Local incorporation is required for engaging in non-deliverable over-the-counter (OTC) financial instruments trading, as well as for undertaking professional and exchange activities in securities.
"With a view to supervise activities of legal entities on conducting operations involving non-deliverable over-the-counter (OTC) financial instruments initiated by individuals and legal entities (activities in the OTC forex market):
1. To establish that the following entities are authorized to carry out activities on conducting operations involving non-deliverable OTC financial instruments initiated by individuals and legal entities (activities in the OTC forex market) in the Republic of Belarus: legal persons registered in the Republic of Belarus, the authorized capital of which is formed in compliance with the requirements of this Edict in the amount of not less than BYN 200 000, and included by the National Bank in the register of forex companies (hereinafter referred to as the forex companies); [...]" (EDICT OF THE PRESIDENT OF THE REPUBLIC OF BELARUS No. 231 of June 4, 2015 On Carrying out Activities in the Over-the-counter Forex Market)
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"CHAPTER 39 - PROFESSIONAL AND EXCHANGE ACTIVITIES ON SECURITIES
396. Licensing of professional and exchange activities in securities (hereinafter referred to as licensed activities for the purposes of this chapter) is carried out by the Ministry of Finance. [...]
398. Licensed activities are carried out by legal entities of the Republic of Belarus.[...]" (ORDER OF THE  PRESIDENT OF THE REPUBLIC OF BELARUS September 1, 2010 No. 450 On licensing certain types of activities [google translated])
EDICT OF THE PRESIDENT OF THE REPUBLIC OF BELARUS No. 231 of June 4, 2015 On Carrying out Activities in the Over-the-counter Forex Market)
ORDER OF THE  PRESIDENT OF THE REPUBLIC OF BELARUS September 1, 2010 No. 450 On licensing certain types of activities [google translated])
[<a href="https://www.nbrb.by/engl/legislation/documents/e231_eng.pdf">Edict</a>],[<a href="http://pravo.by/document/?guid=3871&p0=P31000450">Order</a>]