The fact that the nation is a full member of the Eurasian Union has undeniable benefits. Russians and citizens of other associations are not required to have visas or passports to enter Kyrgyzstan. Companies looking to grow in Southeast Asia, as well as Central Asia, should undoubtedly be interested in Kyrgyzstan.
Documents necessary to register a legal entity
The registration authority must receive the following documents before a legal entity can be registered:
- Application for registration;
- The decision of the participant to form a legal entity;
- If the participant is an individual, a copy of their passport;
- A replica of the state registration certificate, if the participant is a business.
- A duplicate of the CEO’s passport.
Additional information from KR law
A legalized/apostilled extract from the state register or another certificate of good standing issued following the laws of the participant’s foreign legal entity’s home country must also be submitted. The filing period for the state register extract or other certificates of good standing following local law cannot exceed six months from the date the aforementioned documents were issued. Only financial/lending and other institutions licensed and/or regulated by the National Bank of KR are required to submit the articles of association and memorandum of association to the registration authority.
Registration
Legal entities must be registered with the KR Ministry of Justice and its territorial divisions. The registration authority registers legal entities with the state per the single-window theory. The single-window principle states that the state registration of legal entities is completed simultaneously by the departments of registering, tax, statistics, and KR Social Fund. After state registration with the KR Ministry of Justice or its territorial unit, the legal entity must record its paperwork with the local tax authority and the social fund. It should be noted that in situations allowed by law, the state antimonopoly authority must first give its written consent before a legal entity can be registered. Written approval by the KR National Bank or its territorial unit is required for state registration of financial and lending institutions. Additionally, the KR state antimonopoly authority’s preliminary written consent is necessary for the situations specified by law. A JSC must be registered with the State Service for Regulation and Supervision of Financial Markets under the KR Government within one month of the initial share issue.
Registration time frame
Within three business days after the date that all necessary documents are submitted to the appropriate justice body, the justice bodies register legal entities with the state. Within ten calendar days, the justice bodies register financial and lending institutions.
Business seal
A legal entity may request a seal from a private seal manufacturer after receiving from the justice body the certificate of state registration containing a taxpayer’s identification number (TIN). A legal entity does not currently need permission from KR state authorities to have a seal made.
Opening a bank account
A legal entity may open an account in any bank of KR after receiving the seal and the certificate of state registration. The bank must notify the local tax authority where a legal entity is located of the opening of a settlement account within 5 business days.
Required minimum capital
According to KR law, an entity’s authorized capital is the amount of its property that serves as a guarantee for the interests of its creditors. The legal entity’s authorized capital is outlined in its constitutive documents by its participants. It should be noted that the authorized capital for JSCS must be at least KGS 100,000, while the authorized capital for LLCS can be as low as KGS 1. The authorized charter capital for JSCS must be paid in full at the time of the company’s formation. In the case of LLCs, the authorized capital must be fully paid up by the LLC participants within a year of the state registering the LLC with the justice body. The LLC must either declare a reduction in authorized capital and register it or liquidate if the authorized capital is not paid up within a year.
