A transaction on acquisition of participatory interest or shares in charter capital of legal entities concluded without consents and approvals required by the Kazakhstani legislation may be acknowledged invalid by court at the suit of interested parties.

In Kazakhstan, taxation is governed by the Tax Code, which came into force on the 1st of January 2009. Kazakhstan is also a party to more than 35 double tax treaties with various countries. The double tax treaties prevail over the Tax Code, but their application must comply with established procedures.

After disintegration of the USSR, business is rapidly developing in the CIS, one of the key countries of which is Kazakhstan. In various cases intellectual property (“IP”) is one of the most important areas for initial entering the market of the region, and registration of trademarks and patents and other IP rights is a big step towards the market and wise care of company’ assets even without a physical presence of the company.