Legislation news

The amendments to the Law on the currency regulations and currency control will come into force on 12/12/2009.
After the amendments come into force, current operations will be considered as payments under the export or import contracts (except real estate, stocks and bonds contracts), payments under the rent or leasing contracts, recepting of dividends and other investment income. So the 180-day period which determines whether the payment is current or not is canceled.

The Law on the amendments and changes to the Law of the Republic of Belarus on Commercial Companies is being drafted.
Its aim is to change the Law according to the current legislation and to determine some rules. For example, it specifies the determination of the “major transaction”, simplifies the procedure of sponsor’s help, determines the list of affiliated persons.
The Law is supposed to be changed according to the remarks and offers and brought to the discussion of the House of Representatives of the Parliament.

The Resolution N 842 of the Council of Ministers came into force on 09/07/2009
The Resolution changes such documents as the Typical Memorandum on Commission on Bankruptcy Preventing, the Memorandum on Accreditation of Insolvency Manager, the List of the Bankruptcy Preventing Judicial and Economic Measures, the Memorandum on the Coordinating Council of Commissions on Bankruptcy Preventing.

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.