How Hi-Tech Park Belarus is playing a major role in the economy
You may not have heard of Hi-Tech Park (HTP) before, but chances are, you have an app that was developed there. There are currently about 1 billion people in 193 countries using mobile apps developed at HTP.
HTP was founded in 2005 to support the rapidly expanding software and technology industry throughout the region. Any company that provides IT and related services such as software and application development, consulting, database development, telecommunications, and more can take advantage of HTP membership.
As of January 2018, there are 192 member companies and over 30,000 employees within those companies registered as HTP residents.
The Silicon Valley of Eastern Europe
Thanks to the growth of Hi-Tech Park, computer and IT services became the second most significant export for Belarus, amounting to $845 million in USD for 2016 and rising from 12.3 percent to 14.1 percent. Some of the top companies utilizing the services of HTP residents include Facebook, Microsoft, Amazon, Mitsubishi, Reuters, London Stock Exchange, and Coca-Cola.
One of the main benefits that draws companies to become members of HTP is that they are exempt from corporate taxes, including VAT, profit tax and offshore duty. And that benefit trickles down to the employees of all the development and consulting firms based there, as they pay only 9% personal tax as opposed to 13%.
Another benefit is education. In 2010, the Educational Center of Hi-Tech Park was established to provide continuing education opportunities for IT workers. Companies within HTP also work directly with schools and universities to help train the next generation of developers. HTP offers several free training courses for faculty members and students year-round.
The Decree On Digital Economy Development
In December of 2017, President Alexander Lukashenko instituted cryptocurrency legislation with a decree "On Digital Economy Development" that provides for ICO legality, ICO registration, bitcoin regulation, bitcoin legislation and smart contracts legislation.
The Director of Hi-Tech Park, Vsevolod Yanchevsky, stated, "Having adopted the Decree, Belarus becomes one of the world’s most comfortable jurisdictions for IT business. Besides, the country is creating favorable conditions for the development of blockchain technology and businesses based on it."
The signing of the decree makes Belarus the first country to have legal regulation of businesses based on blockchain technology and to provide blockchain contract management.
iTechArt & HTP
iTechArt is proud to be a member of Hi-Tech Park and ranks #5 in the Top-10 HTP Resident-Companies by Sales and the Software and IT Services Exports lists.
By taking advantage of the support and educational benefits of HTP, we’ve been able to deliver cutting-edge solutions and dedicated “dream teams” to clients all over the world. On average, our client saves $500,000 per year with our development team on board.
So now that you know a little more about Hi-Tech Park and iTechArt’s involvement, the question is, what can we do for you? Get in touch with us today and let’s see if we can save you $500,000 a year too!