1. SHOWCASE OF THE HOST COUNTRY – BELARUS Minsk, June 23 – 25 2010 Valery Papakul Law Company “Stepanovski, Papakul & partners LLC” 5 th CIS LOCAL COUNSEL FORUM

2. Liberalization of corporate regulation quick registration of a company (1-2 days) opportunities of privileged and preferential registration: tax, customs, currency privileges (small towns, free economic zones, high-tech parks) moratorium on inspections for two years since registration of a company simplification of tax procedures (periodicity, electronic declaration, simplified tax system) prescribed administrative procedures 2

3. New forms of corporations Holding It is not a legal entity. Members: companies and private persons (including foreign ones) Holding company - owns 25 % and more Advantages :  no problems with affiliation and coordination of large-scale deals  consolidated accounting and recording by a holding company  simultaneous management of several companies within a holding 3

4. Coordination with antitrust authority  entities with dominant market position  while acquire more than 20% of entity’s shares if: - its assets book value exceeds 1.160.000 USD - revenue of the previous year exceeds 2.320.000 USD  while reorganization of companies  while establishment of holdings 4

5. Creation of Customs Union Customs Union does not solve matters on: customs control : obligations for registration of deals compliance with terms of revenue receipt tax obligations principles of indirect taxation repayment of VAT 5 Integrated customs territory, integrated customs tariff Lack of opportunity of customs clearance of Russian company or its representation.

6. Problems and Perspectives  Simplification of licensing procedure  Liberalization of pricing  Simplification of procedure of attraction of foreign workers 6  Stability of legislation  Mandatory rule (joint-stock agreements)  Individual benefits ProblemsPerspectives

7. Нет www.spplaw.by Law Company “Stepanovski, Papakul & partners LLC” is announced the best company providing legal services by the Chamber of the Ministry of Justice of the Republic of Belarus by results of activities in 2009. Pictures by Sergey Selecki © 7