Minsk, Belarus, February 2, 2009—IFC,
a member of the World Bank Group, helped the government of Belarus conduct
a major reform of business registration and liquidation procedures, making
it significantly easier for people to start their own businesses and improve
A new presidential decree that took
effect on February 1 reflects recommendations proposed to the Ministry
of Justice by IFC Advisory Services’ Business Enabling Environment program.
The IFC advisory program in Belarus is operated with financial support
from the Swedish International Development Cooperation Agency.
The decree will reduce the processing
time for business registrations to one day from five days, eliminate start-up
capital requirements for most businesses, and cut the number of documents
needed for registrations. It also abolished the requirement that businesses
list all planned activities and simplified procedures for closing businesses.
“The registration Decree is one of
the most liberal legislative acts in Belarus,” said Yaroslav Romanchuk,
President of the Scientific Research Mises Center. “The proposed changes
are truly revolutionary and will improve the business environment. Thanks
to this reform, Belarus has a chance to improve its Doing Business
rating significantly.” Last year, Belarus sharply improved its global
ranking on the overall ease of doing business, moving up to 85 from 115.
“New registration reforms will improve the Belarus rating even more,”
Belarus became a member of IFC in November
1992. At the invitation of the government, IFC has been involved in advisory
work in the country since 1993. To date, IFC has implemented a range of
advisory projects and has committed over $150 million in the local financial,
agribusiness, and retail sectors.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.