Our company formation advisors in Kazakhstan help local and foreign clients to set up different types of legal entities in this country. Among all kinds of business vehicles, the most popular ones used by foreign entrepreneurs are the limited liability partnerships (LLPs) and the joint-stock companies (JSCs).
A shareholder is required to provide the following documentation forcompany incorporation in Kazakhstan:
- a notarized copy of his or her passport, in case of an individual shareholder;
- the certificate of incorporation, if the shareholder is a legal entity;
- the Articles of Association;
- the decision of the shareholders to register a Kazakhstan company;
- a power of attorney issued to domestic representatives.
These documents have to be apostilled and legalized, according to the Hague Convention of 1961.
Advantages of LLPs in Kazakhstan
The main advantages of an LLP in Kazakhstan are:
- a small business potential status which confers decreased company registration time frame in Kazakhstan and statutory duties, an advantageous tax regime, smaller administrative fees etc.;
- a flexible structure. Generally, an LLP is ruled by a general meeting of shareholders, or by only one, and a director or a board of directors;
- a small minimal share capital requirement (KZT 173,100 – EUR 493.2 – or KZT 100 – EUR 0.25 – for small companies);
- there is no limit on the number of shareholders;
- no public financing reporting or financial audit requests.
Advantages of JSCs in Kazakhstan
JSCs in Kazakhstan present numerous advantages, the main one being the possibility to attract supplementary capital through a public offering of shares.
The business environment in Kazakhstan
Since 2011, Kazakhstan simplified the business start-up procedure by decreasing the minimum capital requirement to only KZT 100 (US$ 0.70) and eliminating the requirement for the memorandum of association and the notarized company charter.
In 2013, this state also eliminated the request to acquit the minimum capital in maximum three months after the company incorporation date.
In 2014, the time required to register a company with the Public Registration Center was decreased.
Lastly, in 2016, Kazakhstan simplified the incorporation procedure of a company here by eliminating the fees which were previously required from small and mid-sized businesses, shortening the registration time frames and eliminating the requirement to utilize a company seal.
If you have further questions about company registration in Kazakhstan, we kindly invite you to get in touch with our experienced agents in company formation.