Reporting of HTP Resident Companies in Belarus

In recent years, the Hi-Tech Park in Belarus has become a significant center of innovation and high technologies, attracting the attention of both local and international companies. One of the conditions for the successful operation of the Park’s resident companies is transparent and high-quality reporting of residents to the Supervisory Board of the Hi-Tech Park. In the context of a dynamically changing market and growing competition, company residents of the Hi-Tech Park are obliged to ensure that the law and the true investors, customers, and partners are. This article will look at the main reporting requirements and approaches for resident companies.

Why HTP resident companies need to know about reporting

Companies that are residents of the Hi-Tech Park in Belarus should pay considerable attention to reporting to the Supervisory Board for several key reasons:
1. Transparency and trust
Reporting helps build trust among both internal and external stakeholders. Transparency in financial and operational indicators indicates the integrity of the company and its willingness to take responsibility for its actions.
2. Compliance with the law
The Supervisory Board monitors compliance with the Park’s resident companies ‘ requirements and internal interaction rules. Proper reporting helps to avoid potential legal consequences and the company’s exclusion from the list of residents of the Hi-Tech Park, which is critical for the successful functioning of the business.
3. Performance assessment
Analyzing the data presented in reports allows companies and the Supervisory Board to evaluate performance, identify weaknesses, and find ways to improve them. This is important for strategic planning and growth.
4. Access to resources and support
Compliance with reporting requirements can open up new opportunities for companies to receive support from the Park and government agencies.
5. Sustainable development
Companies that provide regular and high-quality reports create a positive image for themselves and the entire high-tech sector in Belarus. This, in turn, helps attract new investment and talent, a key factor for sustainable development.
6. Feedback and process improvement
Communication with the Supervisory Board through reporting provides an opportunity to receive constructive feedback, which can optimize business processes and increase overall performance.
Thus, reporting to the Supervisory Board becomes not only a mandatory requirement but also an essential tool for achieving high results and ensuring companies’ long-term competitiveness within the Hi-Tech Park.

Mandatory submission of the audit report to the Supervisory Board of the Hi-Tech Park

Residents of the Hi-Tech Park need to engage an auditor annually to conduct a mandatory audit of their annual accounting and financial statements. This audit must be completed by June 30 following the reporting year. During the audit process, the auditors evaluate, among other things, the correctness of calculating and performing deductions to the administration of the Hi-Tech Park.
Residents are required to submit an audit report to the Secretariat of the Supervisory Board of the Hi-Tech Park no later than July 1 of the year following the reporting year.

Information to attach to the auditor’s report

Starting from 2023 (after the mandatory audit reporting for 2022), Hi-Tech Park resident companies are required to fill out and attach to the audit report information on calculations and accruals of deductions to the Secretariat of the Hi-Tech Park Supervisory Board for the year by the form established by the Ministry of Finance.
Deductions to the Secretariat are the obligation of Hi-Tech Park residents to transfer 1% of the revenue received during their activities as residents and from the sale of tokens to the Hi-Tech Park’s Supervisory Board Secretariat every quarter. These payments must be made before the 20th day of the month following the reporting quarter. 

What do resident companies do to get an audit report?

To perform a mandatory audit, resident companies contract with an audit company or an entrepreneur-auditor. 

What is the benefit of mandatory audits for companies that are residents of the Hi-Tech Park?

Regular mandatory audits allow Hi-Tech Park residents to identify and eliminate possible accounting and financial accounting violations and consider the auditor’s recommendations to reduce the risks of their occurrence in the future. This significantly improves the reliability of the data presented in the reports, which, in turn, is the basis for making critical strategic decisions and reduces the likelihood of fines and claims from regulatory authorities. Optimistic assessments of auditors also help to build confidence in the financial statements of potential investors and financial institutions.

Obligation to submit quarterly reports to the Secretariat

Companies of the Hi-Tech Park in 2024 must submit quarterly reports to the Hi-Tech Park Secretariat by the established form. Even if the report does not contain information, it must be submitted. 
You must submit your report by the 30th day of the month following the reporting quarter. If the 30th day falls on a weekend or holiday, the report can be sent on the next business day. 
The report is compiled on a cumulative basis starting from the beginning of the year or the moment of registration as a resident of the Hi-Tech Park if the company still needs to be a full-year resident. 
The report should include data on the Park’s residents, including information about its divisions located in Belarus. It is drawn up using the resident company’s accounting and personnel documents and submitted to the Hi-Tech Park Secretariat in electronic Excel format.
The report includes the following sections:
1. About the leading performance indicators of the company.  
This section provides data on revenue and income from activities carried out by the company, income from the sale of tokens, as well as amounts that are not included in revenue (income) for deductions to the Supervisory Board Secretariat in the amount of 1%, including information on the amount of such deductions.
2. About the number of employees and salary.  
This section contains, among other things, the number of employees hired and dismissed and information about the salary fund.
3. On adjusting the amount of deductions to the Secretariat of the Supervisory Board of the Hi-Tech Park. 
This section is filled in if errors are found in calculating contributions to the Secretariat for previous quarters, which amount to 1% of revenue. 
The report is signed by the company head or the person authorized by him / her responsible for drawing up and submitting it, as well as the executor who directly compiled it.

Obligation to submit annual reports to the Secretariat

Until February 1 of the year following the reporting year, companies-residents of the Hi-Tech Park are required to submit reports on their activities to the Secretariat of the Park’s Supervisory Board. Reports are submitted electronically through the departmental document management system using the form approved for Park residents.

Obligation to submit State reports to the Secretariat upon request.

At the request of the Secretariat, a resident company of the Hi-Tech Park must provide copies of:

• State statistical reporting.
• Tax returns and calculations. 

To facilitate the receipt of copies, the Secretariat has the right to request copies of state reports from State authorities independently with the written consent of the Park residents.

Obligation to submit information on bank accounts abroad every quarter

Companies-residents of the Hi-Tech Park must quarterly inform the Secretariat of the Hi-Tech Park Supervisory Board and the Tax inspectorate at the company’s registration place about the movement of money in the company’s bank accounts opened in foreign banks and electronic wallets.

Specifics of reporting to the Park’s Supervisory Board Secretariat

The schedule for submitting reports is available in the personal accounts of Hi-Tech Park residents on the Park’s website.
HPT Park residents submit all reporting information electronically through the Interdepartmental Document Management System (IDMS). To connect to the IDMS, it is necessary to contact the RUE “National Center for Electronic Services” (NCES). They will issue an electronic signature and keys. Reports are submitted to the following IDMS address: “High Technologies Park. Reports”