Belarus: New regulation on the Hi-Tech Park

published on 23 May 2023

On 12 April 2023 the President of the Republic of Belarus signed its Edict No. 102 “On development of the Hi-Tech Park” (the “Edict”). The primary modifications comprise the ones as follows:

The structure of the Hi-Tech Park (the “HTP”) has been modified through introduction of the managing company of the HTP. The managing company shall be in charge of further development of the HTP and its representation before foreign partners. In addition, the Edict creates a separate body of the HTP, the Secretariat of the HTP Supervisory Board.
The Edict sets out a duty to inform the Secretariat of the HTP Supervisory Board 10 business days prior to effectiveness date of a contract, which provides for disposal of a share in a company being the resident of the HTP (SPA). Therefore, a sale of shareholding in a HTP resident becomes possible not earlier than 10 business days after serving a written notice to the HTP.
The period for consideration of application on admission into the HTP has been modified. Such period shall not exceed 2 months with a possibility of extension up to another 30 days in case an additional review is held.
The HTP residents now have the right to define the purpose of gratuitous aid in contracts with educational institutions as well as with healthcare and sport ones. Prior to the Edict coming into force this right was vested for the HTP residents only regarding educational institutions.

Meanwhile the legal, tax and financial conditions of doing business in the HTP are retained.