Lukashenko signs law on entrepreneurial activity

President of Belarus Alexander Lukashenko has signed the law on entrepreneurial activity, the press service of the Belarusian leader reported.

The law establishes an updated architecture of entrepreneurship and provides for two categories engaged in entrepreneurial activity: legal entities and individuals.

Small organizations with up to 100 employees, medium-sized - up to 250 employees and large - over 250 employees are classified as legal entities. The category of physical persons includes artisans, owners of agro-eco-houses, self-employed, and individual entrepreneurs.

The types of activities that individual entrepreneurs will be able to carry out will be determined by the Government by July 1. For the types of activities that will not be included in the planned list, the registration of new individual entrepreneurs will be terminated from October 1.

The obligation of transition of existing individual entrepreneurs into legal entities until January 1, 2026 is also established. At the same time for such entrepreneurs a simplified procedure of transition to commercial organizations with continuity of all rights and obligations to the budget and counterparties is introduced.

The law provides for new types of financial support, including reimbursement from the budget of a part of capital expenditures when implementing investment projects with loans from the Development Bank of Belarus.

In addition, the right to receive state support is expanded