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Opening business in one day to be possible in Kazakhstan

05 june 2011, 16:46
Kazakhstan to simplify company-opening procedures. Photo courtesy of kp.ru
Kazakhstan to simplify company-opening procedures. Photo courtesy of kp.ru
Opening a business in one day will become possible in Kazakhstan, Tengrinews.kz reports citing official representative of Kazakhstan Ministry of Justice Yerbolat Yerimbet. The authority was instructed to prepare draft solusions based on "Everything which is not forbidden is allowed" principle.

Justice Ministry is suggesting to conceptually review the procedures of opening companies and cancel current practice of checking their charters' compliance with the legislation. As per Yerimbet, the issue is in moving from authorization-based system of registration to notification one. The plan is to exclude the requirement of compulsory submission of the legal entity's charter to registering authority.

“Charter is the document regulating internal operational procedures of the entity. Submission of the application containing information required for input in the database of legal entities should be enough for the registering authority. Such an approach will automatically eliminate artificially created barriers on the way to opening businesses. Creation of a new company will take one day and the risk of corruption will be minimized,” the Ministry's official representative explained.

As per Yerimbet, the daft law has already been prepared and is being approved by state authorities.

Be Renat Tashkinbayev

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