Roundtable to discuss the register of bona fide entrepreneurs in the Kyrgyz Republic

LEX Law Firm, as a member of the American Chamber of Commerce in the Kyrgyz Republic, participated in the roundtable on the discussion of the register of bona fide entrepreneurs in the Kyrgyz Republic within the framework of the American Chamber of Commerce project “Business Development and Support through Dialogue” on June 6, 2023. The event was held in the large hall of the Ministry of Economy and Commerce of the Kyrgyz Republic.

Sariev Temir Argembaevich, Chairman of the Chamber of Commerce and Industry of the Kyrgyz Republic, Usenbekova Ainura Dokturbaevna, Deputy Minister of Economy and Commerce of the Kyrgyz Republic, Imanaliev Dastan, Executive Director of the American Chamber of Commerce in the Kyrgyz Republic, members and partners of the American Chamber of Commerce in the Kyrgyz Republic and representatives of the business community participated in the round table.

Participants considered the Regulations on the register of bona fide entrepreneurs of the Kyrgyz Republic, approved by the Cabinet of Ministers of the Kyrgyz Republic on December 26, 2022 No. 715 (hereinafter the “Regulations”), aimed at encouraging entrepreneurship, open and focused on strict compliance with tax and labor laws of the Kyrgyz Republic, by creating a number of preferences for such entities.

The discussion identified the main points in the Regulations that require changes and revisions. In particular, business representatives asked questions and made suggestions regarding the clarification of criteria for categorizing various groups of entrepreneurs (small, medium and large enterprises) as "bona fide entrepreneur", as well as clarification and the possibility of expanding the list of privileges provided for entrepreneurs who received the status of "bona fide". According to speakers from the business community, in the adopted by the Cabinet of Ministers of the Kyrgyz Republic version of the Regulation a number of criteria for categorizing entrepreneurs as bona fide are not suitable for small businesses, and some of the proposed privileges allow for a broad interpretation, which may cause negative consequences in the practice of their application.

Mr. Sariev T.A., Chairman of the Chamber of Commerce and Industry of the Kyrgyz Republic and Ms. Usenbekova A.D., Deputy Minister of Economy and Commerce of the Kyrgyz Republic answered the questions and noted that suggestions of the business community on amendments and additions to the Regulation will be reflected in this normative legal act.

LEX Law Firm expresses its gratitude to the American Chamber of Commerce in the Kyrgyz Republic for involvement and opportunity to participate in this event, as we are always interested in legal reforms that could improve the mechanisms of business environment in the Kyrgyz Republic.