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Wiseasy International (Belarus) Co., Ltd. (“Wiseasy Belarus”) invested and set up in Belarus by Beijing Wiseasy Technology Co., Ltd. (Beijing Wiseasy) officially settled in China-Belarus Industrial Park on January 3, 2019, and was awarded the certificate of resident enterprise of the park, becoming the first in 2019 and the 42nd company in China-Belarus Industrial Park.
Hylands provided a full range of legal services for this project, including suggestions for selection of investment destination, project site visit and survey, communication and negotiation with relevant Chinese and Belarusian departments and institutions on product origin and identification of self-produced products, and the drafting, review and revision of project documents, etc.
Wiseasy Belarus will develop and produce smart electronic terminal products represented by smart POS machines in China-Belarus Industrial Park for sale and provide after-sales services. At the same time, Wiseasy Belarus also provides development of mobile payment system and related services. In addition to tapping the international market for Beijing Wiseasy Technology, this project will also promote the improvement in payment technology in Belarus and neighboring countries, boost the overall operations of infrastructure in local financial and social services sectors, and spur the upgrading of local relevant industries.
In line with the overall policy guidance of the implementation of the Belt and Road Initiative, this project will help China’s advantageous smart electronic terminal products and relevant mobile payment system technology to go global, boost China’s global competitiveness in this field, and raise the visibility of Chinese brands.
Introduction to China-Belarus Industrial Park
Situated in the hinterland of the Eurasian continent and at the “crossroads” of the Eurasian traffic corridor, Belarus is an important member of the Eurasian Economic Union and the Commonwealth of Independent States (CIS). It has a unique geographical advantage as it is adjacent to the European Union to the west.
Belarus is an important economic and trade partner of China in the CIS. The two countries enjoy a high level of political mutual trust, complementary economies, and huge potential for cooperation. In particular, the Eurasian Economic Union will help the products produced by Chinese enterprises at Chinese-funded factories in Belarus reach the markets of other member states of the Eurasian Economic Union such as Russia through Belarus.
China and Belarus have so far inked many bilateral agreements such as the Agreement on Encouraging and Mutually Protecting Investment, the Agreement on Avoiding Double Taxation and Tax Evasion, and the Agreement on Protection of Intellectual Property Rights. A sound legal guarantee system has been put in place for investment activities between the two countries. In 2018, China and the Eurasian Economic Union signed the Agreement between the People’s Republic of China and the Eurasian Economic Union on Economic and Trade Cooperation.
China-Belarus Industrial Park is currently the largest and highest-level cooperation project between China and Belarus, which is advocated by the heads of state of China and Belarus and supported by the competent departments of the two governments. It is also the largest comprehensive industrial park featuring the highest level of cooperation in which China is involved in construction and development overseas. It is regarded as a model of win-win cooperation under the Belt and Road Initiative. It is a landmark project on the “Silk Road Economic Belt” and an economic project along the Silk Road Economic Belt for promoting synergy between the Silk Road Economic Belt and the Eurasian Economic Union.
Located in Minsk, Belarus, China-Belarus Industrial Park, which has a planned area of 112.5 square kilometers and is 25 kilometers from the capital city of Minsk, is close to the Minsk International Airport, railway, and Berlin-Moscow interstate highway. Production and residential areas, offices, business and trade and entertainment complexes, and finance and scientific research centers are planned for the park. It focuses on introducing six industries such as electronic information, machinery manufacturing, fine chemicals, new materials, biomedicine, and warehousing and logistics. The manufacturing centers, R&D center, logistics center, business and trade center and financial settlement center are in the pipeline.
The China-Belarus Industrial Park are entitled to preferential policies on taxation and land according to laws and regulations such as Decree No. 166 signed by Belarus President. For example, the profits gained by resident enterprises in the park from the sale of self-produced products (services) in the park are exempt from profit tax for 10 years starting from the first tax year in which profits are generated. The tax is halved (standard profit tax rate in Belarus is 18%) from the end of the said 10 years to June 5, 2062. The financial control in the park is relaxed. Settlement of exchange is not compulsory for the investment funds by enterprises, and the profits investment can be repatriated freely. The China-Belarus Industrial Park is attracting growing investment from different countries. Over 40 enterprises had settled in the park by the end of 2018.
Moreover, the low cost of chief factors of production such as labor, water, electricity, and gas in China-Belarus Industrial Park also helps cut the production and operating costs of enterprises and make products more competitive.
SINOMACH and China Merchants Group, large-scale central SOEs in China, are chiefly responsible for the development and construction of the park, investment attraction and routine operation of China-Belarus Industrial Park. China-Belarus Industrial Park Development Co., Ltd. provides a full range of investment services for investors.
Profile of Beijing Wiseasy Technology Co., Ltd.
Beijing Wiseasy Technology Co., Ltd. is a leading business intelligent hardware service provider in China. Founded in 2012, Wiseasy Technology has been committed to promoting future business development by virtue of technology, providing infrastructure and underlying technology for brick-and-mortar businesses to realize online operations. It has won the support of well-known investment institutions such as IDG Capital and Shining Capital. The WangPOS3 by Beijing Wiseasy Technology Co., Ltd. is the only Chinese-made smart POS that won the German Red Dot Award and the German iF Award. Wiseasy products are exported to over 30 countries and regions in Europe, North America, Middle East, Africa and Southeast Asia.
A partner of Beijing Hylands Law Firm, having worked at the Department of Treaty and Law of the Ministry of Commerce, and later serving as the head of legal and compliance affairs in China for several European chemical and medical enterprises.