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Principles of Making Business in the Republic of Belarus

INTRODUCTION
The Republic of Belarus is a unitary democratic social state with a rule of law. In compliance with the Article 8 of the Constitution, the Republic of Belarus acknowledges the priority of the universally recognized principles of the international law and ensures the compliance of the legislation to the said principles.
Foreign citizens and persons without citizenship in the territory of Belarus enjoy equal rights and freedoms and perform equal duties with the citizens of the Republic of Belarus, unless otherwise stated in the Constitution, laws and international agreements.
The state power is executed on the basis of its separation into the legislative, executive and judicial ones.
Belarus is a presidential republic. The President of the Republic of Belarus is the head of the state, the guarantor of the Constitution, civil rights and freedoms. The President also has a power to issue in accordance with the Constitution decrees and ordinances having power equal with laws.
The legislative power pertains in the National Assembly (the Parliament) consisting of two Chambers - the House of Representatives and the Council of the Republic.
The executive power in the Republic is been exercised by the Government (Council of Ministers), which is the central body of the state management. The judicial power in the Republic belongs to the courts. The judicial system includes the courts of common jurisdiction and the economic courts. The International Arbitration Court has been established and operates in Belarus.
Control over observing the constitutional legitimacy is carried out by the Constitutional Court.

BASIC PROVISIONS OF LEGISLATION ON FOREIGN ECONOMIC AND BUSINESS ACTIVITY
The Constitution of the Republic of Belarus provides for two forms of ownership - state and private, and also contains provisions on the equal rights for execution of the economic and other activities. The state guarantees the equal protection and conditions for development of all forms of ownership, the equal opportunities of the free application of capabilities and property for making business and other lawful economic activity (Article 13 of the Constitution).
State policy of the Republic of Belarus in the field of the foreign trade and the practical measures taken by the state make it possible for economic subjects of all types of ownership, including foreign ones, to work in any sphere of business.
Foreign economic policy of the Republic of Belarus is formed on the basis of the principles of the open character of the economy, liberalization of the foreign trade, provided observation of the terms defined by bilateral and multilateral agreements, as well as by international conventions in the field of the trade and economic cooperation, the mutual protection of investments, prevention from the double taxation.
Foreign economic policy is directed to integration of the economy of the State into the world economy, establishment of favorable conditions for development of public production, achievement of the export and import balance.
The republic is mainly interested in investments to the production sector. The top priority sphere for attraction of the capital is development of the production potential of the republic and introduction of the up-to-date technologies.
The main approaches of the state regulation of the foreign trade activity in the Republic of Belarus are defined in the Law of the Republic of Belarus, "On the State Regulation of the Foreign Trade Activity", dated December 29, 1998. According to the Law economic entities of the Republic of Belarus possess the right of execution of the foreign trade activity from the moment of the state registration. Foreign companies have equal rights with Belarusian legal entities for execution of the foreign trade activity.
State regulation of foreign trade in the Republic of Belarus includes a number of measures, the main of which are tariff and non-tariff measures of regulation, as well as licensing of certain types of foreign trade operations. In case of import of certain types of commodities the corresponding permits or certificates are also needed which confirm the compliance of the given commodity with the rules of security, quality, sanitary and hygiene.
The proclaimed decision of the Republic of Belarus to enter the World Trade Organization (WTO) has principal importance. Now Belarus wages negotiations about conditions of entrance the WTO and makes active affords to bring the legislation in compliance with the standards of the organization. State foreign economic policy in the Republic of Belarus is executed by the Ministry of Foreign Affairs.
The legal basis of economical relations is laid by the Civil Code of the Republic of Belarus of 1998 and some laws regulating business activity - "On Entrepreneurship in the Republic of Belarus", "On Counteraction of the Monopolistic Activity and Development of Competition", "On Economic Insolvency (Bankruptcy)".

