On October 22, 2023 the provisions of Edict of the President of the Republic of Belarus No. 326 of October 19, 2023 (hereinafter - Edict No. 326) come into force.

Edict No. 326 establishes new rules - alienation of assets (shares in authorized capital, shares, real estate) by persons from "unfriendly" states (hereinafter - foreign persons), - withdrawal of a foreign person from the membership of participants, - reorganization of legal entities whose participants are foreign persons.

We are pleased to present you the quarterly Newsletter, traditionally prepared by Borovtsov & Salei team, in which we pointed out the most significant, in our opinion, legislative changes for business in Belarus for the period of July - September 2023.

Newsletter 2023 (Q 3) can be found here: Newsletter 2023 (Q3) from Borovtsov & Salei.

The Law No. 273-Z of June 29, 2023 introduced amendments to the legislation regulating labor relations, including Labor Code. The changes will come into force on January 1, 2024. However, it already require attention of employers to optimize the company's work and use the new opportunities for building labor relations with employees.

Read more about it in our publication.

Borovtsov & Salei has many years of experience in advising on labor relations. We are ready to provide legal support in updating local legal acts of the employer, expertise of existing employment contracts, development of new contracts and other issues.

Edict of the President No. 285 of September 13, 2023 "On Special Accounts" regulates the procedure for receipt of distributed profits (dividends) by foreign participants when applying special restrictive measures. Restrictions on the use of funds in special accounts have been introduced.

Effective date – September 16, 2023.

Important: Edict No. 285 determines the procedure for the functioning of special accounts opened in case of application of a special restrictive measure. Such a special restrictive measure is introduced by a decision of the Council of Ministers of Belarus in the form of Resolution.

Read more about it in our publication.

The procedure for certain administrative procedures and certification (registration) of transactions in respect of citizens of Belarus has been changed: Decree No. 278 of September 04, 2023

Important:

the list of contracts, notarization and state registration of which is carried out only upon personal application of a citizen of Belarus or his representative on the basis of a power of attorney executed in the Republic of Belarus, has been fixed;

passports are issued or exchanged only at the internal affairs bodies at the place of the last registration at the place of residence of a citizen of Belarus.