How to start a business in Belarus as a foreigner (2026)

Legal framework

Civil Code of the Republic of Belarus; Law on Business Entities; Decree No. 1 of 16 January 2009 on State Registration; Unified State Register (USR/EGR) administered by the Ministry of Justice (egr.gov.by)

Key points: starting a business in Belarus

1. 01Eligible foreign founders

   Any foreign individual aged 18 or above, or a foreign legal entity not undergoing liquidation, may found a Belarusian company. No special government consent is required for company formation or share acquisition in most sectors; 100% foreign ownership is permitted outside restricted sectors.

   en.vmp.by belarus.by

2. 02Minimum capital & legal forms

   The LLC (OOO), the most common form, has no effective minimum authorized capital (as low as 1 Belarusian ruble). Open Joint Stock Companies require 400 base amounts; closed corporations require 100 base amounts. Foreign-capital companies have up to 2 years to contribute authorized capital in full.

   gratanet.com en.vmp.by

3. 03Registration timeline & process

   Registration is completed in one business day. Steps include: reserving a company name via the USR portal (egr.gov.by), preparing and apostilling/legalizing foreign-founder documents, drafting the charter in Russian or Belarusian, appointing a director, securing a legal address in Belarus, and filing with the local executive committee's justice department or a notary (who may submit electronically). The company is simultaneously registered for tax, customs, social protection, and statistical purposes.

   minjust.gov.by belarus.by

4. 04Sector foreign-ownership caps

   Foreign capital in the banking sector may not exceed 50% of total aggregate capital; in insurance organizations, the cap is 30%. Outside these sectors, no statutory ownership ceiling applies.

   gratanet.com

5. 05'Unfriendly states' restrictions

   Since 2023, investors from states designated 'unfriendly' by Belarus (broadly: EU/US/UK and allied countries) face mandatory routing of dividends through special state-controlled accounts and require government permission for real estate disposal where such investors hold 25%+ ownership. Private property seizure has also been legalized in some contexts.

   state.gov state.gov

6. 06Sanctions environment

   EU sanctions on Belarus remain in force as of 2026, covering major banks, key export sectors, and individuals, and restrict many EU-nexus business activities. The US (OFAC) progressively lifted several Belarus sanctions from September 2025 through March 2026, including delisting potash entities and rescinding sovereign-debt restrictions. However, a transaction cleared by OFAC may still trigger EU asset-freeze or import-ban violations for EU-exposed companies.

   ofac.treasury.gov nortonrosefulbright.com

Timeline of decisions

1. 20 Dec 2025Guidance · official
   State Program 'Steady Entrepreneurship' 2026-2030 Approved by Council of Ministers

   The Belarusian Council of Ministers approved the five-year State Program 'Steady Entrepreneurship' for 2026-2030, doubling the budget allocation for SME support compared to the prior plan and targeting creation of favorable conditions for small and medium enterprises. The program is the government's primary policy instrument for business climate reform following the elimination of the individual entrepreneur form.

   Council of Ministers of the Republic of Belarus

2. 15 Dec 2025Law
   Parliament Passes Bill on Individual Entrepreneurial Activity in Second Reading

   The House of Representatives adopted the draft law 'On Amending Laws on Individual Entrepreneurial Activity' in its second reading, formally codifying legal definitions for individual entrepreneurs, independent professionals, and craftspeople, and clarifying the permitted activity scope. The bill finalises the legal architecture of the post-IE reform era as the transition deadline of January 1, 2026 approaches.

   BelTA – Belarusian Telegraph Agency

3. 1 Oct 2024Law · official
   Ban on New Individual Entrepreneur Registrations Takes Effect; Restricted Activity List Operative

   Under Law No. 365-Z, new registrations of individual entrepreneurs were halted nationwide from October 1, 2024, and a list of only 87 permitted activity types entered into force. Existing IEs operating outside the approved list were required to convert to an LLC or cease activity by January 1, 2026, effectively ending the individual entrepreneur as a general-purpose business vehicle in Belarus.

   Stolin District Executive Committee – Brest Region (Belarus)

4. 22 Apr 2024Law
   President Signs Law No. 365-Z Restructuring Individual Entrepreneurship

   Law No. 365-Z 'On Amending Laws on Business Activity' was signed, representing the most fundamental reform of the sole-trader business form since 2009. It restricted IEs to 87 activity categories, banned new IE registrations from October 2024, and mandated conversion of all out-of-scope IEs to LLC by end of 2025 through a 'seamless transition' procedure preserving tax and contractual continuity.

