OREANDA-NEWS. On January 16, 2009, the President of the Republic of Belarus signed Ordinance No 1 which brings the declarative principle of business registration into full force as from 1 February 2009. The principle shall be applicable to all businesses with the exception of banks and non-bank financial institutions, reported the Official website http://president.gov.by.

The registration will be made on the day of submission of the necessary documents. The list of the documents to be submitted to the registering authority will be minimal. To register a legal entity one is to provide a written petition, the charter of the new business entity and a document verifying payment of state duty. As for registering an individual entrepreneur, one is required to provide a petition, a photo and a document verifying payment of state duty. Registration may not be rejected if all the necessary documents are provided.

State registration of a legal entity shall be carried out by putting a stamp on its charter and making an entry in the single state register of legal entities and individual entrepreneurs; and state registration of individual entrepreneurs by making an entry in this register. A state registration certificate shall be issued the next business day.

Once a legal entity has its charter stamped, which will verify state registration, and once an individual entrepreneur is issued a state registration certificate they are entitled to apply for their seals (stamps) to have them manufactured, and to perform other legally significant acts, including opening bank accounts, i.e. entitled to start their business activity virtually the next day after applying to the registering authority.

Introducing the declarative principle of business registration, the state counts on the honesty and decency of individual entrepreneurs and the founders of legal entities. An applicant shall bear full responsibility for making sure the documents he brings to the registering authority comply with the legislation and the information provided in them is authentic.

Ordinance No1 marks another significant step towards liberalization of the economy, removal of excessive bureaucratic barriers, which make it difficult to start a business, and demonstrates that the state has confidence in businesses and that state bodies are prepared to cultivate the relations based on partnership with legal entities and individual entrepreneurs.