Business and IT in Belarus. Technology is the fastest growing and most stable domain of the country’s economy
The country currently has the most economically liberal government ever. Amid difficult situation in the region at large, Belarusian economy is growing—albeit by a modest 1%. Half of this growth comes from the IT sector.
The country’s economy in numbers and indices
- $59.6bn: 2018 GDP
- $83.2bn: 2018 foreign trade turnover
- Trade relations with 200 countries
- Belarus ranks 37th among 190 countries in the World Bank “Doing Business 2019” ranking
- Ease of starting a business: 29th place globally
From EY’s annual report “Doing Business in Belarus”
IT business in Belarus
Since the 1990s, the emergence of first private IT companies, this sector in Belarus has been growing rapidly with almost no impact from external and domestic crises. Most of the 1,000+ local companies and representative offices, offices of foreign companies are focused on overseas markets—mainly the USA and EU.
In 2019, the exports by technology companies will near $2 billion.
In 2005, the Hi-Tech Park was established—a set of benefits and preferences for IT companies. Their main outcome is probably the ability to maintain salaries at the competitive level in the region while reducing the tax burden on business.
Decree No. 8 of 2017 extended and significantly expanded the benefits for IT companies until 2049. Now startups and small firms, as well as companies active in the fields other than development can join HTP more easily: marketplaces, publishing, advertising. Belarus is among the first countries in the world where crypto business, mining, and ICO are fully regulated. Simpler document management, issue of options, relocation—coming to the country and bringing foreign experts to work here has become easier.
Elements of the English law have been introduced: convertible loan agreement, option contracts and options per se, property loss compensation agreements, non-competition and non-solicitation agreements.
EY in Belarus
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