Tagsabusing rights Administrative barriers arbitral tribunal arbitration agreement arbtral tribunal bidding business Civil Code of the Republic of Kazakhstan employment agreement Employment and other relations Employment or commercial agreement Energy Financial Court firm name foreign investor governing law intellectual property International Financial Center Astana investment disputes Investment in Kazakhstan Kazakhstan Law of the Republic of Kazakhstan Law on Banks and Banking Activity Law on Investment Legal and regulatory acts liability of legal entities Local Content logo National currency Oil on Joint-Stock Companies Payment for corporate stock by set-off piercing of the corporate veil privatization protection of investors Risks significant investor subsoil use law Tax Code Trade trademark United Kingdom value added tax VAT VAT dereregistration of taxpayers
Category Archives: Finance
The Law of the Republic of Kazakhstan “On combating legalization (laundering) of Illegally Gained Income and Financing of Terrorism” (hereinafter – the Law) was amended by virtue of the Law of the Republic of Kazakhstan № 343-V of 08.02.2015. In particular, the amendments were made into the threshold amount of transactions in money and (or) other assets, subject to financial monitoring. Continue reading
The International Financial Center “Astana” (hereinafter – the Financial center) will be established this year and a special law regulating activity of the participants of the Financial Center will be adopted under the Decree of the President of the Republic of Kazakhstan for the purposes of modernization of national economy. The participants of the Financial Center (hereinafter – the Participants) will be granted with the tax incentives and preferences, inter alia: Continue reading
Following up upon administrative barriers restricting business development, we offer to consider following cases from our practice.
Dealing with the cases on the licenses in construction sphere, we can provide following example, which demonstrate vague provisions regulating the license issues in Kazakhstan. Well, in case of obtainment the license in construction sphere (for design works or for installation and civil works)applicant shall meet the qualification requirement on presence of minimal material and technical equipment. The matter is interpretation of the word “minimal”, who determinates minimal rate and quantity. In other words, negative circumstances for applicants like rejection in issuance of the license happened due to inaccurate wording of legislation acts.
It is commonly known that, in cases provided by the legislation on public procurement, a supplier upon signing a contract on public procurement stands security for the performance of the contract as a guarantee that he will fulfill his obligations under the contract fully, properly and in timely manner.
The most common way of security in practice is bank guarantee. Second-tier banks provide a bank guarantee to a supplier for a fee. The original document of a guarantee is sent to the customer by the supplier.
Starting from February 1, 2014 called in Kazakhstan “black Tuesday” due to severe devaluation of the national currency, only a lazy person doesn’t talk over this event.
Undoubtedly, devaluation affected every person and especially business structures. In particular, we were addressed by one of our foreign client having worth a billion contract with state company which was denominated in Tenge without binding to exchange rate.