Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Kazakhstan
Kazakhstan is one of the countries where you can easily start a business. In 2013, it ranked 23rd in the world for its ease of starting a business. The process only takes an average of 19 days, with a straightforward 6-step process.
For business investors, this aspect is one of the many advantages you would want to take. Because business is not easy, and you would want to make certain parts as smooth as possible. As such, with this benefit alone, Kazakhstan is an ideal place to start a business.
Are you planning on starting a business abroad? Here are a few reasons why you should choose Kazakhstan. We outline the benefits and advantages if you register a company in Kazakhstan.
Why Register a Company in Kazakhstan?
Kazakhstan has been on consistent growth over the past decade. Its annual growth rate is between 7% to 13% from 2001 to 2012 and 5% since then. And although it faced a hurdle on the global downturn in 2008, the country never had a recession. Moreover, Kazakhstan recovered very swiftly from it.
This kind of economic growth suggests that the country is open to new investments. Stable growth in the economy means that the country encourages investments to pour into the country and that it was to sustain and flourish such investments. There’s nothing more tempting for a business owner than being in an economic environment that is very sustainable for growth and prosperity.
Kazakhstan’s demand for foreign expertise in the banking and space exploration industries is increasing. To support the supply of workforce for these industries, Kazakhstan offers incentives to entice investors in the country.
Additionally, they have also laid down very favourable incentives to aid manufacturing and resource-processing industries. If you are a business investor from these fields, different opportunities and advantages await you in Kazakhstan.
Lastly, Kazakhstan has several special economic zones in different industries. This includes industrial, service, and technological sectors. This will provide investors with numerous benefits for conducting business in their country. These benefits include but are not limited to zero corporate tax, exemption from customs duties, and straightforward processes to hire foreign workers.
Cost of Doing Business
Kazakhstan is considered a second world country. This means that their economy and state is stable and very developed. However, compared to the other countries in the western world, Kazakhstan’s cost of living and doing business is relatively cheap. This includes food, transport, utilities, rent, wages, etc.
If you want to do business in a place where you can grow without worry, then Kazakhstan is the one for you. You do not have to worry about adjusting to their business costs. Specifically, office rent and utility costs are only a fraction of what it costs in most western countries. Therefore, if you register a company in Kazakhstan, you will earn well and not lose much in administrative and operating expenses. Contact us
How to Register a Company in Kazakhstan
To start a business in Kazakhstan, you will first need to create a legal entity or obtain an individual entrepreneur’s status. Therefore, you have to plan early on what company structure you want to establish.
Business owners who want to establish a profit-making company can start as a state enterprise, business partnership, production cooperative, joint-stock company. In Kazakhstan, most private entities are set up as joint-stock companies or limited liability partnerships.
Further, there are differences in registering a small and large company in Kazakhstan. As mentioned above, the registration for small businesses is simpler. On average, the registration of a small business in Kazakhstan will be complete no later than one business day from the submission of the notice of commencing business activity form.
Company Formation Assistance
It is important to note that business formation in Kazakhstan is fairly difficult without professional service providers. This includes services for legal support, contractual work, bookkeeping, and operations.
Are you set on your plans to register a company in Kazakhstan? 3E Accounting can assist you with your needs in starting your dream business. We have an experienced and highly competent team of experts who can work the grounds for you. Contact us today to know more about our services.