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Understand the Jurisdictions Setup Requirement Before Proceed Your Kazakhstan Company Incorporation Services
Kazakhstan is located around central Asia and is known as one of the most sparsely populated countries although it is the ninth largest country in the world. The World Bank’s Ease of Doing Business Report ranks Kazakhstan as the 41st in the world when it comes to the ease of doing business.
In terms of economic freedom, Kazakhstan was ranked as the 68th in the world according to the Index of Economic Freedom. And when compared to global competitiveness, Kazakhstan was ranked as the 50th in the world in the Global Competitiveness Report.
With that being said, is Kazakhstan a market that investors would want to consider when it comes to company incorporation? The answer is yes, Kazakhstan does still hold potential for businesses for investors who are keen on this market.
What Are the Benefits of Doing Business in Kazakhstan?
Why should investors consider setting up a business in Kazakhstan? Because for one thing, the country does have a stable economy, which is the foundation that every business owners wants to build their empire upon. Without a strong and stable economy, any business is doomed for failure.
In Kazakhstan, setting up a business is also not as complicated as you might imagine. Kazakhstan actually has a strong regulatory environment for companies and it is continuing to develop and build a transparent and effective business culture.
Kazakhstan’s location also makes it an excellent gateway into the central Asian markets, which increases the potential for business to conduct cross border businesses with the neighbouring countries.
Kazakhstan has also consistently experienced a high growth rate over the past decade, where its annual growth rates have been in the range of 7-13%. The country has also increased its efforts to improve the quality of its investment procedures and incentives to better help and aid the growing manufacturing and resource-processing industries in the country. Kazakhstan is especially located close to China, a major economic power player, and Russia and has strong trade relationships with both of these countries.
The demand for foreign expertise is Kazakhstan is high and compared to a lot of other western countries, the cost of living and running a business in Kazakhstan is significantly more affordable.
One major challenge that investors would face include the language barrier where English is only spoken by a small minority of the people.
How to Incorporate a Company in Kazakhstan
The process of incorporating a company in Kazakhstan is as follows:
- State the registration of legal entity with the Public Registration Centre of the e-government website.
- Make a company seal with the Sealmaker.
- Open a bank account with a Commercial Bank.
- Register for VAT with the State Revenue Committee Ministry of Finance of Republic of Kazakhstan.
- Register for the obligatory insurance of life and health for employees with the Insurance Company.
For additional information on company incorporation in Kazakhstan, contact us at 3E Accounting and let our panel of experts guide you through the process.