Changes in The Law of Kazakhstan from November 2023

REVERA Kazakhstan lawyers have analysed the changes in the legislation for autumn 2023 concerning legal entities, international cooperation, single market of services and compiled the top 4 important changes:

Legal entities

If there is an error in the name of the organization¬, it can be corrected.

The Ministry of Justice has approved rules for the provision of a State service for the updating of the name of a legal entity, branch and representative office. Updating is carried out by amending the state database "Legal Entities" in case of an error in the name of a legal entity, branch and representative office. The service is provided to non-commercial organisations by the Ministry of Justice, and to commercial organisations by the government for citizens.

In order to obtain a public service, one must submit an application with a list of documents through the branches of the State Corporation or the "e-government" web portal.

These changes will be useful for the target audience - businesses that are still in the process of familiarising themselves with the Kazakhstani legal services market.

International co-operation

The agreement on mutual exemption from visa requirements between the governments of Kazakhstan and China entered into force on 10 November 2023.

Citizens of the two countries are exempt from visa requirements for private affairs, tourism, medical treatment, international transport, transit, as well as business purposes for entry, exit, transit through the territory of the state of the other party for a period not exceeding 30 calendar days from the moment of crossing the state border, a total of 90 calendar days within 180 calendar days.

Agreement on information exchange in respect of Kazakh and Chinese nationals entered into force on 11 November 2023
The document provides for the exchange of information in four areas: on citizens of the parties who have entered (visa-free), visas issued, violations of the rules of entry and stay, and persons admitted to citizenship.

The President of Kazakhstan signed the Law "On Ratification of the Agreement on Establishment of the Eurasian Reinsurance Company".

Creation of the Eurasian Reinsurance Company with the participation of the EEC countries can have a favourable impact on the development of export-import relations of the member countries, increase in investment volumes, expansion of trade and economic relations of the parties with third countries by carrying out activities in the field of reinsurance of export credits.

The agreement defines the goals, status and objectives of the Eurasian Reinsurance Company. It also stipulates that when accepting reinsurance risks, the company will take into account the balance of interests of the member states in accordance with their stakes in the authorised capital. Kazakhstan's share is 20 per cent. For comparison, the share of Armenia - 3%, Kyrgyzstan - 2%, Belarus - 30%, Russia - 45%.

On 09.11.2023 the Senate of the RK passed the Law "On ratification of the Agreement on the implementation of audit activities within the Eurasian Economic Union".

The purpose of the agreement is to form a unified audit union, supply and receipt of audit services, without limitation and exceptions, without additional establishment in the host country, mutual recognition of auditors' certificates and audit opinions. The agreement defines unified requirements for auditors, audit organisations, arising and termination of the right to carry out audit activities, examinations, external quality control and auditing standards.

This agreement will enhance business opportunities, audit firms' efficiency and contribute to the development of common activities.

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