On April 12, 2023 Edict No.102 "On the development of the Hi-Tech Park" was signed

On April 12, 2023 Edict No. 102 "On the development of the Hi-Tech Park" was signed.

Changes to the list of rights and obligations of HTP residents include:

1. The obligation to notify the HTP in advance when changing the composition of shareholders.

The Edict establishes an additional obligation for residents to notify the HTP in the event of concluding an agreement that provides for a change in the owner of the property or the composition of the founders (shareholders) of the HTP resident. HTP residents are required to send such notification no later than 10 working days before the entry into force of the agreement. Thus, for example, when signing an agreement for the purchase of a share in the authorized capital of an HTP resident, such an agreement must enter into force no earlier than 10 working days from the date of signing, to fulfill the obligation to notify the HTP.

Previously, HTP residents were required to send a notification within 10 working days from the introduction of any amendments and additions to the charter. This obligation remains in force.

2. Provision of sponsorship for self-determined purposes.

Under the Edict, HTP residents now have the right to determine the goals of providing gratuitous (sponsorship) assistance in agreement concluded not only with educational institutions, but also with healthcare bodies, physical culture and sports organizations.

3. Reduction of the leviable revenue by deducing the remuneration of foreign banks.

Under the Edict, when determining the amount of deductions to the HTP, the amount of revenue of residents is reduced by the amount of remuneration paid only to foreign banks, credit and financial organizations, including transactions with electronic money. Previously, HTP residents were granted the right to reduce the amount of revenue also by the amount of remuneration paid to banks of the Republic of Belarus.

The Edict also provides for changes in the structure of the HTP:

• Inclusion of a management company in the HTP structure with the authority to represent HTP when interacting with foreign partners, assisting residents in expanding exports, opening subsidiaries in foreign jurisdictions, etc. The management company has the right to receive information about the activities carried out by HTP residents, their business projects;
• Creation of the Secretariat of the HTP Supervisory Board, which, inter alia, sends materials to the management company and the HTP Supervisory Board for making a decision on the registration of HTP residents and revocation of HTP resident status. The term of consideration of the documents submitted for registration as an HTP resident by the Secretariat is limited to 2 months with the possibility of extending the period by 1 month for scientific and technical expertise. In this regard, the deadline for consideration of submitted documents on registration as an HTP resident, approval of a new (additional) business project has been extended for the period of reorganization of the HTP Administration. Upon completion of the reorganization, the above-mentioned general review period applies.