Arbitration as the Method of Settlement of Investment Disputes against the Kyrgyz Republic
AKIpress Analytics section, March 19, 2013

The Kyrgyz Republic has already participated in several arbitration proceedings. Therefore, it might be reasonable to analyze peculiarities of legal regulation of arbitration in the KR, the causes and consequences of arbitration disputes and make relevant conclusions…

What risks foreign investors should take into account while investing into the Kyrgyz mining sector,
The Times of Central Asia, March 1, 2012.

Overview of Anti-Corruption Laws in Kyrgyz Republic,
Comparative Summary of Anti-Corruption Laws in the CIS Economic Region, 2011,
The CIS Leading Council Network.

What a foreigner should know about tax regime in the Kyrgyz Republic?
The Times of Central Asia, publication expected.

Kyrgyzstan is not an offshore zone and does not provide tax exemptions, but the rates of many of them are not very high.

Senior Associate - Asel Momoshova

Asel Momoshova
Senior Associate

Kyrgyz, Russian, English, Turkish

Asel Momoshova is a Senior Lawyer of the Firm and a member of the Mining & Exploration, Banking Microfinance & Insurance and Corporate Issues & Capital Market Practice Groups. Asel has extensive experience in advising foreign and local clients on various legal issues including taxation, mergers and acquisitions, corporate governance, secured transactions, data protection as well as migration and employment.


- advised foreign companies in connection with acquisition of shares in Kyrgyz mining and exploration companies, sale, privatization, or restructuring of major Kyrgyz companies, including legal due diligence of assets, corporate performance and taxation;
- provided legal support to foreign companies on establishing/ closure legal presence in the country, including preparation of corporate documents, registration/ deregistration of legal entities/ branches/ representative offices with the public authorities;
- provided legal support to a major domestic bank in connection with considerable loans and security issues, including drafting credit and (enterprise) pledge agreements, due diligence of borrowers’ documents, legal support in negotiation, execution and perfection of loan transactions;
- advised a Dutch company, one of the largest financiers of the microfinance sector worldwide, with respect to its loans to Kyrgyz leading micro-credit companies;
- advised a major Chinese bank in connection with its loans and financial leasing facilities;
- advised a foreign currency exchange fund on its entering into a non-deliverable hedging cross-currency swap transaction with a local microfinance company through the framework of the ISDA Master Agreement;
- advised a global nutrition, weigh management and skin-care company in connection with a potential taxation of its local distribution network;
- advised a major multinational corporation designing, developing, and selling consumer electronics and software on taxation issues in connection with its potential activities in the Kyrgyz Republic;
- advised major international audit companies on taxation and tax optimization in the Kyrgyz Republic;
- advised one of the largest investment funds on taxation issues in connection with its potential activities in the Kyrgyz Republic;
- advised a major beauty company and international law firms on employment issues and issues of privacy and data protection in the Kyrgyz Republic;
- advised a global tobacco company on migration issues and issues of privacy and data protection in the Kyrgyz Republic.


Legislative Fellow (2011).

Professional Background

Kalikova & Associates Law Firm (since 2009);
Intern, Herfurth & Partner Law Firm, Hannover, Germany (July - August 2010);
Intern, Meckelenburg Court House, Charlotte, North Carolina, USA (October 2011).


LL.M. in International Business Law, with Merits, Central European University, Budapest, Hungary (2009). B.A. in Law, Magna Cum Laude, American University of Central Asia, Bishkek, the Kyrgyz Republic (2008). International Summer School in IT-Law, Hannover, Germany (2015). U.S.-German Summer School in International and Comparative Law, Giessen, Germany (2012). Legislative Fellows Program, organized by the US Department of State, Washington DC, Charlotte, USA (2011). International Summer School in IT-Law, Hannover, Germany (2010).

Professional Activities and Affiliations

Member of the International Business Council’s Committee on Taxes, Customs and Social Fund.

Speeches and Presentations, Publications

- An academic course on "Business Legislation" at the American University of Central Asia (2015);
-"Legal aspects and taxation of royalty", Nalogi i Pravo journal, 11/2014, co-authored with Yulia Abdumanapova, (in russian);
-"Kyrgyz Republic: Overview of data protection legal framework", AKIpress, Analytics section, 04/29/2013;
- "Tips for foreign investors entering the Kyrgyz market", 04/29/2013;
- "Kyrgyz Anti-corruption Regulation", The Times of Central Asia, 05/2012;
-"Investment Opportunities in the Kyrgyz Republic", Azmilaw newsletter, issue No. 25, volume 1/2011, Kuala Lumpur, Malaysia, 2011.



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