The new year 2025 brings yet another change for business owners in Kazakhstan: starting January 1, individual entrepreneurs and legal entities are required to undergo universal income declaration. This process, essentially a business assets census, applies to all entrepreneurs regardless of their industry. Thus, the submission of Declaration Form 250 is required for everyone from small shop owners and confectioners to large enterprise managers.
Any companies and individuals with whom you conduct business are considered your counterparties. The success of your transactions equally depends on both you and your partners. This means that entering into business relationships is only advisable with verified, reliable, and responsible partners. Unfortunately, not all counterparties meet these criteria. How can you determine whether a partner is trustworthy? You need to assess the counterparty's risk level.
The Labor Code of Kazakhstan and other national laws state that every employee is entitled to an annual paid leave, and 2025 is no exception. While vacation is a time for employees to rest and recharge, for an accountant, it is a busy period: they must handle all the paperwork (applications, orders), consider the type of leave, and calculate the number of days and the amount of vacation pay according to Kazakhstan’s legislation.
How should vacation days be calculated in Kazakhstan in 2025? What nuances should be considered? We will answer these questions, taking into account the types of leave relevant for Kazakhstan.
Individual entrepreneurs and partnerships operating under a simplified system in 2025 must submit Form 910 to regulatory authorities. This declaration contains data on income, taxes paid (including Personal Income Tax and social tax, totaling 3% of income), deductions made for oneself and employees. The form allows reporting these parameters for each month of the half-year.
When registering an LLP (Limited Liability Partnership) in Kazakhstan, entrepreneurs provide crucial information, such as the legal address and the list of founders. But what should they do if this information changes? In such cases, a re-registration procedure for the LLP is required.
In mid-March, Bank CenterCredit launched a series of interviews featuring Kazakhstani entrepreneurs. The protagonist of the first interview was Gulmira Aytimbetova. Her story is truly inspiring: she embarked on a challenging journey from running a small tailor shop in a rented apartment to establishing her own business, whose clients now include some of the largest Kazakhstani and international companies. Among them are the luxury hotel chain The Ritz-Carlton, the Shymkent Brewery, the SMALL supermarket chain, and the Kazakhstan Hotel.
Today, GUITEX is one of the largest companies in the country specializing in corporate clothing production. It boasts over 100 regular organizational clients, and its production volume reaches 60 million tenge.
Wildberries, Ozon, Lamoda – these marketplaces are used by thousands of Kazakhstani citizens daily to order goods. For example, within just one year, Ozon’s turnover in Kazakhstan increased tenfold, and the number of orders per active customer approached 20 per year. An equally large number of people use the courier service SDEK. Therefore, opening a pickup point (PVP) for these companies is a promising business idea.
For businesses of various sizes and specializations to legally operate in Kazakhstan, they must pay taxes. The funds collected by the government are used to address various needs, from ensuring national security to implementing state programs, including those supporting businesses.
What taxes exist for businesses in Kazakhstan? How many and what types of taxes do companies pay?
Чтобы встать на ноги, новому бизнесу нужно изрядно потрудиться: создать корпоративный сайт, разработать маркетинговую стратегию и потратиться на рекламу. Эти меры позволят потенциальным заказчикам узнать о вашей компании. Но есть и иной путь: реализовать товар или оказать услуги крупному государственному или частному заказчику. Это гарантирует быстрое и эффективное продвижение без лишних затрат. Именно по такой причине многие бизнесмены решают начать своё дело в Казахстане с участия в тендерах.
Usually, borrowers focus on such parameters as loan amount, nominal interest rate, monthly payment, and early repayment option. However, an equally important indicator is the AEIR (Annual Effective Interest Rate). The lower the AEIR, the more favorable the lending terms for the borrower.
Let's understand what the AEIR in a bank loan is and try to explain this concept in simple words.
What is AEIR?
The AEIR, or Annual Effective Interest Rate, is the total amount you will overpay in a year while using a loan. It includes not only interest on the loan from the bank but also other fees and charges related to loan servicing. This includes insurance, the cost of issuing and maintaining a bank card to which the loan funds are credited, and account maintenance fees. It is important to clarify the interest rate size before signing a loan agreement.
By the way, the bank’s obligation to indicate the AEIR when issuing a loan is regulated by the Civil Code of the Republic of Kazakhstan. This makes the lending process more transparent and helps the borrower choose the most favorable loan program.
