New rules concerning leasing activity to become effective in September 2014

Edict of the President of the Republic of Belarus of 25 February No 99 “On matters of leasing activity regulation” provides new rules for carrying out leasing activity in the Republic of Belarus. According to the Edict leasing activity may be carried only by leasing organizations included by the National Bank in the register of leasing organizations. Along with these leasing organizations, leasing activity can also be carried out by foreign organizations carrying out leasing activity in the Republic of Belarus through a permanent representation; and other legal persons and individual entrepreneurs not included in the register provided that they conclude not more than three leasing contracts during one calendar year and the value of leasing objects under these contracts does not exceed 10 000 base units. Currently one base unit equals 130 000 Belarusian rubles.
The Edict also provides that legal persons which carry out leasing activity as of the date of its entry in force are entitled to carry out leasing activity till 1 March 2015 without inclusion in the register.
The Edict was officially published on the National Legal Internet Portal of the Republic of Belarus on 27 February 2014 and enters into force from 1 September 2014.