THE DEGREE OF THE CABINET OF MINISTERS REPUBLIC OF BELARUS
of February 24, 1992, N 97
ON PARTICULARITIES OF FORMATION OF FOREIGN
ENTERPRISES ON THE TERRITORY OF THE REPUBLIC OF BELARUS
In conformity with the Decree of the Supreme Soviet of the Republic
of Belarus of November 14, 1991 "On Entering into Force of the Law
of the Republic of Belarus "On Foreign Investment on the Territory
of the Republic of Belarus"the Cabinet of Ministers of the Republic
of Belarus decrees the following:
1. An enterprise with the ownership capital consisting only of foreign
capital (a foreign enterprise) can be formed through its foundation by
a foreign investor on the basis of a pecuniary or non-pecuniary contribution
entirely imported from another state or on the basis of property purchased
from property owners in the Republic with a convertible currency or a currency
that is used on its territory, if such currency has been obtained as income
from foreign investment, allowed commercial activity or by way of exchange
of a convertible currency in banks of the Republic.
2. A foreign enterprise on the basis of a pecuniary or non-pecuniary
contribution entirely imported from another state shall be founded in conformity
with the procedures stipulated by the Law of the Republic of Belarus "On
Enterprises in the Republic of Belarus", dated December 14, 1990,
with the exceptions regulated according to the Law of the Republic of Belarus
"On Foreign Investment on the Territory of the Republic of Belarus",
dated November 14, 1991, while a foreign enterprise on the basis of state
property purchased in the Republic of Belarus shall be founded in the same
manner in conformity with the Decree of the Cabinet of Ministers of the
Republic of Belarus No. 360 "On Destatization of the Economy and Privatization
of State Property of the Republic of Belarus in 1991", dated September
23, 1991. Purchasing by a foreign investor of property, that is not owned
by the State, with the view to form a foreign enterprise on its basis shall
be arranged by a notary.
3. A property owner, which has fully or partially alienated the property
of his enterprise to a foreign investor in conformity with a purchase-and-selling
deal executed by a notary, shall be liable to inform, within a 5-day period,
of the executed deal the body, which registered the enterprise, for the
subsequent exclusion of the enterprise from state registers or (if need
be) for modifying the statute of the enterprise.
4. Subsidiaries of foreign enterprises shall be formed in the same
manner and shall enjoy the same rights and privileges as their parental
foreign enterprises.
5. State registration of foreign enterprises shall be paid for in the
amount and according to the procedures established for joint ventures formed
in the Republic.
6. To register a foreign enterprise formed by way of consolidation
of capitals of foreign investors, it shall be necessary to provide, in
addition to the documents stipulated by the Law of the Republic of Belarus
"On Foreign Investment on the Territory of the Republic of Belarus",
dated November 14, 1991, two notarized copies of the contract concluded
between co-owners of such enterprise or of another document of similar
nature. A foreign enterprise formed on the basis of property purchased
by a foreign investor, which is not a state-owned property, shall be registered
in conformity with the procedures stipulated by the laws in force with
additional presentation of a notarized copy of the document confirming
the execution of a purchase-and-selling deal and of a certificate, provided
by the body mentioned in para. 3, of the exclusion of the enterprise from
the state register or of a modification of its statute. Subsidiaries of
foreign enterprises shall be registered in conformity with the procedures
stipulated for foreign enterprises. Foreign investors being physical persons
shall also present documents certifying their identity (foreign passports
or their substitutes), showing the address for official notifications.
7. As regards a foreign investor, founding a foreign enterprise on
the basis of a pecuniary contribution fully imported from another state,
he shall have a temporary current account opened in a banking institution
for the foreign enterprise; by the time of the registration of the enterprise
he shall transfer to this account at least 25 per cent of the declared
ownership capital. Within one calendar year from the day of the registration
a foreign enterprise shall form at least 50 per cent of its ownership capital,
while upon expiration of two years the ownership capital shall be formed
in its full volume. If the requirements of this paragraph are not met,
a foreign enterprise shall be liable to liquidation in conformity with
Article 11 of the Law of the Republic of Belarus "On Foreign Investment
on the Territory of the Republic of Belarus", dated November 14, 1991,
and other legislative acts of the Republic of Belarus. In certain cases
the Cabinet of Ministers of the Republic of Belarus may take a decision
to extend the time for forming the ownership capital, provided there is
a motivated application of the foreign investor agreed upon with the State
Committee on Foreign Economic Relations.
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