In recent years, Belarus has created some of the best conditions in the world for the development of the IT industry. Not only tax and other benefits (especially for residents of the High-Tech Park) are the issue here, but also the fact that today a large number of highly professional IT specialists are concentrated in our country.
All this naturally led to a significant increase in companies whose interests are in the field of information and communication technologies. In this section, we will consider the possibilities of opening an IT company and its state registration.
The first milestone of creation of an IT company is the definition of the legal form of the future company. Based on our own experience (and the experience of our customers), we believe that it is most convenient to open and register an enterprise using one of the following forms:
- Limited Liability Company (LLC, ООО in Russian);
- Closed Joint-Stock Company (CJSC, ЗАО in Russian).
Limited liability company (LLC) is the most popular and frequently used form of creating an enterprise in the field of IT business. By its capabilities, such a legal form fully meets all the requests of the founders. While opening a closed joint-stock company requires a larger charter capital and compliance with various bureaucratic rules when issuing and placing securities (shares). This in turn increases the staff of the company and its overhead costs. While the unique characteristic IT company creation and activity is precisely in its “quick start”; you do not need a large capital or staff overage to start operation. The choice of OJSC as a form of creating an IT company is only justified if it is planned to open a truly large company with a significant charter capital, staff and intention to make an initial public offering. That is, we are talking “big” business here. There are such companies headquartered in Belarus (and our company registered them successfully), but their number is much smaller in relation to small and medium-sized businesses.
The next important milestone when opening an IT company is the development of a Charter. Since intellectual property to be the main product of the company, it is worthwhile to have a particular scheme for its alienation covered in the Charter. For example, to state that major transactions with intellectual property resulting in an exclusive license can only be made with the consent of the meeting of the founding members or the supervisory board.
The remaining stages of the opening and subsequent registration of IT companies are not too different from similar processes for any other companies and we will not focus on them here, all this can be found in other notes (and in other sections) on our website.
Summarizing the above, opening an IT company is not a particularly difficult process on the one hand, but on the other has its own finer points and hidden pitfalls.
If you are considering opening an IT company in Belarus, welcome to contact us. Our specialists have 7 (seven) years of experience in opening IT companies in Belarus (including those with foreign investments and founders).