INVESTMENT ACTIVITY
In Belarus legislation the investment activity is determined as the activity of a legal entity or (and) individual, or (and) state (administrative and territory unit of the state) on investment in manufacturing of production (works, services) or other use of them with the aim to get the profit (income) and (or) achieving another significant result.
The base of the legal regulation of the investment activity is the Investment Code of the Republic of Belarus dated June 22, 2001. It determines common legal conditions of carrying out the investment activity in the Republic of Belarus. The Code is directed on stimulation of the investment activity and state support of it and also on the protection of the investors? rights in the Republic of Belarus.
The Republic of Belarus has signed agreements with more then 35 states of the world on co-operation (promotion) and mutual protection of investments. In particular, such agreements exist with Germany, France, Poland, Finland, China, Switzerland, USA, Italy, Korea, Turkey, Egypt, etc.
With a view of definition of the peculiarities of their activity regulation investors are considered as national or foreign investors.
Foreign investors in the Republic of Belarus are:
- foreign states and their administrative and territory units represented by the authorised bodies;
- international organisations;
- foreign legal entities;
- foreign citizens;
- individuals (citizens of the Republic of Belarus and persons without citizenship) being permanent residents of outside of the Republic of Belarus.
The investment activity in the Republic of Belarus is carried out in the following forms:
- establishing of a legal entity;
- acquiring of the property or property rights, namely:
- the part in authorised capital of a legal entity;
- real estate;
- securities;
- rights on the objects of intellectual property;
- concessions;
- equipment;
- other fixed assets.
Foreign credits attracted to the republic are, as a rule, of the purpose-oriented character and directed for the structural reconstruction of the economy, modernisation of the existing enterprises, expansion of the output of consumer goods. The most prospective branches for the inflow of the foreign capital are: electronics, motor-car construction, petroleum chemistry, civil engineering, wood working, production of consumer goods and food, procession of wastes, manufacture of the medical equipment, etc.
During the process of carrying out the investment activity, including realisation of investment projects, investors have the right to get the state support. It is rendered with the aim to stimulate the inflow of investments to the economy of the Republic of Belarus.
The state support of investment projects is rendered in the form of provision of:
privileges on tax and customs payments; guarantees of the Government of the Republic of Belarus; centralised investment resources.

A legal entity with a statutory fund fully or partially consisted of foreign investments is a commercial organization with foreign investments.
All commercial organizations with foreign investments may be commercial joint or commercial foreign organizations. A legal entity of the Republic of Belarus with a statutory fund consisted of a share of the foreign investor and a share of an individual and (or) a legal entity of the Republic of Belarus shall be recognised as a commercial joint organization in the territory of the Republic of Belarus. A legal entity of the Republic of Belarus with a statutory fund with 100 percent of foreign investments shall be recognised as a commercial foreign organization.
Organizations with foreign investments are provided with some preferences. For example, commercial organization with foreign investments having the foreign investor's share not less then 30 percent shall be exempted from paying the profit tax on the profit of the realisation of goods (services), except trading activity, during three years from the moment of the profit declaration, including the first year. If commercial organizations produce a production of a special importance for the republic included in the list of such production to be approved by the Government, such organizations during another three years shall pay the profit tax reduced at 50 percent.
A foreign investor is guaranteed the right to transfer abroad his/her incomes in a hard currency received from the activity of the enterprise with foreign investments. Besides, there are guarantees of compulsory withdrawal of investments and of illegal actions of the state bodies in respect of the enterprises with foreign investments. In the case of adoption of legal acts with the aforesaid norms during five years since the registration of the enterprise with foreign investments, the legislation in force at the date of registration shall be applied in respect of that enterprise.

