of March 27, 2003 No. 66
About investments in the Kyrgyz Republic
Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on February 7, 2003
This Law establishes the basic principles of the state investment policy directed to improvement of the investment climate in the republic and stimulation of attraction of domestic and foreign investments by means of provision of fair, equal legal regime to investors and guarantee of protection of the investments into economy of the Kyrgyz Republic involved with them.
1. Investments are material and non-material attachments of all asset types which are in property or controlled directly or indirectly by the investor in objects of economic activity for the purpose of profit earning and (or) achievement of other useful effect in type:
- personal and real estate;
- property rights (mortgage, property right to retain, pledge and others);
- shares and other forms of participation in the legal entity;
- bonds and other debt obligations;
- the non-property rights (including the intellectual property right, including goodwill, copyright, patents, trademarks, industrial designs, engineering procedures, trade names and know-how);
- any right to implementation of the activities based on the license or in other form provided by state bodies of the Kyrgyz Republic;
- the concessions based on the legislation of the Kyrgyz Republic including concessions on search, development, production or operation of natural resources of the Kyrgyz Republic;
- profits or income gained from investments and reinvested in the territory of the Kyrgyz Republic;
- other forms of investment which are not prohibited by the legislation of the Kyrgyz Republic.
The form in which the property is invested or change of this form does not influence its nature as investments.
2. Direct investments - ownership, acquisition by the investor at least one third percent of shares or voices of shareholders in the joint-stock companies created or newly created in the territory of the Kyrgyz Republic, or equivalent of such participation in other forms of business entities and all subsequent transactions between the investor and the invested company, capital investments in fixed assets of branch, representation of the legal entity created in the territory of the Kyrgyz Republic.
3. The investor - the subject of investing activities performing attachment of own, loan or raised funds in the form of direct investments.
The domestic investor - legal entities and physical persons of the Kyrgyz Republic, and also the foreign citizens and stateless persons having resident status of the Kyrgyz Republic, and performing investing activities in the territory of the Kyrgyz Republic.
The foreign investor - any physical persons and legal entities, not being domestic investors and performing attachment of investments into economy of the Kyrgyz Republic, including:
1) the physical person who is the foreign citizen or the person without citizenship who is constantly living outside the Kyrgyz Republic;
2) legal entity:
created and registered according to the legislation of foreign state; or
created with foreign participation, that is founded according to the legislation of the Kyrgyz Republic:
a) completely belonging to one or more foreign physical, legal entities; or
b) controlled and managed by one or more foreign physical, legal entities by means of the written contract, the right to exercise the share majority, the rights to appoint most of members of executive or supervisory body; or
c) at least twenty percent of shares or voices of shareholders of which are in property of foreign citizens, the persons without citizenship who are constantly living abroad or the legal entities mentioned in this Article;
3) the legal entity created on the basis of the international treaty of the Kyrgyz Republic;
4) the foreign organization, not being the legal entity;
5) international organization.
4. Investing activities - implementation of practical actions of the investor concerning its investments.
4-1. The investment agreement is the agreement signed between the investor and the Government of the Kyrgyz Republic, legal entities and physical persons, determining procedure for implementation of the investment project.
4-2. The investment project - the complex of actions and documents providing practical realization of the investments before achievement of the set result for certain period of time performed based on the investment agreement.
4-3. Investment lots - complex of the decisions provided to the investor taking into account specifics of the initiated projects which comprise the investment offer, project infrastructure, assets, the analysis of source of raw materials and the markets, provision of allowing documents and preferences.
5. Reinvestment - investments into objects of business activity in the territory of the Kyrgyz Republic for the income account or profits of investors which are got by them from investments in the Kyrgyz Republic.
6. The investment dispute is the dispute between the investor and state bodies, officials of the Kyrgyz Republic and other participants of investing activities arising in case of realization of investments.
7. Authorized state body - the state body authorized by the Government of the Kyrgyz Republic to perform promotion of investments and coordination of investing activities in the Kyrgyz Republic. The regulations on authorized state body affirm the Government of the Kyrgyz Republic.
8. The invested company - the economic partnership or society created in the territory of the Kyrgyz Republic in which activities the investor performs attachment of investments.
9. The stabilization mode - favorable legal regime for the investor and/or the invested company in case of modification and amendments of the regulatory legal acts of the Kyrgyz Republic regulating questions of tax and non-tax payments.
1. The legislation regulating investment regime consists of the Constitution of the Kyrgyz Republic, this Law and other regulatory legal acts of the Kyrgyz Republic.
2. In case of introduction of amendments or amendments to this Law, the tax legislation of the Kyrgyz Republic and the legislation on non-tax payments the investor, and also the invested company answering to the conditions established by this Article within ten years from the date of agreement signature about stabilization have option of conditions on tax payment, optimum for them, including the value added tax, but excepting other indirect taxes, and non-tax payments (except for payments for the services rendered by state bodies) according to the procedure, established by the legislation of the Kyrgyz Republic. The procedure and conditions of application of the mode of stabilization in tax and non-tax legal relationship are established by the legislation of the Kyrgyz Republic.
The mode of stabilization cannot be the basis for restriction of the rights of the investor and/or the invested company which signed the agreement on stabilization on use of the favorable conditions established by the legislation of the Kyrgyz Republic which became effective after agreement signature about stabilization.
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