Legislation news

On the 12th of May 2009 the amendments to the President’s Ordinance N 452 on the obligatory sale of foreign currency were adopted. They will come into force on 21st of July 2009.
Now companies and sole traders which are the residents of the Republic of Belarus are obliged to sell 30% of foreign currency income on the Belarusian market. After the amendments come into force the amount of foreign currency that has to be sold will be determined by the National Bank of the Republic of Belarus.

On the 21st of March 2009 the Council of Ministers of the Republic of Belarus adopted the Resolution N 346
On the registration of license contracts, contracts of a concession and pledge contracts of the rights to objects of the industrial property and contracts of the complex enterprise license (franchise).
Upon the said Resolution is published the parties of relevant contracts are obliged to register them in special State Registers. Also all amendments to these contracts are to be registered.
The main distinction from the previous Resolution is that the requirement to register contracts of the complex enterprise license (franchise). The registration of the contracts is held within one month from the date of application.

On April 1st, 2009 the amendments to the President’s Ordinance N 178 on the foreign trade transactions’ procedure and control came into force.
The amendments simplify the procedure of foreign trade transaction’s conduction. In particular, instead of legalization of a transaction’s passport in beneficiary bank, it will be just sufficient to register the transaction in that bank.
Additionally the Ordinance will not regulate any transactions conducted in the performance of a rent, lease contracts, insurance contracts, loan and bank credit contracts, as well as transactions that are regarded by law as bank transactions and others.

01.02.2009 The Decree N1 came into force. This Decree significantly simplifies the procedure of public registration and liquidation of enterprises and entrepreneurs, the procedure of opening of a current bank account as well as some other changes.
Therewith there is not obligatory to notarize Articles of Association and Memorandum of Association.
On the other hand the Decree strengthens the responsibility of owners for the information supplied by them during the public registration. In the case of false information supplied a registered enterprise is considered to be illegal and shall be closed, all its incomes shall be exacted in local budgets on court’s decision.

Opportunities for Importers
Requirements of Resolution of the Board of the National Bank of the Republic of Belarus No. 165 on Payment Procedures under Foreign Trade Agreements Involving Import dated 11.11.2008 do not apply to payments by an importer by letter of credits.
A letter of the National Bank of the Republic of Belarus No. 31-14/1517 “on Payment Procedures under Foreign Trade Agreements Involving Import dated 18.11.2008 illustrates that a letter of credit is a separate obligation with respect to obligations arising from a sales contract or other contract involving such method of payment (part three, Article 254 of the Banking Code of the Republic of Belarus).