GRATA Legal Digest, May 2022

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GRATA Legal Digest, May 2022

May 2022

Opening a business in the countries of Caucasus and Central Asia

If you are interested in establishing a presence in a new market, restructuring your current operations, or expanding the geographical coverage of your business, the jurisdictions of Caucasus and Central Asia could offer a great potential from economic and legal standpoints. The region is strategically located between Europe and Asia, offering a unique position for companies who do business in both markets.

We would like to share with you a series of materials that introduce the legal framework and general conditions of establishing and operating legal entities in the following countries: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan.


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Table of contents
Azerbaijan
Belarus
Kazakhstan
Kyrgyzstan
Mongolia
Uzbekistan

News and insights from GRATA International 

Azerbaijan

A new Regulation on “Opening, maintaining and closing bank accounts” was adopted

According to the Resolution of the Central Bank of the Republic of Azerbaijan #04/2 dated 4 February 2022, the Rules on “Opening, maintaining and closing bank accounts” from 10 June 2019 have ceased to be legally valid, and a new Regulation on “Opening, maintaining and closing bank accounts” was adopted.

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News of Azerbaijan

The list of commodities the advertising which is prohibited has been expanded

Legal changes in the legislation of Azerbaijan

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Belarus

New law on payment systems

At the beginning of May 2022, the Law «On Payment Systems and Payment Services» (hereinafter as the Law) was signed in Belarus. For the first time in Belarus, implementation of payment activities, requirements for payment systems and participants in the payment market have been fixed on a comprehensive basis.

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News of Belarus

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Kazakhstan

Banking Regulation Review

Events in 2021 resulted in the Kazakh economy, in particular the financial sector, having to face the combined challenge of a continued reduction in oil prices and new strains of covid-19. However, according to the Agency for Regulation and Development of the Financial Market (AFR), the negative impact of these challenges on the Kazakh banking sector was not as severe as expected, and in 2021 banking sector started gradually to recover. 

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News of Kazakhstan

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Kyrgyzstan

On the adoption of the Law of the Kyrgyz Republic "On Public Procurement"

The law is aimed at simplifying public procurement procedures and minimizing corruption, improving the welfare of the nation through sustainable development by regulating relations related to the functioning of procuring organizations in order to create conditions for achieving maximum benefits through efficient and economical use of resources.

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News of Kyrgyzstan

On the adoption of a number of regulations concerning the introduction and use of cash registers

On measures to implement the requirements of Articles 126, 326-329 of the Tax Code of the Kyrgyz Republic

On determining the mechanism for traceability of goods on the territory of the Kyrgyz Republic

On measures to implement Articles 67, 330 of the Tax Code of the Kyrgyz Republic

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Mongolia

Legal regulation of public offering and sales of securities

One of the alternative ways to attract investment and expand one’s business is the public offering and sales of securities. As of 2021, there are 314 joint-stock companies (hereinafter the “JSC”) registered in Mongolia, and securities worth MNT 1.4 trillion (app USD 452.09 million) were traded on the market which is 21.6 times higher from 2020 and increased results by 64.3 percent from 2017. 

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News of Mongolia

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Uzbekistan

Uzbekistan adopts Cybersecurity Law

The Law of the Republic of Uzbekistan “On Cybersecurity” No. ЗРУ-764 dated April 15, 2022 (the “Cybersecurity Law”) will enter into force on July 17, 2022. The Cybersecurity Law consists of 40 articles and is intended to regulate relations in the field of cybersecurity.

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News of Uzbekistan

Uzbekistan introduces changes to tax legislation

Uzbekistan introduces a simplified procedure for applying the customs regime “processing on the customs territory”

Uzbekistan introduces changes to the procedure for considering cases in economic courts

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Healthcare system is one of the world’s largest and fast-growing domains, and due to its vital importance for humankind, in pursuit of solutions, it is subject to changing regulations. Our knowledge of the local business environment and clear understanding of practical challenges and needs help us to be truly adding value for our clients at all stages of the projects, providing them with viable and legally robust solutions.

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