Business Practices

General information

Kwintessential, doing business in Belarus guide

Opening hours and days

From 9 AM to 12 AM and from 2 PM to 6 PM. Schedules are sticked up on the door of the stores and they vary with the store. During the week, all stores open from 9 AM to 7 PM. Some grocery stores open on Sunday and on holidays but they close earlier. Weekly days off: Saturday and Sunday.

Accounting Rules

Tax year

The fiscal year begins on January 1st and ends on December 31 of the same year.

Accounting standards

Business accounting in Belarus is regulated by the Law “On Business Accounting and Book-Keeping”. The organization responsible is the Ministry of Finance. The norms are progressively being adapted to international norms. For more information, see the website of the National Investment Agency of The Republic of Belarus.

Accounting regulation bodies

Ministry of Finance

Accounting reports

The Balance sheet must be published the first day following the end of the previous recording period.
- Assets :
1 - long-term capital
2 - fixed assets
3 - current assets
- Liabilities :
1 - sources of possessed capital
2 - long-term obligations
3 - credit and other obligations
The profit and loss account :
1 - financial result
2 - distribution of profits
3 - budget expenses
4 - overheads on out-budget expenses and other capital
5 - movement of financial resources for investments in capital or other financial investments.

Publication requirements

There are no particular rules which require the annual publication of financial reports and their certification by an auditor.

Professional accountancy bodies

Audit and accounting agency

Certification and auditing

The controls of audit are compulsory for companies listed on the stock exchange, joint-venture companies and foreign companies.
The following companies are subject to compulsory audit:
-joint venture companies
-banks, insurance companies, offices representing foreign companies and foreign companies themselves
-listed companies
-companies whose annual revenue exceeds 600 000 EUR

Accounting news

National Investment Agency of The Republic of Belarus

Tax Rates

Intellectual Property

National organizations

After the collapse of the Soviet Union, Belarus accepted to become a member of the WIPO (World Intellectual Property Organization). Belarus is also a member of the Paris Convention, Madrid Arrangement, and also PCT (Patent Co-operation treaty). But there are still forgeries and piracy, and copies of CDs and video tapes are found in theountry in spite of the existence of laws. The US-Byelorussian agreement contains a certain clause pertaining to the protection of intellectual property.
At the beginning of the year 1996, the European Patent Convention came into force. The members of this convention dealing with patents are as follows : Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldavia, Russia, Tajikistan and Turkmenistan. This convention covers inventions and industrial drawings and designs. Inventions are covered for a period of 20 years after registration and industrial drawings and designs for a period of 10 years.

Regional organizations

Eurasian Patent Convention

International membership

Member of the WIPO
Signatory to the Paris Convention for the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)

Legal Framework

Independence of justice

Judiciary in Belarus is not independent. Though the constitution of the country guarantees judicial independence, courts are subject to heavy government influence.

Equal treatment of nationals and foreigners

A foreign national cannot expect a free trial from the country's judicial system. Telephone tapping by state security agencies limits the right to privacy. A fairly high degree of corruption exists in the country.

The language of justice

Both Belarusian (also called White Russian) and Russian are the judicial languages used in the country.

Recourse to an interpreter

It is possible to ask for an interpreter.

Sources of the law and legal similarities

The main source of the law is the Constitution of 1994 which has been revised couple of times mainly through referendums to broaden the powers of the President.

Checking national laws online

 Belarus legislature web portal

Standards

National standards organizations

Ministry of Trade information

Integration in the international standards network

The goods must bear the manufacturer's trademark as well as registration of the brand.
The Byelorussian consumer has the right to protect his own interest through the State. He has the right to get a reasonable quality and goods which satisfy the safety norms. He also has the right to be informed about the products and to receive the compensation in the case of damages.
In case of violation, Belarussians can appeal to the country's court of justice.

Classification of standards

Belarusian certification principles are defined by the Law n°269-3 of January 5, 2004. Fore more information, go to the Export Council website.

Online consultation of standards

Go to the Gosstandart site.

Certification organizations

Gosstandart