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Ministry of Economic Development and Trade of the Kyrgyz Republic. About the MEDT’s Role in Improving Business Environment. Key Problems Impeding Business Development. Imperfect entrepreneurship-related legislation Problem with registration Imperfect system of licenses and permits

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Presentation Transcript
slide1

Ministry of Economic Development and Trade

of the Kyrgyz Republic

About the MEDT’s Role in Improving Business Environment

key problems impeding business development
Key Problems Impeding Business Development
  • Imperfect entrepreneurship-related legislation
  • Problem with registration
  • Imperfect system of licenses and permits
  • Numerous inspections by state controlling agencies
  • Tax burden
slide3

Reforms in the construction sector

  • Resolution of the Government of the Kyrgyz Republic № 252 dated May 30, 2008 “On Approval of the Procedure for Issuance of Permissive Documents for Designing, Construction and Other Changes in Real Estate Objects and the Procedure for Commissioning Completed Construction Objects in the Kyrgyz Republic”
  • 2. Law of the KR “On Introducing Amendments and Addenda to the KR Law “On City Planning and Architecture of the Kyrgyz Republic”
slide4

Direct / indirect claim

Recognizing the transaction to be invalid

Concerned person

Chairman of the Management Board/ Board of Directors

Board of Directors

Published statements

Public and/or shareholders

Plaintiff (shareholder)

Plaintiff (shareholder)

Court

Disclosure of information on the deal

Reforms in the area of information sharing, protection of minority shareholders and control of related party transactions

Law of the KR “On Introducing Amendments and Addenda to the KR Law “On Joint Stock Companies”

Concerned person

Related party transaction

Court

Related party transaction

Damage to JSC

slide5

Data on:

Individuals

Legal entities

Data:

Positive

Negative

  • Credit information from:
  • 1. Retailers
  • 2. Trade creditors
  • 3. Providers of utility services
  • 4. Financial institutions

Credit history:

more than 2-year period

Data on credit:

1% of income

CIB

(Credit Information Bureau)

The borrower can check his data in the CIB register

Laws of the KR

Reforms in the area of information sharing, protection of minority shareholders and control of related party transactions

Law of the Kyrgyz Republic

“On Introducing Amendments to the Civil Code of the KR”

slide6

The KR Law on Introducing Amendments and Addenda to the KR Law “On State Registration of a Legal Entity, a Branch and a Representative Office of a Legal Entity”

$

Registration with

Placing

Notarization of

Verification of

the Ministry of

a deposit

constituent

the legal entity’s

Justice

in a bank

documents

location

.

$

Registration with

Receiving

Registration with

Opening a bank account

the Social Fund

a permit for the seal and

,

the Tax Office

the stamp

Business Start-Up Reforms

rla adoption flow chart
RLA Adoption Flow Chart

Regulatory and Legal Act

RIA Methodology

beneficial

non-beneficial

Economic appropriateness

Adoption

Abolishment

slide9
Draft Resolution of the Government of the Kyrgyz Republic “On the Interdepartmental Commission on Regulatory Reform”

Government of the Kyrgyz Republic

Interdepartmental Commission on Regulatory Reform

Ministry of Economic Development and Trade of the KR

Experts’ Working Group

RIA

Ministries and agencies

Working groups

slide10

Resolution of the KR Government “On the Procedure for Conducting Inspections of Subjects of Entrepreneurship and Identifying the List of Authorized Bodies Having the Right to Conduct Inspections of Subjects of Entrepreneurship” as of 6.11.07, №533

Contains the following norms:

  • The Procedure for conducting inspections
  • The Procedure for coordination of the inspection plan
  • Prohibits to conduct overlapping inspections on the same issue by different controlling entities
slide11
To implement the KR Law “On the Procedure for Conducting Inspections of Subjects of Entrepreneurship, the BELL Program has been developed

inspection

State Controlling Body (AB)

Entrepreneur

ring

Public Relations Office of the MEDT

    • Consists of:
  • MEDT
  • Mass media
  • Business associations

Mobile team «BELL»

visit

Reporting in mass media

Establishing legality of the inspection

NO

YES

Explanation of the Law on Inspections

Identification of violations

Taking actions

slide12

Next steps and perspective directions for development of the KR legislation

I.Continue with the reforms to improve the legal frameworks for development of entrepreneurial activities in the Kyrgyz Republic

  • Adoption of a new version of the Tax Code
  • Continuing reforms for reducing bureaucratic barriers when obtaining permissive documents for construction
  • Reduction of procedures for liquidation of enterprises
  • Simplification of procedures to acquire the rights to real estate objects
  • Revision and improvement of the legal frameworks through regulatory analysis of regulatory and legal acts in the sphere of entreprenruship

II.Work on improving the Competitiveness Index of the World Economic Forum (Davos, Switzerland)