MINSK, 22 January (BelTA) – There are plans to reduce the number of administrative procedures for venture investors. This is envisaged in the amendments to the law on the state innovative policy and innovative activities, BelTA learned from member of the Standing Commission on Education, Culture and Science of the House of Representatives Elena Kolesneva.
One of the key amendments seeks to encourage innovations by offering venture investors business-friendly regulations. The amendment seeks to reduce the number of administrative procedures. The term “a venture business” has been redefined. At present “a venture business” is understood as a commercial organization incorporated into the innovative infrastructure and registered by the State Committee on Science and Technology. In line with the new amendments, venture investors will no longer need this registration. This will allow more businesses to engage in venture financing, Elena Kolesneva explained.
The document will be brought into line with the effective legislation and implementation practices. For example, the major objectives of the state innovative policy will be amended taking into consideration the implementation of Decree No.8 on the development of digital economy. The MP recalled that Decree No. 106 on state programs and financial support was passed in 2016. They invalidated some legal acts regulating the development and implementation of the state innovative program. The new amendments will spell out the processes related to the development, financing and implementation of this program. Apart from that, they will specify the sources of financing of the program, the list of activities to be done as part of the program, the competencies of government agencies and other organizations regulating innovative activities.
Describing the document, Elena Kolesneva noted that it is designed to improve the organizational and legal framework of the state investment policy and to create conditions conducive to innovations. The amendments are to be scrutinized in the first reading at the spring session of the House of Representatives.
