Kazakhstan is a vast country located in Central Asia, with a population of over 18 million people. The country is known for its rich history, stunning landscapes, and abundant natural resources. Kazakhstan is also an attractive location for foreign investors looking to establish a company, due to its favorable business climate and competitive tax regime.
Tax Rates in Kazakhstan
Kazakhstan has a competitive tax regime, with a flat corporate income tax rate of 20%, which is lower than many other countries in the region. In addition, Kazakhstan has a network of double tax treaties with over 50 countries, which can reduce the tax burden for companies doing business in multiple countries.
Banks for Account Opening
Kazakhstan has a well-developed banking sector, with several local and international banks operating in the country. Some of the major banks in Kazakhstan include Halyk Bank, Kazkommertsbank, and Sberbank. To open a corporate bank account in Kazakhstan, companies must provide the necessary documentation, such as company registration documents, proof of identity of company directors and shareholders, and evidence of the company's business activities.
Other Advantages of Kazakhstan as a Jurisdiction for Company Establishment
Apart from the favorable tax regime and availability of banking services, there are other advantages to establishing a company in Kazakhstan. The country has a highly skilled and educated workforce, with a strong focus on the oil and gas, mining, and agriculture sectors. Kazakhstan also has a streamlined process for company incorporation, with a turnaround time of approximately 5 days.
Kazakhstan is strategically located at the crossroads of Europe and Asia, providing businesses with easy access to markets in these regions. The country has a stable political environment and a well-developed legal system based on civil law. Kazakhstan is also a member of several international organizations, including the United Nations, the World Trade Organization, and the Shanghai Cooperation Organization.
In conclusion, Kazakhstan is a growing jurisdiction for company establishment that offers several advantages for businesses looking to expand into Central Asia and beyond. The country has a competitive tax regime, a well-developed banking sector, and a highly skilled and educated workforce. These factors, combined with the strategic location, streamlined company incorporation process, and stable political and legal environment, make Kazakhstan an ideal destination for entrepreneurs and investors looking to establish a company in Central Asia.