Belarus

Financial Reporting Obligations for Companies in Belarus

1. Registry for Financial Statement Submission

In Belarus, companies are required to submit their financial statements to the Unified State Register of Legal Entities and Individual Entrepreneurs (Единый государственный регистр юридических лиц и индивидуальных предпринимателей) ( https://egr.gov.by ). This registry is managed by the Ministry of Justice of the Republic of Belarus ( https://minjust.gov.by ).

2. Legal Forms Obligated to Publish Financial Statements

Obligated Legal Forms:

  • Общество с ограниченной ответственностью (ООО) - Limited Liability Company (LLC) – required annually.
  • Акционерное общество (АО) - Joint Stock Company (JSC) – required, includes both open and closed JSCs.
  • Закрытое акционерное общество (ЗАО) - Closed Joint Stock Company (Private JSC) – required.
  • Открытое акционерное общество (ОАО) - Open Joint Stock Company (Public JSC) – required, stricter obligations for listed entities.
  • Унитарное предприятие (УП) - Unitary Enterprise – required.
  • Иностранное предприятие - Foreign Enterprise – required.
  • Государственное предприятие (ГУП) - State-Owned Enterprise – required.
  • Производственный кооператив (ПК) - Production Cooperative – required if thresholds are met.

Not Obligated (or with Limited Obligations):

  • Индивидуальный предприниматель (ИП) - Individual Entrepreneur – not required to submit full statements.
  • Товарищество с дополнительной ответственностью (ТДО) - Partnership with Additional Liability – limited obligations.
  • Садоводческое товарищество (СТ) - Gardening Cooperative – limited obligations.
  • Жилищный кооператив (ЖК) - Housing Cooperative – limited obligations.
  • Фермерское хозяйство (ФХ) - Farming Enterprise – limited obligations unless thresholds met.
  • Товарищество собственников (ТС) - Property Owners' Partnership – limited obligations.

3. Audit Requirements for Companies

Legal Form (Original) Rule (Audit Obligation) Criteria (Turnover, Total Assets, Employees)
Общество с ограниченной ответственностью (ООО) – LLC Mandatory if thresholds met Turnover more than 4 million BYN, assets more than 2 million BYN, or more than 100 employees
Акционерное общество (АО) – JSC Mandatory All JSCs audited regardless of size
Государственное предприятие (ГУП) – State-Owned Enterprise Mandatory All SOEs audited regardless of size
Иностранное предприятие – Foreign Enterprise Mandatory if thresholds met Revenue more than 4 million BYN or assets more than 2 million BYN
Производственный кооператив (ПК) – Production Cooperative Mandatory if thresholds met Revenue more than 4 million BYN or assets more than 2 million BYN

4. Stock Exchange for Listed Companies

If a company is listed on the Belarusian Currency and Stock Exchange (Белорусская валютно-фондовая биржа) ( https://bcse.by ), it must publish its financial statements on the exchange.

5. Deadline for Financial Statement Submission

  • LLCs and JSCs: March 31 of the year following the reporting year.
  • State Enterprises: typically March 31, subject to regulations by supervisory authority.

6. Partial Financial Statements

Certain companies, particularly foreign-owned or large entities, may be required to submit interim or partial statements. Such requirements are set by the Ministry of Finance ( https://minfin.gov.by ).

7. Consequences of Non-Submission

  • Fines: Penalties for late submission can be substantial.
  • Legal Actions: Persistent non-compliance may result in court proceedings.
  • Striking Off: Companies may be struck off the register for repeated violations.

8. Foreign-Owned Branches and Newly Established Companies

  • Foreign-owned branches: Must submit reports under the same deadlines, with additional disclosures for cross-border activities.
  • New companies: Must comply from registration date.

Sources

Source Link
Ministry of Finance of the Republic of Belarus https://minfin.gov.by
Ministry of Justice of the Republic of Belarus https://minjust.gov.by
Unified State Register of Legal Entities and Individual Entrepreneurs https://egr.gov.by
Belarusian Currency and Stock Exchange https://bcse.by
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