Business Identification Number (BIN) is automatically assigned to all local companies upon their registration in Kazakhstan. However, the Tax Code provides cases in which tax authorities should assign BIN to a foreign company. According to paragraph 2 of Article 75 of the Tax Code, information is entered into the state database of taxpayers regarding:
Single entry C5 visa for business immigrants
A business immigrant is a foreign citizen who arrives in Kazakhstan with the purpose of engaging in entrepreneurial activities.
Due to the geopolitical situation in the region and the imposition of sanctions by Western countries in the last few years, many foreign companies have been relocating their business to Kazakhstan. Kazakhstan and Russia are part of a customs union and Kazakhstan has an infrastructure for doing business; many government services operate online.
Due to the geopolitical situation in the region, there has been a sharp increase in interest in opening a corporate account in Kazakhstan by foreign legal entities lately.
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Since April 2022, Kazakhstani banks have been conducting more thorough compliance checks regarding the opening of accounts for foreign legal entities.
In practice founders of the Companies doing business seek to fund legally their company’s working capital. Replenishment of LLP working capital from the founders is possible in the form of a loan agreement concluded between the LLP and the founder (founders) or an increase in the authorized capital of the LLP.
Due to the geopolitical situation in the region, interest in the labor market of Kazakhstan from foreign employees, including working remote, has sharply increased.