PROCEDURE OF ESTABLISHING LEGAL ENTITIES
The main legislative act regulating the establishment and registration of companies with foreign investments is the «Investments Code of the Republic of Belarus», dated June 22, 2001. At the establishment and registration of companies with foreign investments the provisions of the laws are also applied which define the procedure of the establishment and registration of companies without foreign investments. In order to regulate the state registration and liquidation (cessation of the activity) of commercial and non-commercial bodies, their corporations and individual businessmen the Decree of the President of the Republic of Belarus #11 "On Putting in Order the State Registration and Liquidation (Cessation of the Activity) of Economic Management Subjects", dated March 16, 1999. Later there where modifications of that Decree made by the Decrees of the President of the Republic of Belarus #22, dated November 16, 2000 and # 21, dated July 30, 2001.
A commercial organization with the foreign investments can realize all of the business activities, unless it?s forbidden by the legislation of the Republic of Belarus and contradicts with the matters foreseen in the statute of that organization.
Activities of individual category, list of which is prescribed by the legislative acts of the Republic of Belarus, can be realized by the commercial organization with foreign investments only with the authority of the special permissions (license).
A commercial organization with foreign investments may be established either by means of its formation as the result of the purchase of a participation share by the foreign investor in a formerly established legal entity without foreign investments, or by means of the full acquisition of such an enterprise.
The decision of establishing of a commercial organization with foreign investments should be made independently by its founders (participants), including cases of purchasing by foreign investor in a formerly established legal entity without foreign investments part (securities), as well as full acquisition of the enterprise or acquisition of its part on sum exceeding 20000 USD in equivalent. In case when Belorussian founders (participants) are legal entities or individuals which don't have title on vested property, decision of taking parts of such individuals and entities in establishing of commercial organization with foreign investments should be made in order that prescribed by the owner of vested property or its commissioner according to the legislation of the Republic of Belarus.
A commercial organization with foreign investments may set up subsidiaries, as well as branches and representations in the territory of the Republic of Belarus and beyond its territory as per established order in accordance with the legislation of the Republic of Belarus and the legislation of foreign states.
Subsidiary companies set up by a commercial foreign organization are to exercise the same rights and are to be registered by the same body that registered their founding companies in case of size of foreign investments in authorized capital is more then 20000 USD. Subsidiary companies established by joint ventures are to be registered under the procedure foreseen for the enterprises without foreign investments, and they are not to enjoy the privileges given to companies with foreign investments.
Branches and representations of companies with foreign investments are to carry out their activities on the basis of the provisions on them approved by the company with foreign investments. They are to open accounts in authorized banks. On the territory of the Republic of Belarus branches, representations and other isolated bodies are not considered as legal entities.
State registration of a commercial organization with foreign investments except for banks, non-banking credit and financial institutions, commercial organizations with foreign investments in free economic zones as well as insurance and reinsurance organizations is carried out by corresponding state institution.
Commercial organization with foreign investments considered to be established from the moment of its state registration.
State registration of commercial organization with foreign investments have to be applied during no more then 15 days since the day of presenting by its founders (participants) of the petition with addition of the documents prescribed in the Investment Code of the Republic of Belarus.
There must be made a notice of registration of the commercial organization with foreign investments by the registration institution in written form: during 5 days since making decision of state registration - to the founders (participants) of that commercial organization, during 10 days since making decision of state registration - to the Ministry of Taxes and Duties of the Republic of Belarus to inscribe to the Unified State Registry of legal entities and individual entrepreneurs of the Republic of Belarus, as well as to the Ministry of the Statistic and Analysis of the Republic of Belarus.
A registration institution shall give a certificate to the commercial organization with foreign investments and to publish registration data in press.
State registration can be refused to a commercial organization with foreign investments by the reason of breaking the prescribed by the legislation of the Republic of Belarus procedure of establishing of a commercial organization with foreign investments and discrepancy of the constitutive documents with the legislation of the Republic of Belarus. State registration can't be refused only by the reason of the inexpediency of creation of a commercial organization with foreign investments.
Motivated refusal of state registration of a commercial organization with foreign investments should be posted to its founders (participants) by the registration institution within 5 days since making decision of refusal. Founders (participants) of the commercial organization with foreign investments according to the legislation of the Republic of Belarus can appeal to the court refusal of the state registration or refusal under the reasons they count as baseless.
