Registration of Companies, Branch and Representative Offices: Amendments to the Procedures

Law “On introduction of the amendments to some legislative acts of the Republic of Kazakhstan on state registration of legal entities and registration of branches and representative offices” was signed by the President of Kazakhstan effective from 09 January 2013, aimed to simplify the procedure of registration.

The National register of business-identification numbers

The replacement of the concept of “the uniform state register of legal entities” by “the national register of business-identification numbers” was suggested to be used in legislative acts.

Registration of businesses:

Introduced amendments of the registration procedures establish the following:

• registration is implemented by means of filing the notice through the Internet – by introduction of data on the legal entity into “The national register of business identification numbers”;

• the notice is filed in on a portal of “the electronic government”;

• paper certificate of registration is replaced by the electronic reference;

• the payment of the registration fee and notification of the authorized body is sufficient for justifying the registration;

• payment for registration can be made through “payment gateway” on a portal of “the electronic government” or scanned copy of the payment receipt may be attached to the notice;

• registration is done automatically in the state database of “Legal entities”;

• the applicant receives the electronic certificate of registration of the legal entity with the assigned business identification number (BIN).

So, submissions to the PCC (Public service center) for obtaining documents are cancelled. Term of registration is one working day.

Also:

• charter submission is cancelled as requirement for registration of businesses, except for joint-stock companies;

• confirmation and review of the information on founders, the company’s manager and the address is done automatically via state database of “Individuals” and “Real Estate Register” at the time of notice or application filing;

• all subjects of private businesses, except joint-stock companies, in the event of change of the actual address, shall notify registering body within a month upon the change;

• no notification is required in the event of charter capital increase, approving the charter in new wording, change of activity.

Registration procedure for the joint stock companies remains unchanged.

Liquidation of legal entities

New:

• list of documents required for registration of termination of activity reduced from eleven to eight documents;

• the requirement of submission of liquidation balance and the notification of the National Bank on cancellation of issue of shares is excluded. term of registration of the termination of activity of the legal entity is reduced from ten to five days.

Information contained in this Client Update is of general nature and cannot be used as legal advice or recommendation. Please seek for a specific advice in relation to any questions. Please note that Kazakhstan and Turkmenistan are emerging economies and their legislation and legal systems are in constant development. Should you have any questions or would like to discuss subjects addressed in this Client Update please contact us.