Accounting services in Belarus
Spex Advisers has been providing accounting services in Belarus for its clients for over 10 years. Our company employs specialists with specialized experience from 10 to 25 years. We are proud of our customers and the fact that we are partners, because among them there are:
- companies working in the field of software development. Namely: residents of the Belarusian High-Tech Park, partners of Microsoft, Flexpera, Reddit, Amazon, HTC, Intel and many others;
- classic and corporate venture funds;
- blockchain and fintech companies;
- start-ups in the field of electronic commerce and the provision of electronic services;
- trading companies (including those engaged in re-export with quotas of the National Bank of the Republic of Belarus);
- digital and advertising companies;
and many others.
We provide accounting outsourcing services to actively developing commercial organizations and those who are just starting their business activities.
Spex Advisers employees have knowledge not only in accounting, but also in law, finance and taxation, we can guarantee that the client of the company will not only receive a favorable offer of cooperation, but also will not spend extra money due to the lack of tax optimization or imperfect business processes in your company.
One on-site accountant can’t obviously be adept at all arising issues, that’s why by opting for the experienced team of Spex Advisers you can be confident in the reliable accounting hand of your business.
Spex Advisers LLC’s professional liability is officially insured.
What you need to know about accounting and bookkeeping services in Belarus.
The Republic of Belarus’s accounting and bookkeeping don’t correspond to the norms accepted in Europe, Cyprus or the US. As a foreign company or employee, you will face more bureaucracy and standards from governmental regulation offices. We want to facilitate your efforts with getting to know accounting procedures in Belarus by explaining the essence of it below.
Setting up a company you are to decide which taxation system to impose. The Republic of Belarus has 2 systems of taxation: simplified and general.
Simplified taxation system.
Simplified system presupposes 3% or 5% from the gross turnover tax to be paid at the end of each reporting period. 3% is charged when the company pays VAT, 5% — when it doesn’t.
To use the simplified system without VAT a company's annual cumulative gross revenue must be less than 1 404 286 BYN and the number of the people employees must not exceed 50 people.
To use the simplified system with VAT a company's annual cumulative gross revenue must be less than 2 046 668 BYN and the number of the people employees must not exceed 100 people.
If the company fails to comply with the limits, it must imply the general taxation system.
General tax system.
General system of taxation imposes monthly income tax in the amount of 18% and 20% VAT (the general rate, lowered rates are used for special categories of goods and activity).
Once being established in Belarus, a company is automatically registered as the one that implements the general system of taxation. If you want to use the simplified system you must submit a statement about your intention to work under the simplified system to taxation and revenue inspection office of the region of your company’s registration within 20 working days from the date of the company’s registration.
Now we’ll proceed with what to do once you’ve registered the company in Belarus and chosen the taxation system.
The prescribed form to begin bookkeeping in Belarus.
1. Obtaining an electronic digital signature (EDS). EDS allows submitting accounting records to regulatory authorities remotely. To get the key you can turn to any certification centre in Belarus no matter the region your company is registered in. The documents to be submitted to the certification centre to obtain the key:
- the copy of the registration certificate of the company;
- the copy of the notice of the company’s registration in state authorities;
- the passport and its notarized translation confirming the authority of the Director (the order of appointment of the Director or the agreement on the delegating of power of the executive body to the company’s executive);
- the receipt confirming the payments of the state fee (about 50 US dollars for the initial key obtainment for 2 years);
- the standard card with information about the company (filled in on-site).
All copies and documents must be stamped and signed by the Director of the company. The registration procedure will take about 15-20 minutes, then you’ll enter your own password (our advice is not to use complicated passwords since once forgotten the password is lost forever and you will have to re-register). You will also be given a USB-Token and a disk with the driver. You’ll need to sign the act of rendering services and then hand the key to your accountant.
2. Open bank accounts and set up internet banking to issue payments online. You’ll need:
- the statutory documents of your company;
- seal of the company
- shareholder (shareholders) copy of the passport, that must be notarized and translated on Russian language. If your director/managing company director or attorney (attorneys must have power of attorney, that also will be translated on Russian, notarized, and have apostille) keep these document- it will be no problem to open accounts. In the case if shareholder also company you need to take statutory documents of the shareholder company and passport copies of beneficiaries who own this shareholder company.
We advise opting for banks with two-factor SMS authentication. This way you, as the account owner, can pair your mobile device (thanks to two-factor authentication) and will be the only one to verify and pay the bills your accountant has created in the internet banking system for you. A mobile number should be also linked to your company since there are no tariffs with roaming for foreigners in Belarus. This is the reason to buy a new sim with the rates applicable to companies only (they are less expensive than for individuals) and be able to receive an SMS with the verification code to perform actions with your company’s accounts.
3. Once the Internet banking is set up and the key to issue the reports is ready, it’s time to get the book of records.You can get this book in information and publishing centre for taxation and revenue. Address: Minsk, 7 Masherova Ave., room 123. Director (or executive body) of the company must have:
- his passport;
- payment confirmation;
- the document confirming his power to rule the company. You can pay a state fee either in cash or from the company’s account.
Companies that use the simplified taxation system also need to have income and expenditure books, the procedure of the acquisition is the same, however, these documents are allowed to be kept in electronic form.
Due dates of reporting to governmental institutions and offices and initiating tax payments.
- The reporting period for the companies that use simplified taxation system without VAT is a quarter (3 months), for the companies with VAT it can be either 1 or 3 months (the decision is up to the company).
- The due date for reporting is the 20th day of the month following the reporting period.
- Tax payment is issued until the 22nd day of the month following the reporting period. If this is a non-working day, the due date becomes the first working day following the deadline.
Only half of the steps to be done when setting up a company in Belarus is described above, however, when opting for outsourcing accounting inBelarus you need to make sure that the company has enough competence to deliver such services especially if one of the founders is a foreigner to Belarus. The other half is to be done by your accountant, that’s why you need to be extremely cautious when delegating the job on reporting, personnel contracting and regulations development when it comes to foreign employees and founders. No man is an island, and having one on-site accountant is always a risk. The risk is that you’re fully dependent on one person who is only a human that makes mistakes. That is why in Spex Advisers each document has a three-factor authentication before it will be submitted to the supervisory or registration institute or office.
Spex Advisers — is an accounting company that before anything else is your trusted partner, which will live through your business issues and help in opening new horizons.