Declared amount of the authorized capital of a commercial organization with foreign investments in a form of limited liability company, additional liability company, closed stock company or private foreign unitary enterprise should be formed at least to 50 % during the first year since the moment of state registration by dint of deposition by every of the founders (participants) at least 50% of their part and fully during 2 years since the moment of state registration.
Declared amount of the authorized capital of a commercial organization with foreign investments in form of opened stock enterprise should be fully formed to the moment of the state registration.
Minimal amount of authorized capital is set up to following:
150 EURO - the farm;
400 EURO - additional liability companies, economic partnerships, industrial co-operative including agricultural industrial co-operatives and state plants;
800 EURO - for the unitary enterprises based on right of economic authority;
1600 EURO - for limited liability companies;
3000 EURO - for the closed stock enterprises;
12500 EURO - for the opened stock enterprises.
Authorized capital of a commercial organization with foreign investments should be declared in US dollars and in case of creating of a commercial organization with foreign investments as stock enterprise or using property of the Republic of Belarus - in monetary units of the Republic of Belarus as well. Founders (participants) of a commercial organization with foreign investments can deposit their part of the authorized capital either in monetary or non-monetary form.
To convert deposits official course of the according currency set by the National Bank of the Republic of Belarus to the day of subscribing of the deal of the creating of a commercial organization with foreign investments and (or) creating of the statute shall be used.
In case when a founder (participant) of a commercial organization with foreign investments deposits his part in monetary units of the Republic of Belarus or in foreign currency he/she should mind difference between official courses of the US dollars and other foreign currency to the day of subscribing deal of creating of the commercial organization with foreign investments and (or) approval its statute and to the day of the actual deposition of the capital.
Non-monetary deposit of a foreign investor can be moved from a foreign country or purchased in the Republic of Belarus for the foreign currency or monetary units of the Republic of Belarus if it was received as a profit from activities of the created with his/her participation commercial organization with foreign investments as well as from the other non forbidden activities or as a result of the exchange of the foreign currency in the banks of the Republic of Belarus. The value of non-monetary deposits shall be stated to the date of taking it to the stock of the commercial organisation with foreign investments. When statute data of a commercial organisation with foreign investments changes in cases prescribed by the legislation of the Republic of Belarus founders (participants) are to make alterations to the statute documents of that organisation within 30 days since making of those alterations and changes.
Documents that are necessary to register alterations and changes those are to be subscribed to the Unified State Registry of Legal Entities and Individual Entrepreneurs of the Republic of Belarus should be presented by a commercial organization with foreign investments to a registration institution within 30 days since making of those alterations and changes.
The registration institution should register alterations and changes of the statute documents during 15 days from the date of presenting of the necessary documents of a commercial organisation with foreign investments in part that should be subscribed in the Unified state Registry of Legal Entities and Individual Entrepreneurs of the Republic of Belarus and should inform the Ministry of the Taxes and Duties within 10 days to subscribe alterations and changes in the Unified State Registry of Legal Entities and Individual Entrepreneurs of the Republic of Belarus as well as the Ministry of Statistics and Analysis of the Republic of Belarus.

CURRENCY LEGISLATION
The main document regulating banking activities in the Republic of Belarus including operations with currency is the Bank Code of the Republic of Belarus dated October 25, 2000.
The currency legislation of the Republic of Belarus is represented as well with the acts of the President of the Republic of Belarus and with decisions of the Government of the Republic of Belarus and acts of the National Bank of the Republic of Belarus.
The President's Decree # 7, dated January 4, 2000 "On Improvement of the Order of Conducting and Control on Foreign Trade Operations", states that: the monetary funds obtained from the export of products (works, services) are to transfer to the exporters' accounts, if otherwise is not stipulated by the Government or the National Bank;
payments on foreign trade contracts, which are provided for import of products (works, services), are to carry out from the accounts of importers, except the cases, when the payments are carried out from the accounts of non-residents of the Republic of Belarus, or if otherwise is not stipulated by the Government or the National Bank;
payments on foreign trade contracts, on which the transaction certificates were executed by legal entities, are to carry out via their banks where these certificates were sighted.
