Your corporate structure matters no matter where you are. When you’re learning how to set up a Belarus subsidiary, remember that you have options regarding the type of entity, where you incorporate, and whether to choose Belarus subsidiary outsourcing.
G-P can help simplify the process through our Employer of Record solution. Instead of spending a significant amount of time going through the Belarus subsidiary setup process, you can start working in a few days through us. Plus, we’ll take the hassle of compliance off your shoulders and onto our own to give you more time to focus on running your company.
How to Set Up a Belarus Subsidiary
Your Belarus subsidiary setup process depends on where you choose to incorporate and what entity is best for your needs. Location matters since various cities or regions can have their own subsidiary laws that make it easier or more difficult to incorporate. We recommend either researching a location before settling on a physical office space or working with a third party or consultant who can suggest the best area.
It’s also a good idea to review your company’s business goals and ideals for operating in Belarus. Your legal entity will influence your activity in the country as well as your financial and tax reporting, custom procedures, and more. Belarus has three different subsidiary structures — a limited liability company (LLC), a joint-stock company, and a representative office. Most companies choose to incorporate as an LLC since it allows them to take on more business activities with fewer restrictions.
The process to set up your Belarus subsidiary as an LLC includes the following steps:
- Choosing a unique company name
- Registering your company name with the proper authorities
- Drawing up and notarizing company documents, including the Articles of Association
- Registering the company by submitting documents for state registration
- Opening a bank account and depositing minimum share capital
- Preparing a company seal
Belarus Subsidiary Laws
Belarus’ subsidiary laws also depend on the entity you choose. LLCs require at least one individual director and one shareholder who can be of any nationality and live anywhere. You also need only 1 EUR in share capital to incorporate. If you incorporate with one shareholder, your company is a private unitary enterprise (PUE), while LLCs with more than one shareholder are called OOOs.
When you prepare your incorporation documents, you need to ensure that they’re in both Russian and Belarusian. Then, all documents must get legalized by the nearest notary public. Finally, LLCs are required to submit annual audited financial statements to comply with Belarus subsidiary laws.
Benefits of Setting Up a Belarus Subsidiary
Once you comply with Belarus’ subsidiary laws and set up your subsidiary, you can start benefitting from working in the country. As an LLC, your parent company has limited liability for the subsidiary, and the subsidiary can operate under whatever structure and culture it sees fit. This setup ensures that both of your company’s locations get the maximum benefits they deserve.
However, setting up a Belarus subsidiary can take weeks or months. You could lose out on hiring talented employees, fail to start new business relationships, and even lose important contracts during such a long period of time. That’s why G-P offers Belarus subsidiary outsourcing services. We understand the difficulties of an expansion, and we can mitigate those issues by acting as the Employer of Record. We’ll use our existing subsidiary to help you work smarter, and we’ll take on all the compliance to make your expansion easier.
Other Important Considerations
Learning how to set up a Belarus subsidiary also means setting aside everything you need to make the process successful. Since you may have to travel back and forth to Belarus, we recommend freeing up your schedule for at least a month or two. Or you can work with another company executive employee to handle time-consuming aspects of incorporation.
Some parts of the subsidiary process may have costs, so you should also budget the amount you’ll need for each step. It’s a good idea to talk with your accounting or finance department before setting up your Belarus subsidiary to make sure you have the budget for expansion.
Let G-P Help With Your Expansion
G-P can help make your expansion easier through Belarus subsidiary outsourcing. Contact us today to learn more.