Russian companies seeking registration in Kazakhstan

Following creation of the Customs Union, Russian companies are mass-seeking registration in Kazakhstan, Alexander Shokhin, Chairman of the Russian Union of Industrialists and Entrepreneurs, reported to Russia’s Prime Minister Vladimir Putin, Business Resource reports, citing Russia's GZT.ru. “The state of the business climate in Russia is far from being perfect”, Mr. Shokhin said. “It is important to harmonize our legislations (…) any lagging behind in terms of national legislation leads to Russian jurisdiction losing its competitive edge over (…) jurisdictions of our neighbours”, Mr. Shokhin said. “Not only is Kazkahstan more business-friendly in terms of social taxes, but also in terms of property protection”, he believes. According to him, some hundreds of Russian companies have registered in Kazkahstan this year alone. “It is kind of an indicator telling we need a more liberal legislation”, Mr. Shokhin said. The Customs Union between Russia, Kazakhstan and Belarus came into existence on January 1, 2010 to boost trade and investment. According to the statement made at the press-conference in Minsk, the Customs Union was formed on the WTO principles.