9. Documents confirming contributions to the bank’s authorized fund: 9.1. copies of payment receipts confirming contributions to the authorized fund - per each investor; 9.2. extract from the Minutes of the meeting of founders (resolution by the assets owner) on approval of the appraisal’s evaluation of assets in case of non-monetary contribution to the authorized fund; 9.3. expert report on reliability of the appraisal’s evaluation in case of non-monetary contribution to the authorized fund; 10. Business plan, procedure of preparation and assessment criteria for which are determined by the National Bank; 11. Documents confirming the bank’s technical ability to carry out operations per list determined by the National Bank; 12. A payment order confirming payment of a state duty for the bank’s state registration; 13. Sample illustration of corporate seal in duplicate. For state registration of banks in the form of a joint stock company, the following additional documents shall be submitted to the National Bank: 1. A notarized copy of the bank’s Articles of Association of a joint-stock company; 2. The list of founders (participants) indicating their respective contributions, number, category and nominal amount of shares distributed among them and share interests in the total volume of the bank’s authorized fund.
5.3.5. Additional requirements as to organizations and activity of banks with foreign investments and subsidiaries of foreign banks in the Republic of Belarus The limit (quota) for foreign capital participation in the banking system of the Republic of Belarus is set at no more than 50 percent. The said quota shall be derived as the ratio of total non-resident capital in aggregate authorized funds of banks with foreign investment and subsidiaries of foreign banks, and the total authorized fund of banks registered in the Republic of Belarus. The National Bank shall stop registration of banks with foreign investment and subsidiaries of foreign banks once foreign capital participation in the banking system of the Republic of Belarus reaches the established limit (quota). Banks with foreign investment shall be obliged to submit advance applications to the National Bank for authorization of increases in the bank’s authorized fund using non-resident resources and (or) disposal of shares to non-residents. Applications shall be considered by the National Bank within thirty days of the date of submission. In the absence of a notice by the National Bank of the adopted decision within this period of time, the authorization shall be deemed duly obtained. Transactions involving disposal of shares to non-residents that are concluded without the authorization of the National Bank shall be deemed void. The National Bank shall be entitled to forbid any increase in the authorized fund of a bank using non-resident resources and (or) any disposal of shares to non-residents where such actions would result in the limit (quota) for foreign capital participation in the banking system of the Republic of Belarus being exceeded. The National Bank shall be entitled to introduce restrictions on banking operations for banks with foreign investment and subsidiaries of foreign banks if the respective foreign states operate similar restrictions on the activities of banks with investment by Belarusian citizens and (or) legal entities.
Doing Business in Belarus 2012
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