Good afternoon friends.
Recently, our Belarusian company, which includes all the developers of Gem4me - DevTeam Group - joined the Hi-Tech Park. Now we will explain why and what it gave us.
The Hi-Tech Park (HTP) is a special economic zone of Belarus with a special tax and legal regime, created specifically for the development of IT business in the country. Park residents are exempt from all corporate taxes, value added tax and income tax. Individual income tax for employees of HTP resident companies is 13% and is not included in the gross annual income. HTP residents also have the right to pay reduced mandatory insurance premiums.
In addition to tax benefits, the company also received other rights that greatly facilitate contractual relationships between partners and customers. For example, we now have the ability to use electronic invoices from foreign companies, for example, Amazon, as the primary accounting document. And also the right to conclude contracts with clients in electronic form, without the obligatory exchange of original documents between the parties, as it was before joining the HTP. Acts of services rendered, which in Belarus are primary accounting documents, can also be signed unilaterally, without requiring a mandatory signature from the client.
These and other benefits greatly simplify relationships with foreign companies and allow you to focus on developing our product, rather than doing paperwork.
It is not so easy to join the HTP. Companies that apply there, as well as their products, must meet fairly high industrial standards. Therefore, we are not only glad that we received all the benefits of residency at the HTP, but we are also proud that our application was approved.
Stay in touch!