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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