The Decree defines as well the procedure of transaction certificate execution (legalisation), the procedure of statistical declaration execution, responsibilities of legal entities in the process of foreign trade operations.
In accordance with the Regulations on the procedure of performance of currency operations in the territory of the Republic of Belarus, approved by the Board of the National Bank of the Republic of Belarus on June 25, 1996, all settlements in operations between the residents and non-residents are to be carried out in the freely convertible currency. The settlements in other currencies and in Belarusian roubles are executed if this is stipulated in the governmental agreements or in the agreements between the National (Central) Banks of the parties concerned.
The settlements in Belarusian roubles via accounts of legal entities of non-residents (except for the banks) opened in banks of the Republic of Belarus are to be executed in compliance with the regime of the given accounts.
Non-residents may open accounts in the foreign currency in authorized banks as per procedure set up by the National Bank of the Republic of Belarus. Non-resident may manage his account personally or via the trusted person (manager).
The cash foreign currency is to be deposited to the account of the non-resident (including the Correspondent account of the non-resident's bank) in the authorized bank of the Republic of Belarus on the basis of the documents confirming import of the foreign currency to the territory of the Republic of Belarus (a customs declaration), except for the cases:
if the cash foreign currency amount payable during the year does not exceed the equivalent of $ US 10000;
of payment of consular and other fees by foreign diplomatic representations.
The procedure of foreign currency operations connected with capital movement is regulated by the Regulations approved by the Board of the National Bank of the Republic of Belarus on December 31, 1998.

TAX LEGISLATION
The basis of the unified taxation system of the Republic of Belarus is the Law of the Republic of Belarus "On Taxes and Duties Collected to the Budget of the Republic of Belarus", dated December 20, 1991, which regulates the procedure of payment of taxes, charges and duties by all payers to the budget of the Republic of Belarus.
The following types of national taxes and duties are established in the Republic of Belarus:
- the value added tax;
- the excises;
- the profit and incomes taxes;
- the lottery tax;
- the tax for the use of the natural resources (the ecological tax);
- the real estate tax;
- the land tax (payment for the land);
- the transit tax;
- the state due and charges;
- the income tax on individuals.
Objects of taxation, procedure of payment, rates, privileges for each specific type of tax and duty are set up in special documents of the tax legislation. In such a way the following Laws are in force in the Republic of Belarus: "On Payments for the Land" (1991), "On Excises" (1991), "On Value Added Tax" (1991), "On Income Tax on Individuals" (1991), "On Profit and Incomes Taxes" (1991) "On Real Estate Tax"(1991) etc.
The local management and self-management bodies within the rights provided to them by the legislation may set up local taxes, charges and duties to be collected on their territory, as well as assign privileges for their payment to local budgets.
Privileges on taxes and duties are set up both by the President of the Republic of Belarus and by laws of the Republic of Belarus.
Individual privileges on taxes and duties to legal entities and individuals of the Republic of Belarus are provided by the President of the Republic of Belarus. There is a simplified system of taxation of subjects of small business in the Republic of Belarus. The Law "On Simplified System of Taxation of Subjects of Small Business" (1997) operates in the Republic of Belarus and establishes such the system.
Foreign legal entities carry out their activities on the territory of the Republic of Belarus via their permanent representations. Any permanent representation of a foreign legal entity is to be registered in taxation bodies in the place of its location and is to retain due taxes and other mandatory duties from payment amounts of foreign legal entities according to the legislation of the Republic of Belarus.
The Republic of Belarus has signed the agreements on refusal from the double taxation with more than 40 countries of the world. It should be mentioned that a draw of the Tax Code of the Republic of Belarus has been developed and is currently considered by the Parliament.

