New instruments of state financial support for SMEs come into effect on October 1
On October 1, 2024, the main provisions of the Law of the Republic of Belarus dated April 22, 2024 No. 365-Z “On Amendments to Laws on Entrepreneurial Activity” come into force.
The key innovation is the definition of lists of types of activities for entrepreneurs and individuals. Individual entrepreneurs registered today, whose types of activities are not included in this list, have the right to continue working in this status until January 1, 2026.
The Law also established a system of incentives for the controlled transition of individual entrepreneurs to a commercial organization, legal entity, and business consolidation.
In addition, new instruments of state support for small and medium-sized businesses have been introduced. First of all, these are grants – financial resources from local budgets on a non-repayable, gratuitous basis. Businesses will also have the opportunity to use guarantees from the Belarusian Fund for Financial Support of Entrepreneurs.
Support and development of small and medium-sized businesses makes an important contribution to the achievement of the Sustainable Development Goals 1, 8 and the other SDGs by the Republic of Belarus.
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