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June 2010

Recent legal & business developments in Belarus, June 2010

1) On June 10, 2010 the draft of the law “On alterations and amendments to the Law “On commercial companies” was accepter in the second reading. The amendments and alterations to the Law “On commercial companies” include:

- the basis for attributing of persons to the members of the commercial company was extended and separate provisions on delegation of authorities on management of the commercial company from its members to other persons were itemized;

- the list of affiliated persons of the commercial company was ordered;

- the term “big deal” was itemized.

The draft also alters and amends other provisions of the Law “On commercial companies”.

2) The new Regulation on leasing was adopted by the Resolution of the Council of Ministers of the Republic of Belarus № 865 dated 4th of June, 2010.

The new Regulation states the notion of object of leasing. The list of substantial conditions of the leasing agreement was considerably reduced. Thus, there is no further need to include in the leasing agreement information on conditions on delivery (sale) of the object of leasing and responsibility of the supplier (seller), conditions of operation and maintenance of the object of leasing. The Regulation comes into force on 1st of July, 2010.

3) Belarus became the member of the Eurasian development bank (EADB), after conclusion of all procedures, necessary for membership in this international financial organization.

The government of the Republic of Belarus and EADB concluded the Agreement on conditions of presence of the bank in Belarus, which determines the immunities and privileges of the Bank as an international financial organization. This Agreement also enables the Bank to open a representative office in Minsk and actively embark on investment projects in the Belarus.

4) Belarus and Azerbaijan concluded the Agreement on encouragement and mutual protection of the investment. The document was signed in Baku on 4th of June, 2010, after completion of negotiations of the presidents of two countries. In the presence of two presidents the intergovernmental agreement on cooperation in the sphere of informatization and information technologies, agreement on cooperation between the Ministry of labor and social protection of the Republic of Belarus and the State committee on the problems of family, women and children of Azerbaijan were signed.  The agreements on cooperation in the sphere of environment protection, statistics, on cooperation between the Committee on state control of Belarus and the Chamber of Accounts of Azerbaijan were also concluded.

5) The registration of Internet shops started in Belarus.

In connection with coming into force of the resolution of the Council of Ministers dated 29th April, 2010 № 649 the legal entities and sole entrepreneurs will conduct retail sale by Internet shops, registered in the Trade register of the Republic of Belarus.

To register the Internet shop the legal entities and sole entrepreneurs should apply to the registering body within 1st-30th of July, 2010.

6) It is planned to introduce the insurance of ecologically dangerous kinds of activities till the end of the current year. The Ministry of Natural Recourses and Protection of Environment together with “Belgosstrakh” estimated insurance rate on certain ecologically dangerous kinds of activities. The annual payments will not exceed 100 USD.