CUSTOMS LEGISLATION
The Customs Code of the Republic of Belarus is the main legislative act defining the legal, economic and organizational basics of the customs affairs in the Republic of Belarus and is directed to protection of the economic sovereignty and the economic safety of the Republic of Belarus, insurance of protection of the rights of citizens, economic entities and other legal entities and observance of their obligations in the field of the customs affairs.
The Customs Code defines the main principles of transfer of commodities and vehicles via the customs border of the Republic of Belarus, provides the customs regimes (the issue for the free circulation; re-import; transit; customs storehouses; procession on the customs territory; export; re-export; demolition, etc.), customs payments (the customs fee, the VAT; excises, customs charges for storage of commodities, etc.). The Customs Code also regulates the procedure of customs execution of commodities at their transfer via the customs border of the Republic of Belarus and establishes the privileges for certain categories of foreigners.
The Law of the Republic of Belarus "On the Customs Tariff", dated February 3, 1993, sets up the procedure of formation and application of the customs tariff of the Republic of Belarus. The Law defines the main methods of determining the customs cost of the commodities (according to the price of the transaction with imported commodities; according to the price of the transaction with identical commodities; according to the price of transactions with similar commodities; on the basis of subtraction of the cost; on the basis of adding the cost; the reserve method); it regulates the methods and goals of determining a country of commodity origin and establishes the customs tariff privileges.
The rates of the customs fees were approved by the Decision of the Council of Ministers of the Republic of Belarus # 72 "On the Customs Tariff of the Republic of Belarus", dated February 10, 1997, with the appropriate amendments and additions.
The Law of the Republic of Belarus "On the Export Control", dated January 6, 1998, determines the legal basis of the activity of state bodies, legal entities and individuals of the Republic of Belarus in the field of the export control and it regulates relations emerging due to crossing the customs border of the Republic of Belarus and the use of objects of the export control.
Certain customs privileges are given to legal entities and individuals by acts of the President of the Republic of Belarus. In particular, the Ordinance of the President of the Republic of Belarus N6, dated March 10, 1997, exempts from the charge of the customs fee and the VAT goods imported to the customs territory of the Republic of Belarus as a contribution to the authorized capital of a enterprises with the foreign investments by a foreign participants.
The Decision of the Government of the Republic of Belarus # 218, dated March 18, 1997 «On Establishing Bans and Restrictions on Transferring Goods via the Customs Border of the Republic of Belarus» approves the list of goods not allowed for crossing the customs border of the Republic of Belarus (at import these are production and consumption wastes which can not be reprocessed or used in the Republic of Belarus, etc.), as well as the list of goods limited for crossing the customs border of the Republic of Belarus (at import these are alcoholic and tobacco products subject to be labelled with excise marks, spirits, etc.).
In accordance with the Agreement between the Republic of Belarus and the Russian Federation "On the Customs Union", dated January 6, 1995, the Parties agreed to set up the Customs Union as the economic association of the states which is based on two following principles: a) availability of the single customs territory of the states - participants of the Customs Union; b) availability of the similar mechanism of regulation of national economy based on the market principles of economic management and the unified legislation. Kazakhstan, Kyrgyzstan and Tadjikistan joined this Agreement.

LEGISLATION ABOUT FREE ECONOMIC ZONES
The Law of the Republic of Belarus "On Free Economic Zones", dated December 7, 1998, defines the legal and organizational basis of establishment, activity and liquidation of free economic zones on the territory of the Republic of Belarus. The status of the foreign investors in the territory of free economic zones is also regulated with the Investment Code of the Republic of Belarus (2001), as well as with specific acts of the President of the Republic of Belarus and the Council of Ministers of the Republic of Belarus referring to the establishment and regulation of relations for each specific free economic zone.
Presently, following free economic zones have been established and function in the territory of the Republic of Belarus:
"Brest",
"Gomel-Raton",
"Minsk",
"Vitebsk".
