Local incorporation is required for engaging in banking activities, as well as on-bank credit and financial organization. Foreign banks are only allowed to establish representative offices in addition to subsidiaries.
"GENERAL PART
SECTION I - GENERAL PROVISIONS
CHAPTER 1 - MAIN PROVISIONS [...]
Article 8. Bank
A bank is a legal person that has the exclusive right to perform the following banking operations, combined: (a )attracting monetary means of natural persons in accounts and/or deposits; (b) placement of attracted monetary means specified in indent two of this part in the own name and at the own costs on the conditions of repayment, interest payment, and maturity; (c) to open and operate bank accounts for natural and/or legal persons.
A bank is entitled to perform other banking operations and engage in other kinds of activities stipulated in Article 14 of this Code.
Article 9. Non-bank credit and financial organization
A non-bank credit and financial organization is a legal person which has the right to perform certain banking operations and activities stipulated in Article 14 of this Code.
The list of banking operations which may be performed by non-bank credit and financial organizations and their permissible combinations are prescribed by the National Bank.
Dispositions stipulated for banks apply when non-bank credit and financial organizations are created, reorganized, operated and liquidated, unless otherwise established by this Code and other banking legislation of the Republic of Belarus.
[...]
SECTION III - BANKS AND NON-BANK CREDIT AND FINANCIAL ORGANIZATIONS
CHAPTER 8 - GENERAL PROVISIONS RELATING TO BANKS
Article 70. Bank Status
A bank is a commercial organization registered in the order established by this Code and having, on the basis of a license to carry out bank activities, an exclusive right to perform, in the aggregate, banking operations stipulated by part one of Article 8 of this Code.
A bank is entitled to perform other banking operations specified in the license to carry out bank activities.
Article 71. Creation of the Bank
The bank is created in the form of a joint-stock company in the order established by this Code and other legislation of the Republic of Belarus and must have at least two founders.
[...]
Article 91. Foreign bank's representative office
A foreign bank is entitled to establish in the territory of the Republic of Belarus representative offices in the order established by the National Bank.
A representative office of a foreign bank is not a legal person and carries out its activity on the basis of regulations approved by the bank that has established it.
A representative office of a foreign bank has no right to carry out banking operations and other activities stipulated by Article 14 of this Code, with the exception of protecting and representing the interests of the bank that has established it, including by providing counseling and/or information services. [...]" (Banking Code of the Republic of Belarus of 25.10.2000 № 441-Z)
Code: Banking Code of the Republic of Belarus of 25.10.2000 № 441-Z
Resolution of the Board of the National Bank of the Republic of Belarus of September 1, 2008 No. 129 [google translated]
[<a href="http://www.law.by/document/?guid=3871&p0=Hk0000441e">Code</a>]