Important news for company owners

Belarus: Changes in registration and liquidation procedure for business entities.

On February 28, 2017, the President of the Republic of Belarus signed Decree No. 2, which amends Decree No. 1 of January 16, 2009, “On State Registration and Liquidation (Termination) of Business Entities.”

Here we note the most important changes in connection with adoption of this document.

The approach of the registration authority to annulment of company registration based on incorrect data submitted during registration has changed. Now, when resolving this issue, the courts will have to take into account the nature of the violations committed, the presence of damage and other relevant circumstances.

It is now possible to open a bank account at the same time as the company is registered.

There is now no restriction on establishing a subsidiary even if the founder has not fulfilled civil obligations in time.

The registration authority can now initiate liquidation of a company that does not conduct business for at least 24 consecutive months (currently – for 12 consecutive months and also failing to explain why).

The statute of limitations was limited to three years for an appeal to the court against a finding that the registration of the company is invalid where the case was initiated by the tax and other state authorities. Companies now have the same period to appeal against action (inaction) by the registration authorities.

A company that decides on self-liquidation can now conclude a contract for audit services. The availability of an audit report would enable the tax and customs authorities and Belgosstrakh to provide the registration authority with the necessary reports or information for company liquidation without additional inspections.

The decree also allows submission of documents on liquidation in electronic form.

These and other changes will come into force six months after official publication.

Source: National legal Internet portal of the Republic of Belarus (NLIP) 02.03.2017, 1/16909

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