A free economic zone is defined as a part of the territory of the Republic of Belarus with the precisely determined borders and the special legal regime setting up more favourable terms for performing business and other economic activity as compared with usual standards. Production, scientific and technological, export, trade, tourist and recreation, insurance, banking and other types of activities may be developed in free economic zones.
A resident of the free economic zone is defined as a legal entity or an individual without forming a legal entity registered by the administration of free economic zones falling under special legal regime of a free economic zone.
The privileged procedure of taxation is established in free economic zones. A less number of taxes are foreseen for residents of free economic zones, and their rates are reduced. So, for example, the profit received by residents of the free economic zone "Gomel-Raton" from the sales of their own products (works, services) will not be taxable for five years from the moment of its declaring, including the first profitable year. Types of taxes existing in the territory of free economic zones, tax rates and peculiar features of the privileged taxation are established by the President of the Republic of Belarus, or in accordance with his/her instructions - by the Council of Ministers of the Republic of Belarus.
The territory of free economic zones is a part of the customs territory of the Republic of Belarus. As far as imposition customs fees, taxes and measures of the economic policy are concerned, the free economic area can be considered as being located within the customs regime of a free customs zone.
At import of foreign and domestic commodities to the territory of free customs zone, customs fees, except for the duties for the customs clearing, are not imposed and economic policy measures are not taken.
At import of commodities from the territory of free customs zone to another part of the customs territory of the Republic of Belarus, taxes and customs fees are imposed and economic policy measures are taken depending on the origin of commodities.
At export from free economic zones of commodities originated at free economic zones to outside of the Republic of Belarus, taxes, customs fees, except for charges for the customs clearing, are not imposed and economic policy measures are not taken. As for commodities not originated on the territory of the free economic zones taxes, customs fees are to be imposed and measures of the economic policy are to be taken in compliance with the legislation of the Republic of Belarus at their export from the territory of free economic zone.
All personal rights and freedoms established by the legislation of the Republic of Belarus are guaranteed in the territory of free economic zones as well as: discrimination and other illegal limitations of the rights of economic entities are not allowed; compulsory nationalization, requisition or analogous measures are prohibited, except for temporary termination of export of the invested property from the territory of free economic zones before repayment of debts by an investor for his/her obligations.
Both the national currency of the Republic of Belarus and convertible currencies of foreign states can be used for settlements of accounts in free economic zones in the order established by the National Bank of the Republic of Belarus.
Residents of free economic zones may engage foreign engineering and technical and administration personnel for their activities without limitations. The system of the state guarantees of protection of investments foreseen in the legislation of the Republic of Belarus is also valid for foreign investors in free economic zones. The state guarantees for foreign investors in free economic zones the right for the return of their shares in property of a company as per residual cost, as well as transfer beyond free economic zones and the Republic of Belarus of due amounts of incomes, including ones in a foreign currency, obtained from investments to the zone.

ADDITIONAL INFORMATION
More details on the Republic of Belarus and the activities of the state bodies are given on the Internet server of the Administration of the President of the Republic of Belarus: www.president.gov.by
The Internet server of the Ministry of Foreign Affairs of the Republic of Belarus contains some useful information on activities of this state body and issues of its competence: www.mfa.gov.by
One can get acquainted with the legislation of the Republic of Belarus via the Internet server of the National Center of the Legal Information of the Republic of Belarus: www.ncpi.gov.by
The server provided free access to the reference data bank of the legal information of the Republic of Belarus: to laws of the Republic of Belarus, acts of the President of the Republic of Belarus, decisions of the Council of Ministers of the Republic of Belarus, as well as to the National Register of Legal Acts of the Republic of Belarus: the operative information on all daily adopted acts of the Republic of Belarus. The information is presented in Russian, but a set of the most important legal documents of the Republic of Belarus translated into English. Weekly bulletins in English with news of Belarus legislation and law are available as well.