9 interesting facts about the most promising document in the sphere of business lately —  the draft of a new decree on the activities of the HTP.

The draft law was prepared by a working group that includes both representatives of the High-Tech Park, as well as experts from leading IT industry companies, experts in the legal and financial spheres, in close cooperation with interested government bodies.

1. Decree opens HTP doors for new companies
The Decree opens the HTP doors for food companies (including other high-tech profiles - electronics, machine design, medicine and biotechnology), as well as for investment funds (including venture capital), educational projects for IT professionals and foreign organizations (Google, Facebook, Microsoft , Apple) that are monetizing IT products through advertising and paid subscription.

The Decree allows IT companies to carry out any activities aimed at monetizing software products. In particular, companies can receive revenues from advertising, marketing activities, sell "in-game" goods and intellectual property. Companies can also provide business services based on software.
For example, earlier, neither Google, nor Facebook could become residents of HTP, because they receive revenue not from selling software, but from advertising. Now these issues are resolved by the draft decree.

2. The decree creates a legal basis for the arrival of unmanned vehicle technologies in Belarus

The information about the forthcoming changes in the legislation on HTP from the very beginning attracted the close attention of international business.
In May, CEO at Gett, a competitor to Uber, met with the leadership of the HTP, after which he announced the opening of a development center for the Israeli company in Minsk.
A little later in the HTP was visited by the top manager of Uber, the company is already present in Belarus as a service provider. Among the issues discussed was the joint work to create a center of scientific and technical developments in Belarus, including in the field of unmanned vehicles.
The decree creates the necessary basis for the establishment in Belarus of a center for scientific and technical development of unmanned vehicles. Moreover, as it became known, the adoption of the act that would allow the movement of unmanned vehicles of the third class along the roads of Belarus is also being prepared.

3. The Decree abolishes "visas for money"

All over the world laws do not keep pace with life, technology. The task of the decree was not simply to abolish "currency control" for the residents of the Park, but to cancel "visas for money" - 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 the sphere of exchange control, a notification 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 transactions performed by primary accounting documents drawn up unilaterally.
In Israel, once there was currency control, but one day it was canceled – and the technology industry swiftly went up. Experts believe that the removal of such a barrier stimulates growth in Belarus.

4. The decree stimulates a breakthrough in IT education

Attempts to build an IT-country are doomed to failure without a thoughtful system of training. The decree provides for the creation of conditions for the development of educational activities in the field of information technology. Educational activities can be carried out within the framework of the activities of HTP residents, including in English. The functions of the Ministry of Education in the IT sphere are transferred to the HTT administration.
The decree provides that the HTP will send a significant portion of residents' contributions to the development of IT education in universities and schools. 

5. The decree creates conditions for the arrival of investment funds and venture organizations to Belarus

The availability of financing is an important condition for the development of any sphere, including IT. International investment funds are looking closely to Belarus and waiting for legislative changes. For example, in March, the head of the Flint Capital Foundation visited the country. He announced the readiness of the international capital funds to come to Belarus, if necessary legislative conditions were created.
A number of measures aimed at creating conditions for attracting investment funds and venture organizations to the HTP are already in the draft document. In particular, subsidiary liability for HTP residents' obligations in case of bankruptcy is canceled. Experts note that the survival of startups is 1:10, the investor should be liable for failure of the amount of investment, but not of all property. It is proposed to extend the HTP regime to investment funds and venture organizations. 

6. Immigration policy: "IT Hong Kong for the Slavic world"

The principle of creating "IT Hong Kong for the Slavic world" has been laid down in the draft decree.
The adoption of the decree gives chances to create comfortable conditions not only for Belarusian IT people, but also for the mass arrival of Russian and Ukrainian companies.
In particular, the decree provides one of the necessary conditions for this –  simplifying the procedure for obtaining a residence permit by qualified foreign IT specialists, and introducing long-term start-up visas.
Already now, social networks in Russia and Ukraine are actively discussing the possibility of transferring IT business to Belarus.

7. The decree introduces the institutes of English law

The decree introduces separate institutions of English law to stimulate investment activity, in particular, the possibility of concluding shareholder agreements, option agreements, investment partnerships, convertible loans, non-competition agreements with employees.
This solves the problem of structuring transactions for the sale of IT businesses through Belarus, which should help attract investment and pay taxes on the sale of businesses in Belarus. 

8. The decree comprehensively regulates the block and the crypto-currencies

The decree provides for the introduction into civil circulation of crypto-currencies and tokens, based on blockchain technology. The complex legal regulation is proposed so that HTP residents can provide crypto-exchange services, crypto-exchangers, attract financing through ICO, use crypto-currencies and tokens in civil circulation.
This will make it possible to enter into the legal field not only the crypto-currencies, but also the activities, the so-called miners, who create the crypto currency as a result of the work of computer processors for the generation of crypto code. In the long term, it becomes possible to legally create major mining crypt centers in Belarus. Taking into account the expected surplus of electricity in the country after commissioning of the Belarusian NPP and reduction of its cost, this will create an additional demand for electricity on a countrywide scale, experts believe.

9. It promises new jobs to the state and an increase in tax revenues

Now there are about 30,000 IT people in the country who ensure about $ 1 billion in foreign exchange earnings annually.
Today, an average IT specialist with a salary of $ 1.5 thousand dollars provides the state more than twice tax revenue as an employee with an average salary of $ 400, taking into account the indirect effect of the acquisition of goods, works and services. IT specialists give work to auto dealers, realtors and developers.
According to the calculations of experts, we can count on a two-three-fold increase of the HTP in terms of the number of employed workers and a corresponding increase in tax revenues.

Based on tut.by