees to investors:
- property protection from nationalization and requisition;
- unhindered compensation transfers outside the Republic of Belarus for foreign investors;
- a right for realization of property and non-property rights in accordance with the legislation of the Republic of Belarus;
- exclusive rights to intellectual property;
- a right for land allotment to use, rent, own in accordance to the legislation of the Republic of Belarus on land protection and use;
- a right for establishment on the territory of the Republic of Belarus of commercial organizations with different investment fund and in different legal forms of organizations approved by the legislation of the Republic of Belarus considering the restrictions stated in article 6 of the law of the Republic of Belarus “On investment”;
- a right for benefits and preferences investing in the priority activities and in other cases those approved by the acts of the Republic of Belarus and (or) international legal acts compulsory for the Republic of Belarus;
- a right for attracting foreign citizens and people without citizenship to perform working activity;
- a right to contract the Republic of Belarus;
- a right for a pre-trial stage of conflict settlement.
In the republic of Belarus a system of incentives – preferential legal terms - for investment activity was created. A number of preferences is provided for investors in FEZs, small and medium towns, countryside, high technologies park.
On July 12, 2013 the law of the Republic of Belarus “On concessions” was adopted. It stated the legal basis of the investment concessions regulations.
The legislative basis of investment activity was created. Along with it it’s a constant process of its updating and improving considering the world experience.
- Law of the Republic of Belarus “On investments” and some other acts of legislation;
- Bilateral agreements on avoidance of double taxation (signed with more than 60 states);
- Bilateral agreements on support and mutual protection of investments in the Republic of Belarus (more than 60 agreements were signed);
- Seoul convention on the establishment of the multilateral investment guarantee agency (MIGA convention);
- Convention on the settlement of investment disputes between state, individual and legal entities of other states (ICSID);
- Ordinance of the president of the Republic of Belarus “On creation of additional conditions for investment activity in the republic of Belarus” of August 6, 2010 №10.
Belarus ranked 50 by WJP Rule of law index in 2014 among 99 states and world territories. 8 major indicators were under consideration: restriction of authority institution powers , absence of corruption, order and safety, protection of basic rights, transparency of authority institutions, law obedience, civil legislation, criminal legislation.