What preferential terms and benefits are provided to an investor when concluding an investment agreement?

The mechanism of investment agreements allows for the creation of comfortable working conditions during project implementation, regardless of the territory where the project is being carried out. It allows the investor to establish additional guarantees for the protection of their capital and simultaneously receive preferential terms and benefits during the construction of facilities for the implementation of the investment project, including on an individual basis. The main ones are: – construction of facilities provided for by the investment project, in parallel with the development, examination, and approval of the necessary design documentation; – provision of land plots for lease without conducting an auction for the right to conclude a land lease agreement, with the оформление of the necessary documents for land allocation simultaneously with the construction work; – full deduction of VAT amounts paid when acquiring (importing into the territory of the Republic of Belarus) goods (works, services), property rights used for the design, construction (reconstruction), and equipping of facilities provided for by the investment project; – exemption from import customs duties and VAT when importing technological equipment (components and spare parts for it) into the territory of the Republic of Belarus for use within the territory of the Republic of Belarus as part of the investment project implementation.

Who can receive funds from the innovation fund and for what purposes?

These can include large high-tech manufacturing facilities as well as innovation-oriented small and medium-sized businesses. In fact, these are budget funds allocated on a non-repayable basis, but under certain conditions. Firstly, projects must feature novelty, technological advancement, and scientific developments. The second condition is that upon reaching design capacity, the added value per employee must be no lower than the European average (specific to each type of activity, averaging 55 thousand euros). The innovation project must be export-oriented (export volume exceeding import volume).

Is it difficult to obtain funding from the innovation fund?

The main requirement for applicants is detailed elaboration of the innovation project and development of a business plan. Then, it is necessary to pass departmental technical expertise by the Vitebsk Regional Executive Committee, followed by state scientific and technical expertise at the State Committee on Science and Technology, and then the project is included in the State Program for Innovative Development.

How to start entrepreneurial activity in small and medium-sized towns and rural areas?

To carry out activities eligible for benefits provided by Decree of the President of the Republic of Belarus No. 6 of May 7, 2012 "On Stimulating Entrepreneurial Activity in Medium-Sized and Small Towns, and Rural Areas," it is necessary to:

- Register a commercial organization or individual entrepreneur with its location (residence) in medium-sized and small towns, or rural areas;

- Carry out activities for the production of goods (performance of work, provision of services) in medium-sized and small towns, or rural areas.

(The territory of medium-sized and small towns, and rural areas is understood as the territory of the Republic of Belarus, excluding the territories of the cities of Baranovichi, Bobruisk, Borisov, Brest, Vitebsk, Gomel, Grodno, Zhodino, Zhlobin, Lida, Minsk, Mogilev, Mozyr, Molodechno, Novopolotsk, Orsha, Pinsk, Polotsk, Rechitsa, Svetlogorsk, Slutsk, Soligorsk).