If you are interested in starting a business from scratch or are looking for a profitable project for investment, then registering a company in Kazakhstan, as well as registering an account with a Kazakhstan bank, will be a promising idea in 2020. In this article, we will talk in detail about how and who should open a business in the Republic of Kazakhstan.
Kazakhstan is an independent European state, located in the central part of the Eurasia continent, washed by the Aral and Caspian Seas. The Republic of Kazakhstan is in 9th place among the largest countries in the world, and, also, according to research by Global Finance magazine in 2019, takes the 1st place in terms of security among the CIS countries.
The nearest neighboring countries are: Kyrgyzstan, Uzbekistan, Turkmenistan, Russia, China, Mongolia. Key sectors of the state economy: the engineering, a metallurgy, an extraction and the export of natural resources, a chemical industry, a light industry, an agriculture, a tourism. The capital of the state is Nur Sultan. The largest cities are: Taraz, Aktobe, Alma-Ata, Karaganda, Pavlodar. Official languages are Kazakh, Russian. The state currency is Kazakhstan tenge (KZT).
Kazakhstan is a member of the EAEU, UN (UNESCO, IMF and others), SCO, OSCE, OIC and other world organizations.
According to the annual research of the popular financial magazine Doing Business, Kazakhstan occupies the following positions in the ranking of favorable business conduct:
- 36th place on the registration of enterprises;
- 35th place on obtaining building permits;
- 28th place in terms of ease of doing business;
- 18th place on the registration of property;
- 4th place to enforce contract terms;
- 1st place for the protection of minority shareholders.
If you are going to open a company in Kazakhstan in Kazakhstan, then the following business advantages await you:
- A rapid development of the economy;
- A calm political situation;
- A convenient geographical location;
- A developed banking system (an important financial center);
- The opportunity for a relatively short time to obtain a residence permit and citizenship in Kazakhstan (5 years of residence);
- A simplified visa regime;
- The focus on attracting foreign capital;
- A comfortable environment for startups, as well as expanding any type of business;
- Qualified labor force;
- A low tax burden;
- More than 40 DTA agreements with European, Asian and Arab countries;
- A fast and extremely simple business registration procedure.
Those, who wish to register a company in Kazakhstan and to open a corporate account in Kazakhstan in 2020, we recommend you to study carefully the list of the following priority business areas: a construction, real estate, services, a food processing, IT, a gambling.
Setting up an enterprise in Kazakhstan will not require much time, as well as filling in a huge amount of documents. Turning to our specialists, you can start a business from scratch within 14 days. In the Republic of Kazakhstan, you can open the following types of companies:
- a Joint Stock Company (PC);
- a Limited Liability Partnership (LP);
- a Representative Office (RO);
- a Branch (B).
If you want to open a company in Kazakhstan remotely, we recommend you to give preference to such a form of business as a LP. This form is very popular among foreign businessmen due to minimum requirements for registration, simplicity and ease of management, as well as a loyal tax regime.
If you want to establish a Kazakhstan company and to open an account for a company with a bank of Kazakhstan, then, first of all, you will need to fulfill all the following requirements of the local Regulator:
- The unique name of the company (with the obligatory indication at the end of the selected legal form). When choosing a name in Latin, transliteration in Kazakh/Russian will be required;
- The number of founders is from 1 or more (legal entities);
- The number of directors is from 1 or more (preferably a resident of any EAEU countries);
- The number of shareholders is from 1 or more (legal entities);
- An authorized capital is from 100 Kazakhstani tenge (KZT) to one hundred monthly calculation indices (at the date of registration of the company in state bodies);
- A mandatory presence of a registered office and address;
- Conducting an audit by the Audit Commission formed from 1-5 members of the LLP.
Those, who want to register a company in Kazakhstan remotely, will need to provide the following documents:
- A passport and a copy of the beneficiary's passport;
- A bank statement with a wet seal (in English) or a utility bill to confirm the beneficiary's address of residence.
- The procedure for registering a company in Kazakhstan takes place in several stages:
- Obtaining a C5 business visa (for individuals);
- A translation of a passport (into Russian and Kazakh languages) and subsequent notarization;
- Obtaining a tax identification number (TIN);
- Obtaining an electronic digital signature.
One of the prerequisites for registering a business in a jurisdiction is to open an account with a Kazakhstan bank. We present to your attention a list of the following, most prestigious and trustworthy banks in the country:
- CenterCredit Bank;
- Halyk bank;
- Capital Bank Kazakhstan;
- Alfa Bank.
- Prompt opening of personal and corporate accounts;
- Making payments in more than 5 freely convertible currencies (EUR/USD/GBP/JPY/CHF and others);
- Providing a wide range of banking, insurance and credit services;
- Loyal tariff conditions;
- Reliable data protection system;
- A high level of confidentiality;
- The ability to get 24/7 access to accounts via mobile, as well as Internet and SMS banking.
Resident companies are taxed on profits, earned outside Kazakhstan, while non-resident companies, operating through a permanent establishment in Kazakhstan, are taxed on profits, earned in the country.
- The income tax rate is 20%. A reduced corporate tax rate of 6% applies to the income of legal entities, specializing in agricultural production.
- For companies, engaged in the exploration and production of natural resources (oil, gas), a progressive tax rate is provided (from 0 to 30%).
- A VAT is 12% or 0% (when exporting goods);
- A dividend tax is 5-15%.
If you are going to register a company in Kazakhstan remotely, then you, also, have the opportunity to take advantage of the existing free economic zones.
Enterprises, registered in free trade zones, such as: Astana - New Town, Aktau Seaport, Pavlodar, Khorgor - Vostochnye Vorota and 7 additional free economic zones, are exempted from corporate taxes or enjoy special tax benefits.
To open a commercial firm in Kazakhstan quickly, easily and as successfully as possible - seek a help from trusted YB Case specialists. Our company will provide you with a full range of services, in particular: they will conduct a detailed consultation regarding the business environment of the chosen jurisdiction, assist in opening an account with a bank in Kazakhstan,assist you in registering an office in the country, and also accompany in the process of completing all necessary documents.