Follow These Straightforward Kazakhstan Company Formation Procedures
A conducive business environment has enabled both local and foreign investors to conduct Kazakhstan company formation. As a result, this injects more investment for the nation. In Kazakhstan, it’s mandatory that you check for your business name with the Public Registration Centre. In case of a foreign corporate entity, you’re eligible to use a foreign company name as long as such name is translated in the national and Russian dialect. Once registration is through the legal structure is inputted in the National Register of Business Identification Numbers meaning you must ensure that the name is distinct. Remember, you’re permitted by law to use the word “Almaty,” “Kazakhstan” or “Republic of Kazakhstan” within your name but at a fee.
Legal Entities in Kazakhstan and Their Respective Requirements
One of the most common legal entities that investors opt for is the Liability Limited Company (LLC). The law requires you to submit documents which include:
- Certificate of incorporation
- Memorandum and Articles of Association
- a power of attorney (whenever applicable)
- company seal
- a statement of the beginning of the business activity
- copies of Identifications of shareholders and directors
You must have a minimum of one shareholder and one director form any nationality (work permit necessary), the minimum paid-up capital is approximately KZT225,000.
In case you plan to open a Joint Stock Company (JSC), the minimum paid-up capital is US$483,000. You’ll also be needing one director, and at least one shareholder of any nationality.
You must submit financial reports or audits on an annual basis to further establish your Kazakhstan company formation. For those foreigners who’d like to form a company and have 100 percent ownership, the Kazakhstan Representative office is the best direction to follow. Remember that the Kazakh notary public must notarize all your valid legal documents before submission.
Other Things to Consider
Before you think of company incorporation, remember to register for an office address and premise. This enables you to carry out your business efficiently and receive correspondences.
Kazakhstan company formation doesn’t happen without one having a bank account. The Company Act advocate for every legal entity to open a current account where the owner or the founder will have to submit the following:
- a copy of the state registration certificate
- an inscription of the company seal
- cards having sample signatures and copies of identification for person(s) itemized on the signature card(s)
- bank application form
Should you decide to form a company in Kazakhstan, you must also apply for registration as a taxpayer. The Public Registration Center conducts the registration where you’ll register for VAT that is based on the Tax Code of the Republic of Kazakhstan. The good news is that if you cannot visit the agencies offices, you can register for VAT taxpayers through their online electronic platform.
To strengthen your Kazakhstan company formation, you must follow the Law on Obligatory Insurance. It states that as an employer, you need to register for your employee’s liability for life and health matters. The amount of premium will depend on the salary of the employee and the risks he will undertake upon working for you.
Want to know more? Contact us and we will guide you through the entire process of Kazakhstan company formation and business registration.