On 24 June 2010, a new Law on Subsoil and Subsoil Use (the “Subsoil Law”) was adopted in Kazakhstan. According to the Subsoil Law, transfer of a subsoil use right (or a part thereof) or related objects into pledge shall be performed upon approval of the competent authority. Moreover, the Subsoil Law establishes regulations in the area of pledge of subsoil use rights. For instance, borrowed funds obtained against the pledge of subsoil use rights shall only be used for the purpose of subsoil use within the respective subsoil use contract.
Obtaining a permit to transfer subsoil use rights into pledge is a long-term process that includes collection of information and documents. According to the current subsoil use legislation, the period for consideration of the application is seventy business days. However, according to our practice, this process can take up to six months.
- advising on transfer of subsoil use right or/and related objects (interests, block of shares in legal entity holding the subsoil use right) into pledge;
- advising in connection with drafting application for obtaining permit to transfer subsoil use right or/and related objects into pledge (surcharge) and representation of interests of a client at the stage of consideration of the application by the competent authority;
- advising in connection with drafting pledge agreement for subsoil use right and related objects;
- registration of pledge agreement with the competent authority;
- advising on levying of execution on the pledged subsoil use right and related objects including procedure for pledge selling.
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On 5 October 2018 Joint AmCham/BCC Career Fair was held in Baku, Azerbaijan.
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Amendments concern business operations relating to performance of works, rendering services and lease relations.
While rendering services, which results the customer can use during the term of the agreement, the date of completing this business operation shall be:
last calendar day of each month of provision of services and the last day of provision of services – if the term of the agreement exceeds one month;
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The Law on Amendments Intended to Improve Business Conditions (the “Business Improvement Law”) came into effect on 12 March 2017, except certain provisions.
The purpose of the Business Improvement Law is to further improve the investment climate in line with the general policy of the country to support local entrepreneurs and foreign investors.
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