Annual Effective Interest Rates
For 10 years, between 2011 and 2021, the rate was unified and maintained at 56%. However, since 2011, it has been differentiated based on the type of loan, the method of its collateralization, and the loan term:
- > 56% – for unsecured loan programs (i.e. collateral-free). If the loan is secured, the borrower can count on a rate of 40%.
- > 25% – interest on a mortgage housing loan.
- > 56% – the maximum for microloans (such lending involves borrowing small amounts). This applies to both secured and unsecured loans. However, borrowers who take out a secured microloan for less than 45 days (amounting up to 50 MCIs) can expect a rate of 20%.
Thus, rates range from 20% to 56%, with the upper limit being 56%. In other words, the AEIR cannot exceed 56%.
Loan Repayment Methods
There are two types of payments to repay loan agreements – annuity and differentiated payments. Let's try to understand these concepts in more detail.
A loan consists of two components: the principal (the amount you directly borrowed from the bank) and interest (the bank's reward for using loan proceeds). The way how you repay the principal and interest is the basis for dividing payments into annuity or differential payments.
Annuity payment is the most popular due to its simplicity. The entire amount (principal + interest) is divided into equal installments considering the loan term. You repay the loan monthly, with part of the payment going towards the principal and the other part towards the interest. The ratio of principal to interest gradually changes: in the first half of the term, most of paid money covers interest, and in the second half of the term - the principal. Borrowers like this type of payment for a stable debt load: you know exactly how much you need to pay the bank, which allows for effective expense planning.
Differentiated payment does not offer such stability but means that monthly payments will decrease over time. However, in the first months, you will experience the maximum loan load. The essence of this approach is simple: each month you pay a fixed amount of principal, while the amount going towards interest repayment to the Bank gradually decreases. Also, the bank or organization engaged in certain types of banking operations has the right to offer the borrower additional loan repayment methods calculated according to internal rules.
How to Calculate AEIR?
A manager of the bank where you are consulting on a loan will help you calculate the overpayment amount. This is the simplest and most effective way, as all fees and other charges need to be considered in the calculation. Moreover, according to the Civil Code of Kazakhstan, calculations are performed using a complex formula designed for professionals – bank employees and financiers.
If you want to make calculations yourself, use the online calculator on the Kazakhstan Government’s website at Gov.kz. First, the system will prompt you to choose the loan repayment method: annuity or differentiated payment. Then, you need to provide information about the loan amount and term, issue date, interest rate, etc. The final step is to click the Apply button. The amount of interest on the loan will be calculated automatically.
In this article, we have figured out what the loan interest is and established that it is one of the most important indicators. It needs to be carefully studied when choosing a loan program, as it will help to adequately assess your solvency and avoid problems in the future, such as penalties and deterioration of credit history.
Author - Broslavskaya Natalia Alexandrovna
How to Open a Bank Account for Individual Entrepreneurs in Kazakhstan
So, you have registered as an individual entrepreneur. The next step is to open a settlement account with a bank. This is necessary for conducting legal business activities in Kazakhstan.
Do All Individual Entrepreneurs Need to Open a Settlement Account?
What benefits do cash and settlement services provide to entrepreneurs?
What type of settlement account can an individual entrepreneur choose, and which account is the best to open?
Let's answer these questions.
To Open or Not to Open: That is the Question
Individual entrepreneurs in Kazakhstan can operate without a bank account. However, this is often not very convenient.
For instance, if an entrepreneur receives payments on a personal bank card, they may later face the problem of distinguishing between business transactions and personal payments. Furthermore, during a tax audit, an inspector may consider personal transactions as business-related transactions, which increases the reported income and, consequently, the amount of taxes due. To address this, it will be necessary to prove the source of funds and demonstrate that they have nothing to do with business.
There are two ways out of this situation. The first is to use the card exclusively for business receipts. The second is to open a separate settlement account for IE. Moreover, it is not possible to connect acquiring (a service that allows accepting card payments) to a personal account.
Please note that having a settlement account is mandatory for individual entrepreneurs who:
- plan to settle with suppliers and clients in non-cash form, particularly accepting card payments.
- will accept payments from e-wallets.
- intend to transfer salaries to their employees' cards.
- want to pay taxes conveniently and quickly.
- plan to participate in public procurements and tenders (in case of winning a tender, settlements are made only through a bank account).
But even if the above points do not apply to you, there are many advantages to opening a settlement account.
- Having a bank account creates the image of a serious business. Such an entrepreneur is trusted.
- Bank statements can be provided for obtaining a loan.
- You can connect acquiring and accept card payments.
