How to open a company and a bank account in Kazakhstan
Kazakhstan is one of the top thirty countries in the world where it’s easy to do business. Its advantages include a stable economy, a strong regulatory framework, as well as a transparent and efficient business culture. In addition, Kazakhstan is the gateway to the Central Asian market, Armenia, Kyrgyzstan, and Russia through the Customs Union agreement. This encourages many to think about opening a company and a bank account in Kazakhstan.
How to register a company in Kazakhstan: a guide
The business registration procedure in Kazakhstan takes about 2 weeks. The investment depends on the scale of the project. Taking a loan from a bank for a new company is problematic, but possible. Chances are higher if an investor buys a ready shelf enterprise that has existed for several years. The advantage is that it’s already registered but has not been operating, so there are no loans or liabilities.
Step 1: Determine the type of company
By law, foreigners can establish a business in the following forms:
- LLC (limited liability company) - the most popular form of business;
- JSC (joint-stock company);
Step 2. Choice of name
The name of the company must be unique, not repeat the name of another, registered business. If the owner wants a name in a foreign language, it must be translated into Kazakh for the regulator. The chosen name should by no means offend or humiliate the people of Kazakhstan.
Step 3: Legal address
In the incorporation documents, it is necessary to indicate the real address of the company as a legal entity and the people who are the members of the founders’ board. It is necessary for tax and other official documents to reach the recipient.
Step 4: Incorporation Documents
To register a company in Kazakhstan 2022, you need to fill out a registration form, collect and submit such documents:
- Articles of Incorporation;
- сopies of owners' passports certified by notary, with translation into Kazakh;
- notification of the start of business activities;
- filing an application to open a bank account and employee accident insurance.
The owner must indicate the expected income, the number of employees. Our specialist will tell you about the documents in detail.
Step 5. Business registration
Document check can take up to 2 weeks, and for small businesses - 9 days. The owner will need to come in at a pre-determined time and get a certificate of business registration.
Step 6: Obtaining Visa or Work Permit
To be appointed as a head of company (e.g. CEO) a foreigner must have a work permit or residence permit. Otherwise he/she would not be able to run the business officially.
Step 7: Opening of corporate bank account
To open a bank account in Kazakhstan 2022, you will need to provide the bank with your registration certificate, Kazakhstan Taxpayer Identification Number. You can get it in the tax office, presenting your passport and migration card.
The list of the most popular banks in Kazakhstan includes:
- Halyk Bank Kazakhstan;
- Citibank Kazakhstan;
- Eurasian Bank.
A bank account can be opened in both tenge and other currencies.
How to open a company quickly
To get started quickly, we recommend buying a ready-made company. IT-OFFSHORE can provide a list of operating and shelf companies with a clean history. They are all verified and reliable, so there will be no problems in the business. You can start working right away after the transfer of ownership.