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Less currency control means more growth for Belarus Hi-Tech Park residents

Laws do not keep up with life and technologies all over the world. The task of the new Belarus decree on Hi-Tech Park 2.0 was not simply to abolish currency control for the residents of the Park, but to cancel "visas for money", which this concerns a whole range of measures, including currency control.

The decree removes restrictions on the movement of capital for HTP residents. Instead of a permissive order in currency control, a notification procedure is introduced.

The restrictions imposed by the legislation on foreign trade activity are also abolished. The mandatory written form of foreign trade transactions is canceled. 

Companies will be able to confirm the transactions performed using only primary accounting documents drawn up unilaterally.

Israel once had foreign currency control, but one day it was canceled and the technology industry swiftly went up. Experts expect that the removal of such a barrier will stimulate growth in Belarus.

Photo: park.by

Less currency control means more growth for Belarus Hi-Tech Park residents