Kazakh and Russian
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FAQ for company formation in Kazakhstan:
1. What are the types of business structures that can be established in Kazakhstan?
- There are several types of business structures that can be established in Kazakhstan, including limited liability partnerships (LLPs), joint-stock companies (JSCs), sole proprietorships, and partnerships.
2. What are the requirements for company formation in Kazakhstan?
- The requirements for company formation in Kazakhstan vary depending on the type of business structure you choose. Generally, you will need to provide identification documents for all shareholders, directors, and founders, as well as proof of address and any necessary permits or licenses.
3. Can foreigners establish a business in Kazakhstan?
- Yes, foreigners can establish a business in Kazakhstan. However, they will need to comply with all of the necessary regulations and requirements, and may need to obtain certain permits or licenses.
4. What is the minimum share capital required to establish a JSC in Kazakhstan?
- The minimum share capital required to establish a JSC in Kazakhstan is KZT 100 million (approximately USD 230,000).
5. What taxes are levied on businesses in Kazakhstan?
- Businesses in Kazakhstan are subject to a range of taxes, including corporate income tax, value-added tax (VAT), social tax, and personal income tax. The rates and rules for these taxes vary depending on the type of business and the activities they undertake.
6. How long does it take to establish a business in Kazakhstan?
- The time required to establish a business in Kazakhstan can vary depending on the type of business structure and the complexity of the registration process. Generally, it can take anywhere from a few days to a few weeks to complete the registration process.
7. Do I need to have a local partner to establish a business in Kazakhstan?
- No, you do not need to have a local partner to establish a business in Kazakhstan. However, some business structures may require a certain number of local shareholders or directors.
8. Is it necessary to have a physical office in Kazakhstan to establish a business?
- Yes, it is necessary to have a physical office or address in Kazakhstan to establish a business. This address will be used for registration purposes and will be listed on all official business documents.
Kazakhstan has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 4.2% in 2019, and is projected to grow by 3.2% in 2020. The country's inflation rate has also been relatively low, averaging around 4.5% in 2019. The unemployment rate in Kazakhstan is also low, at 5.2% in 2019.
Kazakhstan has also seen a steady increase in foreign direct investment (FDI) over the past few years. According to the United Nations Conference on Trade and Development (UNCTAD), the country attracted $7.3 billion in FDI in 2019, up from $6.2 billion in 2018.
Overall, Kazakhstan has seen a steady growth in its economy over the past few years, with low inflation, low unemployment, and increasing FDI.
In Kazakhstan, both individuals and corporations are subject to various taxes, including income tax, value-added tax (VAT), and social security contributions. Here is an overview of the tax system in Kazakhstan:
- Corporate income tax is levied on the profits of companies at a standard rate of 20%, with certain exceptions for specific industries.
- Dividend payments made by Kazakhstani companies to shareholders are generally subject to a withholding tax at a rate of 15%.
- Other taxes and duties that companies may be subject to include property tax, customs duty, and social security contributions.
- Individuals in Kazakhstan are subject to personal income tax on their worldwide income at progressive rates ranging from 10% to 15%, depending on their income level.
- Social security contributions are also deducted from employees' gross salaries under the social welfare system.
- Other taxes that individuals may be subject to include property tax, vehicle tax, and inheritance tax.
Tax payment process and calendar:
- Kazakhstani taxpayers are required to file their tax returns annually by March 31st of the year following the tax year.
- The tax year in Kazakhstan is from January 1st to December 31st of the same year.
- Companies are required to pay corporate income tax in quarterly instalments throughout the year, with the first instalment due by the end of the third month of the tax year, the second instalment due by the end of the sixth month, the third instalment due by the end of the ninth month, and the final instalment due by the end of the twelfth month.
- Individuals may be required to make advance payments of personal income tax if their tax liability for the year exceeds a certain amount. Advance payments are made in four instalments throughout the year, with the first instalment due by April 10th, the second instalment due by July 10th, the third instalment due by October 10th, and the fourth instalment due by January 10th of the following year.
- Late tax payments are subject to penalties and interest charges.
It should be noted that Kazakhstan has been making efforts to improve its tax system in recent years, including simplifying tax procedures and reducing tax rates to promote business development and attract foreign investment. However, compliance with the tax laws and regulations in Kazakhstan remains important for both individuals and corporations.
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