- It significantly simplifies the payment process: all transactions are carried out via Internet Banking without visiting bank branches.
- You can pay taxes, make settlements with suppliers, make social contributions, and more.
Additionally, cash and settlement services for individual entrepreneurs often offer favorable terms for currency exchange and conversion. This is important for entrepreneurs working with foreign suppliers and investors.
Therefore, an IE account opening is necessary for convenience and peace of mind.
How to Open a Settlement Account for Individual Entrepreneurs in Kazakhstan
You can open a settlement account for an individual entrepreneur online on the Bank's website. The procedure takes a minimum of time.
So, what is needed to open an account for an individual entrepreneur?
- Fill out an application on the website, providing general information, contact details of the manager, and company information.
- Select a tariff plan. Banks offer several tariffs based on the scale of the business, differing in the number of payments, the number of foreign transfers and corporate cards, the fee size for cash deposits and withdrawals, and the subscription fee depending on the plan selected.
- Sign documents with an electronic digital signature.
Please note that a settlement account can be opened not only in KZT, but also in RUB, USD, or EUR.
You will receive the settlement account details within a few minutes by email. They can be immediately used for drafting contracts and preparing other documentation.
Banks offer bonuses to entrepreneurs who use cash and settlement services. For instance, at Bank CenterCredit, you will receive a #business card linked to your account. It can also be used to withdraw personal funds. The card easily connects to all e-wallets – Apple Pay, Samsung Pay, Google Pay. Additionally, Bank CenterCredit offers up to KZT 250 million credit limit on the account. Such lending does not require collateral. It is a good safeguard to ensure the smooth business operation. Access to the FX Platform allows for foreign exchange transactions with maximum benefit.
It is convenient to operate the settlement account via the BCC Business mobile app, which connects in a minute and does not require special software.
At the same time, the cost of opening a settlement account for start-up individual entrepreneurs is KZT 0. These are optimal conditions to get on your feet and adapt to business realities.
What Accounts Are Opened for Individual Entrepreneurs?
There are two types of settlement accounts – current and savings. The current account services the Company's key business processes, including money transfers. The primary purpose of a savings account is to accumulate funds. Essentially, it is a deposit: the entrepreneur deposits a certain amount, which accrues interest, and at maturity specified in the Contract, the money with interest earned is returned to the depositor.
Which account is needed for an individual entrepreneur? The entrepreneur can open both accounts. But when it comes to a settlement account, the current account is primarily implied, which allows:
- Receiving money from customers;
- Making transfers to other accounts;
- Withdrawing and depositing cash;
- Paying taxes, making social and other contributions;
- Withdrawing personal income to a bank card;
- Connecting acquiring;
- Connecting to a payroll card program;
- Generating statements and other documents.
You can also control your funds 24/7 – through a mobile application or internet banking for businesses.
When it comes to which account is more beneficial to open for an individual entrepreneur, the current account "wins" here too: many banks offer tariffs with free account opening and servicing for start-up entrepreneurs.
Useful Information for Entrepreneurs
Opening a settlement account is accompanied by many questions – we’ll answer the most common ones.
Do I Need to Notify the Tax Authorities of a Settlement Account Opening?
After opening the settlement account, you do not need to notify the tax authorities yourself – the Bank will do this within one day from the opening.
Can an Individual Entrepreneur Open Several Settlement Accounts?
The legislation does not limit the entrepreneur in the number of current accounts – there can be several accounts (including in different banks).
Can an Individual Entrepreneur Transfer Money from Their Savings Account to the Current Account?
Yes, such a transfer is possible. Entrepreneurs often use this option to replenish working capital. Moreover, such a transfer will not be considered income derived from business activities. In other words, this amount is not included in the calculation of taxes.
How to Withdraw Personal Income?
Personal income is withdrawn using a cash withdrawal order. Please note that this amount is not an expense. That is, the entrepreneur calculates the tax on the entire amount earned, regardless of the amount withdrawn for personal use.
To sum up. So, is a bank account needed for an individual entrepreneur? Even if the business activity allows to conduct business without cash and settlement services, opening a bank account will provide the IE with transparent financial reporting for regulatory authorities and facilitate many tasks, such as paying taxes or withdrawing personal income through remote channels without visiting the bank.
Opening a business account for an individual entrepreneur in Kazakhstan can be done online directly on the Bank's website – it takes a few minutes.
Please note that the entrepreneur can work with both a savings and a current settlement account.
Author - Broslavskaya Natalia Alexandrovna