   BelTA – Belarusian Telegraph Agency

5. 1 Jan 2023Enforcement · official
   Frozen Foreign-Shareholder Company List Expanded from 190 to 1,849 Entities

   Belarusian authorities expanded the list of companies whose shareholders from designated 'unfriendly states' are barred from disposing of or reorganizing their ownership stakes from the original 190 to 1,849 companies, including at least 26 U.S.-linked entities. The expansion dramatically widened the trap for Western-linked founders and investors seeking to exit or liquidate Belarusian businesses.

   U.S. Department of State – 2023 Investment Climate Statement: Belarus

6. 6 Jul 2022Law · official
   Belarus Freezes Foreign Shareholdings in 190 Companies from 'Unfriendly States'

   A law entered into force prohibiting shareholders from countries deemed 'unfriendly' (including the EU, US, and UK) from disposing of shares in approximately 190 Belarusian companies, including EPAM Systems and Lukoil Belarus. The measure was a direct retaliation against Western sanctions imposed after Belarus supported Russia's invasion of Ukraine, and fundamentally altered the business exit landscape for foreign-linked founders.

   U.S. Department of State – 2022 Investment Climate Statement: Belarus

7. 21 Dec 2017Law · official
   Presidential Decree No. 8 'On Development of Digital Economy' Signed

   Decree No. 8, effective March 28, 2018, extended the High-Tech Park's special legal and tax regime to January 1, 2049, broadened eligible HTP business categories to include marketplaces, fintech and AI firms, and introduced unique legal instruments including smart contracts and stock options. It simplified work permits for foreign specialists and created a highly attractive, parallel fast-track regime for founding IT companies in Belarus distinct from the standard commercial registration pathway.

   Ministry of Economy of the Republic of Belarus – High-Tech Park

8. 16 Jan 2009Law · official
   Presidential Decree No. 1 Introduces Declarative One-Day, One-Stop Business Registration

   Decree No. 1 (effective February 1, 2009) replaced a multi-month registration process with a declarative one-stop-shop system completing in a single business day. It eliminated minimum charter capital requirements for most company types, enabled electronic registration at no cost, and streamlined business liquidation on the same basis. Belarus subsequently ranked 9th globally for speed of starting a business in the World Bank Doing Business 2013 report and 44th overall by 2016.

   Dubrovno District Executive Committee, Vitebsk Region (Belarus)

9. 22 Sept 2005Law · official
   Belarus Hi-Tech Park (HTP) Established by Presidential Decree No. 12

   Presidential Decree No. 12 created the Hi-Tech Park as an extraterritorial special economic zone for IT and software companies, granting residents deep tax relief and a separate legal framework governing employment, including provisions for foreign workers. The HTP is the foundational structure underpinning every subsequent immigration privilege for IT-sector foreign nationals in Belarus.

   Belarus Hi-Tech Park – official site (park.by)

10. 22 Jun 2001Law · official
    Investment Code of the Republic of Belarus Enacted

    The Investment Code (Law No. 37-Z of June 22, 2001) established the foundational legal framework for all investment in Belarus, guaranteeing equal treatment and protections for domestic and foreign investors and the right to repatriate profits. It authorised foreign nationals to incorporate commercial entities in any legal form permitted under Belarusian law and remains the cornerstone investor-protection statute underpinning business formation.

    UNCTAD Investment Policy Hub – Belarus Investment Law

Sources

1. 1.minjust.gov.by/en/directions/unified_state_register/
2. 2.belarus.by/en/business/legal-requirements
3. 3.belarus.by/en/business/companies
4. 4.en.vmp.by/publications/creation-company-foreign-investors-belarus/
5. 5.gratanet.com/publications/foreign-ownership-restrictions-limitation-of-foreign-inv
6. 6.state.gov/reports/2025-investment-climate-statements/belarus
7. 7.state.gov/wp-content/uploads/2025/09/638719_2025-Belarus-Investment-Climate-Sta
8. 8.ofac.treasury.gov/sanctions-programs-and-country-information/belarus-sanctions
9. 9.nortonrosefulbright.com/en/knowledge/publications/017d5c11/belarus-sanctions-divergence-a-pra