In the heart of Eastern Europe there is a thriving center of innovation and technological progress – the Hi-Tech Park (HTP) in Belarus. This unique enclave offers a specialized tax and legal regime that resembles the famous Silicon Valley in the United States. This demonstrates Belarus’ commitment to stimulating the growth of high-tech industry, creating a dynamic environment for innovation and technological progress.
Educational Potential
With highly qualified personnel and focusing on technical excellence, Belarus has become a center of scientific research and technical expertise. The country boasts a powerful system of technical education and closely cooperates with international educational centers, which leads to the creation of unique world-class projects. About 80 joint laboratories at Belarusian universities contribute to research, development and education of children and adults, as well as IT specialists.
Global Player
The influence of HTP extends far beyond its borders, regular customers are more than 65 countries around the world. In 2022-2023 alone, 130 new residents appeared here, including individual entrepreneurs from Estonia, Moldova and the UAE. These residents work in a variety of industries – from the development of innovative medical equipment based on artificial intelligence to the creation of interactive adventure games based on classic literary works.
Location Advantage
The Hi-Tech Park, covering an area of more than 55 hectares in the north-eastern part of Minsk, aims to become an emerging high-tech city. One of the unique features of HTP is the principle of extraterritoriality, which means that residents can open stores anywhere in Belarus and at the same time enjoy the benefits of HTP jurisdiction.
Unlocking the High-Tech Potential of Belarus
Simplified taxation rules in effect until 2049 reduce payroll taxes and provide tax advantages for transactions related to cryptocurrencies. Residents can use the “English legislation”, sign non-competition agreements with employees and use simplified reporting and document management. There is also no subsidiary liability for obligations, which creates favorable conditions for growth.
How to Become a Resident of a Hi-Tech Park?
- Determine the activity according to the HTP list
- To make and issue a decision on joining the HTP
- Prepare documents for registration: application, constituent documents, business project
- Submit documents for registration and wait for a decision
- Conclude a contract and carry out activities as a HTP resident
Tax Benefits
HTP residents pay only 35% of the actual salary of their employees to the Social Protection Fund, based on the average salary in the country, which is significantly lower than in the high-tech sector. This encourages entrepreneurs from all over the world to join HTP. Income tax, although it is currently 13%, could potentially return to a preferential rate of 9% in the future.
Zero Income Tax
HTP residents enjoy an attractive zero interest income tax rate, which stands out favorably against the background of other countries, where it reaches 19%. This tax advantage significantly increases the attractiveness of foreign investment and stimulates the economic development of Belarus.
Simplified Reporting
HTP residents use simplified reporting procedures: reports in Excel format are submitted through an interdepartmental document management system. This eliminates the need for excessive paperwork, creating a more user-friendly interface for business.
Additional Deductions
In addition to significant tax advantages, residents must pay a small percentage of their income to the HTP administration. These deductions are aimed at covering expenses that are taken into account in taxation.
In summary, with HTPs rich history, educational strength, and global reach, it offers a unique environment for high-tech growth. Its tax incentives, including a zero-interest income tax rate, simplify business operations and foster innovation. Our company specializes in assisting organizations in the IT sector to navigate the opportunities HTP provides.
How to contact us
If you need help finding employees in Belarus or need additional information in this area, do not hesitate to contact us. We are here to help and support you personally.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
